纯碱、玻璃日报-20250820

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The supply of soda ash exceeds demand and the inventory accumulation situation cannot be alleviated in the short - term, and the demand side is difficult to make efforts. It is expected that the futures price will fluctuate weakly. The glass industry's fundamentals continue to deteriorate, and the main glass futures contract will also show a short - term weakening trend [8][9] 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions - Soda Ash Market on August 19: The main soda ash futures contract SA601 fluctuated downward. The closing price was 1358 yuan/ton, down 36 yuan/ton, with a decline of 2.58%, and the daily open interest increased by 29,929 lots. Fundamentally, short - term production increased, and inventory remained at a high level. Weekly soda ash production rose to 761,300 tons, a week - on - week increase of 2.24%. The factory inventory increased to 1.8938 million tons, a week - on - week increase of 1.54%. The daily melting volume of photovoltaic glass decreased to 87,000 tons, and that of float glass remained unchanged. The pattern of strong supply and weak demand remained unchanged. It is expected that the price will fluctuate weakly [7][8] - Glass Market: As of August 15, 2025, the national float glass daily melting volume was 159,600 tons, and the capacity utilization rate was 79.78%, remaining at a high level. The order days of national deep - processing sample enterprises were 9.65 days, a week - on - week increase of 0.1 days. The increase in enterprise inventory days was higher than that of orders, and the total glass inventory was about 63.426 million weight boxes, an increase of 1.579 million weight boxes. In the short term, the fundamentals of the glass industry continued to deteriorate, and the profit of the industry slightly decreased, severely restricting the price rebound space. The main glass futures contract will show a short - term weakening trend [9] 3.2 Data Overview - The report presents various data charts, including the price trends of active soda ash and glass contracts, the weekly production of soda ash, the enterprise inventory of soda ash, the market price of heavy soda ash in Central China, and the flat glass production, with data sources from Wind, iFind, and the Research and Development Department of Jianxin Futures [11][14][18]