玻璃纯碱数据日报-20250821

Group 1: Investment Ratings - No investment ratings are provided in the reports. Group 2: Core Views - On August 20, the prices of glass and soda ash declined. The recent market sentiment is volatile, and the anti - involution logic has become long - term. The short - term fundamentals are weak, and the industry is still facing oversupply, which hinders price increases. The 09 contract is approaching delivery, with the main contract shifting, resulting in a pattern of near - term weakness and long - term strength in prices [2]. - Glass supply remains stable, but demand is weak. After price drops, speculative demand fades, and inventory accumulates. Recently, there have been many supply disruptions for soda ash, but the supply has returned to a high level. Due to the production cut of photovoltaic glass, the direct demand has weakened, and the overall oversupply pressure is prominent, making it difficult for prices to rise [2]. - Industrial customers can focus on cash - and - carry arbitrage [2]. Group 3: Summary by Related Catalogs Futures Price Information - Futures prices and changes: For glass and soda ash futures contracts on August 21, the prices of 1 - month, 5 - month, and 9 - month contracts all decreased. For example, the 1 - month contract price dropped from 1196 to 1162 (a decrease of 34, or 2.84%), the 5 - month contract price dropped from 1291 to 1255 (a decrease of 36, or 2.79%), and the 9 - month contract price dropped from 1020 to 997 (a decrease of 23, or 2.25%) [1]. - Spread information: The spreads between different contract months also changed. For example, the spread between the 1 - month and 5 - month contracts decreased from - 80 to - 93, and the spread between the 5 - month and 9 - month contracts decreased from 271 to 258 [1]. Spot Price Information - Spot prices: The spot prices of glass and soda ash vary by region. For example, in the East China region, the spot price of glass is 1150, and in the northwest region, it is 1050 [1]. - Basis information: The basis of the main contracts also shows differences. For example, the basis of the main contract in the East China region is 28 [1].