黑色建材日报：宏观情绪消退，钢价延续震荡-20250827

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The steel price continues to fluctuate after the macro - sentiment fades, and the glass and soda ash markets fluctuate due to repeated market sentiment. The double - silicon market sentiment cools down, and ferroalloy futures decline slightly [1][3] - For glass, the supply - demand contradiction is large, and it needs low prices and low profits to reduce supply. For soda ash, the supply - demand imbalance will intensify, and it needs to limit capacity release through losses [1] - Both the silicon manganese and silicon iron industries have obvious over - supply, and need to limit production through losses. Their prices are expected to fluctuate with the sector [3] Market Analysis Glass and Soda Ash - Glass: The glass futures oscillated weakly yesterday, with the main 2601 contract down 1.76%. Spot trading sentiment is average. Supply is stable in production and sales, but factory inventories are growing. The supply - demand contradiction is large, and short - term premium suppresses prices. Later, attention should be paid to the performance of peak - season demand [1] - Soda Ash: The soda ash futures declined yesterday, with the main 2601 contract down 1.8%. Spot prices were adjusted downwards, and downstream buyers purchase at low prices. Supply is increasing as summer maintenance nears the end. Consumption is currently stable but is expected to weaken with new capacity coming online. The supply - demand imbalance will intensify, and losses are needed to limit capacity release. Attention should be paid to the impact of "anti - involution" policies on the photovoltaic sector [1] Double - Silicon - Silicon Manganese: The silicon manganese futures declined yesterday. The main contract closed at 5862 yuan/ton, down 36 yuan/ton from the previous day. The spot market oscillated. Production and sales increased month - on - month, and inventories decreased. The cost increased slightly due to a small increase in manganese ore prices. The industry has obvious over - supply, and losses are needed to limit production. Prices are expected to follow the sector, and attention should be paid to manganese ore cost support, inventory, and ore shipments [3] - Silicon Iron: The silicon iron futures declined slightly yesterday. The main contract closed at 5656 yuan/ton, down 24 yuan/ton from the previous day. The spot market sentiment was average, and prices were slightly adjusted. Production and sales increased, and factory inventories decreased, but absolute inventories are still high, suppressing prices. The industry has obvious over - supply, and losses are needed to limit production. Prices are expected to follow the sector, and attention should be paid to steel mill production restrictions, cost support, and industrial policies [3] Strategies - Glass: Oscillate weakly [2] - Soda Ash: Oscillate weakly [2] - Silicon Manganese: Oscillate [4] - Silicon Iron: Oscillate [4]