黑色建材日报：钢厂利润走缩，电炉持续减产-20250904

1. Report Industry Investment Ratings - Glass: Oscillating weakly [2] - Soda Ash: Oscillating weakly [2] - Ferrosilicon Manganese: Oscillating [4] - Ferrosilicon: Oscillating [4] 2. Core Views of the Report - Glass demand remains weak with high inventory and insufficient production cuts, leading to a weak price trend; soda ash supply is high and demand may weaken further with new capacity coming online, so the price is under pressure [1] - The supply - demand surplus in the ferrosilicon manganese and ferrosilicon industries is obvious, and losses are needed to suppress production release, with prices expected to follow the sector's fluctuations [3] 3. Summary by Directory Glass and Soda Ash - Market Analysis: Glass futures oscillated, and downstream procurement was cautious; soda ash futures had a narrow - range oscillation, and downstream demand was mainly for replenishing inventory [1] - Supply - Demand and Logic: Glass demand is weak, high inventory pressure persists, and production cuts are insufficient; soda ash supply is high, and demand may weaken further as new capacity is put into operation [1] - Strategy: Glass and soda ash are both expected to oscillate weakly [2] Ferrosilicon Manganese and Ferrosilicon - Market Analysis: Ferrosilicon manganese futures fell 0.21% to 5732 yuan/ton, and the spot price was 5650 - 5730 yuan/ton; ferrosilicon futures fell 0.14% to 5520 yuan/ton, and the spot price was slightly reduced [3] - Supply - Demand and Logic: Both ferrosilicon manganese and ferrosilicon have increased production and sales and reduced inventories, but the supply - demand surplus is still obvious, and losses are needed to suppress production release [3] - Strategy: Both ferrosilicon manganese and ferrosilicon are expected to oscillate [4]