黑色建材日报：市场情绪谨慎，双焦震荡运行-20250911

Report Summary 1. Report Industry Investment Ratings - Glass: Oscillating weakly [2] - Soda Ash: Oscillating weakly [2] - Silicomanganese: Oscillating [3] - Ferrosilicon: Oscillating [3] 2. Core Views of the Report - The market sentiment is cautious, with coking coal and coke oscillating. Glass and soda ash are oscillating weakly due to the downward shift of cost support [1]. - For silicon - based ferroalloys, the profit in production areas is poor, and ferroalloys are oscillating [3]. 3. Summary by Related Catalogs Glass and Soda Ash - Market Analysis: - Glass futures oscillated downward yesterday. The main 2601 contract dropped 1.5%. Spot sales data was okay, and futures were at a premium to the spot. Factory inventories were fluctuating slightly at a high level, and there were still supply - demand contradictions. Short - term premium on the futures market suppressed prices [1]. - Soda ash futures also oscillated downward. The main 2601 contract dropped 0.47%. The procurement sentiment was cautious, with mainly rigid - demand transactions. Soda ash production was at a high level and new capacity was to be launched in the fourth quarter, and consumption was expected to weaken further. The premium on the futures market also suppressed prices [1]. - Strategy: Both glass and soda ash are expected to oscillate weakly [2] Silicon - based Ferroalloys - Market Analysis: - Silicomanganese's main contract closed at 5854 yuan/ton yesterday. A major Hebei Steel plant's first - round inquiry price for September silicomanganese was 5800 yuan/ton, and the market was in a wait - and - see state. The cost of manganese ore was firm. Although downstream demand was resilient, supply - demand pressure was high due to high production [3]. - Ferrosilicon's main futures contract closed at 5628 yuan/ton. The market sentiment was average. Ferrosilicon enterprises' production was stable, and the cost had no significant fluctuations. Factory inventories had risen to a high level, suppressing prices. The industry's supply - demand was relatively loose, but production areas were in the red, and production release was relatively restrained [3]. - Strategy: Both silicomanganese and ferrosilicon are expected to oscillate [3]