黑色建材日报：成材持续累库，钢价震荡运行-20250912

Report Industry Investment Ratings - Glass: Oscillating weakly [1] - Soda Ash: Oscillating weakly [1] - Silicomanganese: Oscillating [3] - Ferrosilicon: Oscillating [3] Core Views - The steel market shows continuous inventory accumulation, and steel prices are oscillating. The glass and soda ash markets have inventory changes, and prices are also oscillating. The ferrosilicon and silicomanganese markets are affected by factors such as supply - demand balance, production area losses, and electricity prices, with prices oscillating [1][2][3] Summary According to Related Catalogs Glass and Soda Ash - Market Analysis - Glass: Yesterday, the glass futures market oscillated. The main 2601 contract rose 0.51%. The weekly start - up rate of float glass enterprises was 76.01%, up 0.1% month - on - month, and the factory inventory was 61.583 million heavy cases, down 1.467 million heavy cases month - on - month. There is still a supply - demand contradiction, and short - term premium suppresses prices [1] - Soda Ash: Yesterday, the soda ash futures market oscillated upward. The main 2601 contract rose 1.26%. The production capacity utilization rate was 87.29%, up 1.07% month - on - month, the output was 761,100 tons, up 9,300 tons month - on - month, and the inventory was 1.7975 million tons, down 24,600 tons month - on - month. High production and new capacity in the fourth quarter, along with premium, suppress prices [1] - Strategy - Glass: Oscillating weakly [1] - Soda Ash: Oscillating weakly [1] Silicomanganese and Ferrosilicon - Market Analysis - Silicomanganese: Yesterday, the main contract of silicomanganese futures closed at 5,838 yuan/ton, down 16 yuan/ton from the previous day. The spot market was stable with strong wait - and - see sentiment. The supply - demand in the industry is still loose, but there are long - term losses in production areas and low manganese ore inventory. Prices follow the sector [2] - Ferrosilicon: Yesterday, the main contract of ferrosilicon futures closed at 5,626 yuan/ton, down 2 yuan/ton from the previous day. The spot market sentiment was average. The supply - demand in the industry is loose, with long - term losses in production areas and high factory inventory suppressing prices [2] - Strategy - Silicomanganese: Oscillating [3] - Ferrosilicon: Oscillating [3]