Group 1: Report Overview - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: September 19, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Industry Investment Rating - Not provided Group 3: Core Views - Soda ash industry contradictions have eased in the short - term, but the supply still exceeds demand. The market is expected to have an oscillating and upward - trending price, and attention should be paid to macro changes [8]. - Glass futures' main contract is expected to maintain an oscillating trend in the short - term [10]. Group 4: Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On September 18, the main futures contract SA601 of soda ash had an oscillating and weak price, with a closing price of 1306 yuan/ton, a decrease of 27 yuan/ton and a decline of 2.02%, and an increase of 52,381 lots in positions [7]. - Fundamentally, weekly production decreased to 745,700 tons, a 2.02% week - on - week decline. Factory inventories decreased to 1.7556 million tons, 41,900 tons less than last Thursday. Total shipments reached 787,600 tons, a 0.25% week - on - week increase, and the overall shipment rate was 105.62%, a 2.39 - percentage - point increase [8]. - Macroscopically, there is no new policy information to ease the involution, and the possibility of policy implementation in the short - term is low. The supply - demand imbalance persists, but the market price is stimulated by the warming macro - sentiment, the approaching peak season, and the anti - involution expectation [8]. Glass - Fundamentally, the overall glass production showed a slight upward trend but remained at a low level. Spot prices rose, improving industry profits. Deep - processing orders remained stable, mainly driven by rigid demand, and inventory started to accumulate again [9]. - For float glass, supply - side pressure has marginally eased, with some cost support, but demand is weak. New - house glass demand is declining, while automobile and home - appliance production supports glass demand. Photovoltaic glass has seen a significant price increase due to strong demand [9][10]. - Macroscopically, with the boost of peak - season demand and the strengthening of anti - involution expectations, the main glass futures contract is expected to oscillate in the short - term [10]. Group 5: Data Overview - Provided figures include the price trends of active contracts for soda ash and glass, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [12][14][17]
纯碱、玻璃日报-20250919
Jian Xin Qi Huo·2025-09-19 01:35