纯碱、玻璃日报-20250930

1. Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: September 30, 2025 [2] 2. Research Team - Energy and Chemical Research Team: Researchers include Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA, MEG), Peng Haozhou (Urea, Industrial Silicon), Peng Jinglin (Polyolefins), Liu Youran (Pulp), Feng Zeren (Glass, Soda Ash) [4] 3. Industry Investment Rating - Not provided in the report 4. Core Viewpoints - Soda ash industry: The short - term contradiction has been alleviated, but the fundamental driving force is still insufficient. The supply is still in surplus, and the oversupply situation has not been effectively improved. The disk price is expected to oscillate weakly, mainly driven by macro - market sentiment [8] - Glass industry: The fundamentals are in a weak balance. The disk price is driven by macro - market sentiment and will gradually return to the fundamental logic, and may oscillate weakly in the short term [10] 5. Summary by Directory 5.1 Soda Ash and Glass Market Review and Operation Suggestions 5.1.1 Soda Ash - Market Data: On September 29, the price of the main soda ash futures SA601 contract oscillated downward. The closing price was 1,273 yuan/ton, down 23 yuan/ton, a decline of 1.76%, and the daily position decreased by 51,954 lots [7] - Fundamentals: Supply is at a high level, with weekly production rising to 776,900 tons, the highest this year, a 4.19% month - on - month increase. There is no maintenance news, and production is expected to further increase. Demand is good, with total shipments reaching 881,000 tons, a 11.86% month - on - month increase. Downstream, the daily melting volume of float glass is stable at 160,200 tons, and that of photovoltaic glass is 88,700 tons, with a potential production increase in the future. The factory inventory has decreased to 1.6515 million tons [8] 5.1.2 Glass - Market Data: The prices of FG601 and FG603 contracts decreased on September 29. FG601 closed at 1,228 yuan/ton, down 29 yuan/ton, a 2.30% decline; FG603 closed at 1,286 yuan/ton, down 28 yuan/ton, a 2.13% decline [7] - Fundamentals: The production of float and photovoltaic glass is stable. The market was previously driven by the "anti - involution" sentiment, but without relevant policies, the sentiment cooled down. In mid - September, the "anti - involution" sentiment reignited, and the spot price increased slightly. The Ministry of Industry and Information Technology issued a notice to support the glass price [9][10] 5.2 Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, soda ash weekly production, enterprise inventory, central China heavy soda market price, and flat glass production, with data sources from Wind and iFind [14][15][18]