Industry Investment Rating - No information provided Core Viewpoints - For soda ash, on October 14, the price of the main futures SA601 contract continued to decline. The supply is high with inventory decreasing, but the overall weak pattern remains unchanged. With stable supply and downstream purchasing at low prices, the fundamental driving force is still insufficient. The market's oversupply situation has not improved effectively. Without substantial positive factors, the futures price is expected to fluctuate weakly [8]. - For glass, after the festival, the overall situation is a loose supply and weak demand, with increased inventory pressure suppressing the rebound of the futures price. The current futures price is mainly driven by fundamentals and remains at a low level. One should not short too aggressively and needs to continuously monitor macro - policies and production line changes [9]. Summary by Directory I. Soda Ash and Glass Market Review and Operation Suggestions - Soda Ash Futures Data: On October 14, the closing price of the SA601 contract was 1,234 yuan/ton, down 9 yuan/ton with a decline of 0.72% and a daily increase in positions of 5,914 lots. The SA605 contract closed at 1,321 yuan/ton, down 12 yuan/ton with a decline of 0.90% and an increase in positions of 4,208 lots [7][8]. - Soda Ash Fundamentals: Weekly production slightly decreased by 0.66 million tons to 77.08 million tons, a 0.85% month - on - month decrease but still at a high level. The total shipment volume in late September was 88.10 million tons, a 11.86% month - on - month increase. The factory inventory dropped to 165.15 million tons [8]. - Glass Futures Data: The FG601 contract closed at 1,138 yuan/ton, down 40 yuan/ton with a decline of 3.39% and an increase in positions of 122,933 lots. The FG603 contract closed at 1,212 yuan/ton, down 32 yuan/ton with a decline of 2.57% and an increase in positions of 4,968 lots [7]. - Glass Fundamentals: The production of float glass is stable with the arrival of the peak season, and the photovoltaic glass is in a weak - balanced state. After the festival, the supply is loose, demand is weak, and inventory pressure has increased [9]. II. Data Overview - The report provides charts of soda ash and glass, including the price trends of active contracts, weekly production, enterprise inventory, market prices of heavy soda ash in Central China, and flat glass production, with data sources from Wind, iFind, and the research and development department of Jianxin Futures [11][13][15]
纯碱、玻璃日报-20251015
Jian Xin Qi Huo·2025-10-15 02:25