纯碱、玻璃日报-20251016

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Date: October 16, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA and MEG), Peng Haozhou (Urea and Industrial Silicon), Peng Jinglin (Polyolefins), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - For soda ash, the supply is stable, downstream demand is mainly replenishing at low - prices, and the fundamental driving force is still insufficient. The pattern of oversupply has not been effectively improved. The macro - sentiment is stable, and the subsequent price is expected to fluctuate weakly [8]. - For glass, after the festival, it maintains a pattern of loose supply and weak demand, with increased inventory pressure. The anti - involution macro - sentiment has ebbed, but there are expectations for the important meeting at the end of October. The short - term price is dominated by fundamentals and runs at a low level [9]. 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions - Soda Ash Futures Data: On October 15, the closing price of the main soda ash futures SA601 contract was 1232 yuan/ton, up 3 yuan/ton with a 0.24% increase, and the position decreased by 7021 lots. The SA605 contract closed at 1319 yuan/ton, up 2 yuan/ton with a 0.15% increase, and the position increased by 3087 lots [7][8]. - Soda Ash Fundamental Analysis: The weekly production of soda ash decreased slightly by 0.66 tons to 77.08 tons, a 0.85% decrease. The demand was relatively stable as the output of float glass increased slightly and photovoltaic glass remained unchanged. The factory inventory continued to decline to 165.15 tons. There is no anti - involution policy yet, but there are macro - expectations for the October meeting [8]. - Glass Futures Data: The FG601 contract closed at 1129 yuan/ton, down 20 yuan/ton with a 1.74% decrease, and the position increased by 55157 lots. The FG603 contract closed at 1200 yuan/ton, down 14 yuan/ton with a 1.15% decrease, and the position increased by 2164 lots [7]. - Glass Fundamental Analysis: Float glass production remained stable due to the peak season, and photovoltaic glass was in a weak - balanced state. After the festival, the supply was loose, demand was weak, and inventory pressure increased, suppressing the price rebound. There are expectations for the meeting at the end of October [9]. 3.2 Data Overview - The report provides figures on the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, with data sources including Wind and iFind [11][16][17]