黑色建材日报：市场情绪好转，钢价震荡运行-20251022

1. Report Industry Investment Ratings - Glass: Oscillating weakly [2] - Soda Ash: Oscillating weakly [2] - Silicomanganese: Oscillating [4] - Ferrosilicon: Oscillating [4] 2. Core Views - Market sentiment for steel has improved, and steel prices are oscillating; market sentiment for glass and soda ash is low, with glass and soda ash prices oscillating at low levels; the futures prices of silicomanganese and ferrosilicon have risen and then fallen, while the spot prices have shown mediocre performance [1][3] - For glass, supply is on a low - level upward trend, middle - stream trade inventory is high, speculative demand is weakening, and demand is expected to further decline with the end of the consumption peak season; for soda ash, the supply - demand contradiction remains prominent, supply is at a high level and has growth expectations, and the de - stocking pressure persists throughout the year [1] - For silicomanganese, enterprises' losses are intensifying, production is high, demand is weakening, and prices are expected to oscillate; for ferrosilicon, enterprise production has slightly decreased, losses continue, demand is weakening, and prices will follow the sector's fluctuations [3] 3. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass futures oscillated yesterday with active intraday trading, while the spot market had low trading sentiment and a wait - and - see attitude; soda ash futures also oscillated, with regional spot prices slightly adjusted and downstream buyers restocking based on rigid demand [1] Supply - Demand and Logic - Glass supply is on a low - level upward trend, middle - stream trade inventory is high, speculative demand is weakening, and demand is expected to decline further with the end of the consumption peak season; soda ash supply is at a high level and has growth expectations, demand has resilience, and de - stocking pressure persists throughout the year [1] Strategy - Glass: Oscillating weakly; Soda Ash: Oscillating weakly; No strategies for inter - period and inter - variety trading [2] Silicomanganese and Ferrosilicon Market Analysis - The main contract of silicomanganese futures oscillated steadily yesterday, and the mainstream steel tender price was 5820 yuan/ton, with the 6517 grade having different market prices in the north and south; the main contract of ferrosilicon futures oscillated upward, and the spot prices were stable, with different prices for different grades in Ningxia [3] Supply - Demand and Logic - Silicomanganese enterprises' losses are intensifying, production is high, demand is weakening with the decline of hot metal, and prices are expected to oscillate; ferrosilicon enterprises' production has slightly decreased, losses continue, demand is weakening, and inventory has increased, and prices will follow the sector's fluctuations [3] Strategy - Silicomanganese: Oscillating; Ferrosilicon: Oscillating [4]