瑞达期货纯碱玻璃产业日报-20251028

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - For soda ash, the supply is greater than demand, which suppresses the price. It is recommended to buy soda ash futures on dips in the short - term [2]. - For glass, the supply has potential reduction factors, and the demand is weak. It is recommended to sell glass futures on rallies in the short - term [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash: The closing price of the main contract is 1239 yuan/ton, down 7 yuan; the position is 1387072 lots, up 8 lots; the net position of the top 20 is - 260443, down 10249; the exchange warehouse receipt is 8745 tons, down 1189 tons; the basis is - 72 yuan/ton, down 23 yuan; the spread between January and May contracts is - 92, down 1 [2]. - Glass: The closing price of the main contract is 1113 yuan/ton, up 18 yuan; the position is 1695797 lots, down 111349 lots; the net position of the top 20 is - 246153, up 68818; the exchange warehouse receipt is 423 tons, down 24 tons; the basis is - 69, down 18; the spread between January and May contracts is - 150, up 1 [2]. Spot Market - Soda ash: The price of North China heavy soda is 1174 yuan/ton, down 6 yuan; Central China heavy soda is 1300 yuan/ton, unchanged; East China light soda is 1250 yuan/ton, unchanged; Central China light soda is 1145 yuan/ton, unchanged [2]. - Glass: The price of Shahe glass sheets is 1044 yuan/ton, down 8 yuan; Central China glass sheets is 1120 yuan/ton, unchanged [2]. Industry Situation - Soda ash: The operating rate is 84.94%, up 0.01%; the enterprise inventory is 169.24 tons, down 0.97 tons [2]. - Glass: The operating rate is 76.35%, unchanged; the production capacity is 16.12 million tons/year, unchanged; the number of production lines is 226, unchanged; the enterprise inventory is 6661.3 ten - thousand weight boxes, up 233.7 ten - thousand weight boxes [2]. Downstream Situation - Real estate: The cumulative new construction area is 453990000 square meters, up 55979900 square meters; the cumulative completion area is 311290000 square meters, up 34354600 square meters [2]. Industry News - Some soda ash plants are reducing production or running at a lower load, such as Inner Mongolia Boyuan Yingen Chemical's 5 million tons/year plant, Chongqing Heyou Industry's 400000 tons/year plant, etc. Some are running stably, like Qinghai Wucai's 1.1 million tons/year plant [2].