纯碱、玻璃日报-20251030

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Date: October 30, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided in the report Core Viewpoints - The soda ash market has a supply - demand pattern that has improved, with supply stable due to equipment maintenance, continuous inventory build - up, and downstream low - price restocking. The market has support, but over - optimism is not advisable [8]. - The glass market is in a game between "strong expectations" and "weak reality". It is at a high supply level this year, with high post - holiday inventories. The demand for float glass may not continue to rise. The market may bottom out and be short - term oscillating and slightly stronger, and potential positive factors from macro - policies and production line changes need to be monitored [9]. Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On October 29, the main soda ash futures SA601 contract fluctuated and rebounded, closing at 1259 yuan/ton, up 14 yuan/ton (1.12%), with a daily reduction of 31,991 lots [7]. - Supply: Weekly production increased by 0.01 million tons to 74.06 million tons, remaining stable. Soda ash plant maintenance is at a high level for the same period [8]. - Demand: In mid - October, the total soda ash shipments increased by 5.60% month - on - month to 73.90 million tons. Demand from float glass and photovoltaic glass remained stable [8]. - Inventory: Alkali plant inventory continued to build up to 170.21 million tons, at a relatively low level in the past six months [8]. Glass - Fundamentally, float glass production is stable, and the photovoltaic glass market is in a weak balance. Glass supply is at a high level this year, and the possibility of cold repair is low [9]. - Inventory: After the holiday, factory inventories remained high, and inventory days continued to rise [9]. - Demand: The real estate market has not shown a stabilization trend, and the completion data is weak. The rebound in float glass demand may not be sustainable [9]. 2. Data Overview - The report provides figures on soda ash and glass, including active contract price trends, weekly production, enterprise inventory, market prices, and flat glass production, with data sources from Wind and iFind [13][17][18]