市场低价放量，钢价有所反弹

1. Report Industry Investment Ratings - There is no information about industry investment ratings in the provided content. 2. Core Views of the Report - The glass market is in a situation where the supply - demand contradiction is large, with high inventory levels. Although there is some de - stocking, the long - term demand is not optimistic due to the approaching end of the consumption peak season and the sluggish real - estate industry. The price is expected to be in a weak and volatile state [1][2]. - The纯碱 market also has supply - demand contradictions. High inventory continues to suppress prices, and there is a pressure to reduce inventory throughout the year. The price is expected to be in a weak and volatile state [1][2]. - In the silicon - manganese market, the supply - side pressure has eased, but the inventory is still accumulating, and the price is expected to fluctuate with the black - goods sector in the long run [3][4]. - In the silicon - iron market, there is a pattern of high production, high inventory, and weak demand. The weak fundamental situation is difficult to reverse, and the price is expected to follow the sector in the short term [3][4]. 3. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: The glass futures market oscillated, and the spot price was stable with mainly rigid - demand purchases. This week, the float - glass enterprise operating rate was 75.92%, a 0.43% decrease from the previous week, and the factory inventory was 63.136 million heavy cases, a 4.03% decrease [1]. - Soda Ash: The soda - ash futures market oscillated upwards, and the downstream mainly replenished inventory at low prices. This week, the soda - ash output was 746,900 tons, a 1.41% decrease, and the inventory was 1.7142 million tons, a 0.72% increase [1]. Supply - Demand and Logic - Glass: The supply - demand contradiction is large. Although inventory has decreased, it remains at a high level, and the market share of glass factories is squeezed by spot - futures traders. The long - term demand is not optimistic, and attention should be paid to changes in glass production lines [1]. - Soda Ash: The supply - demand contradiction exists. The downstream rigid demand has resilience, and supply is expected to increase further. High inventory suppresses prices, and attention should be paid to changes in supply and costs [1]. Strategy - Glass: Weak and volatile [2]. - Soda Ash: Weak and volatile [2]. Silicomanganese and Ferrosilicon Market Analysis - Silicomanganese: The silicomanganese futures contract rose slightly, and the spot market oscillated. The supply - side pressure eased. The price of 6517 silicomanganese in the northern market was 5,550 - 5,600 yuan/ton, and in the southern market was 5,580 - 5,620 yuan/ton [3]. - Ferrosilicon: The ferrosilicon futures contract rose slightly, and the spot market had little change. The price of 72 - grade ferrosilicon in the main production areas was 5,150 - 5,250 yuan/ton, and the price of 75 - grade ferrosilicon was 5,700 yuan/ton [3]. Supply - Demand and Logic - Silicomanganese: The de - stocking of steel - mill inventory did not meet expectations, and the spot inventory continued to accumulate. Although production decreased, it remained at a high level, and the price is expected to follow the black - goods sector in the long run [3]. - Ferrosilicon: Enterprises have high production and high inventory, and demand is expected to weaken. The weak fundamental situation is difficult to reverse, and the price is expected to follow the sector in the short term [3]. Strategy - Silicomanganese: Oscillating [4]. - Ferrosilicon: Oscillating [4].