Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Last week, the glass futures fluctuated downward. The closing price of the main contract FG2601 decreased by 5.41% compared to the previous week, reaching 1032 yuan/ton. The spot price of 5mm white glass sheets in Hebei Shahe was 1028 yuan/ton, down 2.28% from the previous week. The glass fundamentals show stable supply and weak demand, and it is expected to fluctuate weakly in the short term [3][11]. 3. Summary by Related Catalogs Glass Futures and Spot Weekly Market - The closing price of the main contract decreased from 1091 yuan/ton to 1032 yuan/ton, a decline of 5.41%. The spot benchmark price dropped from 1052 yuan/ton to 1028 yuan/ton, a decrease of 2.28%. The main basis decreased by 89.74% from -39 yuan/ton to -4 yuan/ton [6]. Glass Spot Market - The market price of 5mm white glass sheets in Hebei Shahe, the spot benchmark, was 1028 yuan/ton, down 2.28% from the previous week [11]. Fundamental Analysis - Cost and Profit No specific content provided. Fundamental Analysis - Supply - The number of operating float glass production lines nationwide is 222, with an operating rate of 75%. The daily melting capacity is 159,100 tons, and both the number of operating lines and capacity are at historically low levels for the same period [22][24]. Fundamental Analysis - Demand - In September 2025, the apparent consumption of float glass was 4.7082 million tons. The terminal real - estate demand is still weak, and the number of orders for glass deep - processing enterprises is at a historical low for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original glass inventory [27][5]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 63.247 million weight boxes, an increase of 0.18% from the previous week, and the inventory is running above the five - year average [39]. Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows the production, consumption, production growth rate, consumption growth rate, and net import ratio of float glass each year. For example, in 2024E, the production was 55.1 million tons, the consumption was 53.1 million tons, the production growth rate was 3.94%, and the consumption growth rate was - 1.15% [40].
大越期货玻璃周报2025.11.10-11.14-20251117
Da Yue Qi Huo·2025-11-17 08:48