纯碱、玻璃日报-20251127

Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: November 27, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core Viewpoints - Soda ash continues its weak pattern of supply - demand imbalance. In the short - term, it will experience bottom - grinding oscillations, and in the medium - to - long - term, it may be treated with a strategy of shorting on rebounds [8] - The current glass price has limited room to decline further. The mid - term market direction is still dominated by fundamentals. Without new market expectations, the downward trend of the market is difficult to reverse [9] Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On November 26, the main soda ash futures contract SA601 oscillated at a low level. The closing price was 1,175 yuan/ton, remaining unchanged from the previous day, with a daily reduction of 27,403 lots in positions [7] - Soda ash maintains a weak supply - demand imbalance. Although weekly production and operating rates have declined, the absolute output remains high. Downstream float glass has a weak supply - demand situation, and the terminal real estate and photovoltaic demand show no significant improvement. Cost supports prices, but high inventory restricts price increases [8] Glass - On the fundamental side, the spot performance is lower than market expectations. The impact of the concentrated production suspension in Shahe is less than expected. Supply is stable, inventory remains high after the holiday, and demand from the real estate market is weak. However, as industry profits decline, cold - repairs are accelerating. If 5,000 tons of production lines are cold - repaired by the end of the year, inventory can be reduced, and a new supply - demand balance can be achieved. The glass price is currently undervalued, with limited room for further decline [9] 2. Data Overview - The report presents various data charts, including the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [13][17][18]