纯碱、玻璃日报-20251128

Industry Investment Rating - No investment rating provided in the report Core Viewpoints - The supply of soda ash shows a downward trend, and the demand and inventory are marginally decreasing. The pattern of weak supply - demand imbalance continues. In the short - term, the price will fluctuate at the bottom, and in the medium - to - long - term, a strategy of shorting on rebounds can be considered [8] - The spot performance of glass is below market expectations. The supply is stable, the inventory is high, and the demand recovery is hard to sustain. However, the cold - repair of production lines may help achieve a new supply - demand balance. The glass price is at a low level and has limited room for further decline [9] Summary by Directory 1. Review and Operation Suggestions of Soda Ash and Glass Market - Soda Ash Market - On November 27, the main futures contract SA601 of soda ash fluctuated strongly. The closing price was 1,176 yuan/ton, up 0.25%, with a daily reduction of 27,403 lots [7] - The supply decreased, with this week's output falling below 700,000 tons and the capacity utilization rate down 2.60% week - on - week. The demand showed a marginal decline, with the total shipment volume down 3.65% week - on - week. The inventory decreased 1.75% week - on - week [8] - The imbalance between supply and demand continued. Although the output and operating rate decreased, the absolute output was still high. The cost provided support, but high inventory restricted price increases [8] - Glass Market - The spot performance was below expectations, and the impact of the concentrated shutdown of production lines in Shahe was also less than expected. The supply was stable, the inventory was high, and the demand recovery was hard to sustain [9] - The decline in industry profits accelerated cold - repair. About 5,000 tons of production lines were planned for cold - repair by the end of the year, which could help reduce inventory and achieve a new supply - demand balance. The glass price was at a low level and had limited room for further decline [9] 2. Data Overview - The report provides data on the price trends of active contracts for soda ash and glass, as well as data on soda ash's weekly output and enterprise inventory, but no specific numerical summaries are given in the text [11][15]