宏观预期继续发力，钢价区间震荡运行

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - The macro - expectation continues to exert influence, and steel prices fluctuate within a range. Glass and soda ash markets are characterized by strong wait - and - see sentiment and fluctuate. The supply - demand contradictions in glass and soda ash still exist, with high inventory pressure in glass and high - level inventory in soda ash. The prices of silicon manganese and silicon iron alloys are expected to fluctuate, affected by factors such as production, inventory, and cost [1][3] Group 3: Summary by Related Catalogs Glass and Soda Ash - Market Analysis: Glass futures declined yesterday, and the spot market's trading center moved down. Soda ash futures rose, supported by rising costs. The downstream of both mainly purchases on a rigid - demand basis [1] - Supply - Demand and Logic: For glass, although the increase in cold - repair of production lines has slightly improved demand, the supply contraction is insufficient, and high - inventory pressure remains. For soda ash, the supply - demand contradiction has been slightly alleviated, but the inventory is still high, and the expected increase in cold - repair of float glass may challenge the demand for heavy soda ash [1] - Strategy: Both glass and soda ash are expected to fluctuate, with no strategies for inter - period or inter - variety trading [2] Silicon Manganese and Silicon Iron - Market Analysis: Silicon manganese futures continued to fluctuate, and the spot market was stable. The 6517 silicon manganese price in the northern market was 5500 - 5550 yuan/ton, and in the southern market, it was 5520 - 5570 yuan/ton. Silicon iron futures fluctuated with the black - metal sector, and the spot market was weakly stable. The price of 72 - grade silicon iron natural lumps in the main production areas was 5100 - 5200 yuan/ton, and 75 - grade silicon iron was 5650 - 5700 yuan/ton [3] - Supply - Demand and Logic: Silicon manganese enterprises are in continuous losses, with production and operating rates declining, but the inventory is at a record high. The slight increase in port manganese ore inventory provides cost support. Silicon iron maintains high production and inventory, with weakening demand. Although the inventory has decreased due to reduced operating rates, high inventory still suppresses prices [3] - Strategy: Both silicon manganese and silicon iron are expected to fluctuate [4]