市场情绪谨慎，钢价持续震荡

Group 1: Investment Ratings - Glass: Oscillating weakly [2] - Soda Ash: Oscillating [2] - Ferrosilicon Manganese: Oscillating [3] - Ferrosilicon: Oscillating [3] Group 2: Core Views - The market sentiment is cautious, and steel prices continue to oscillate. The macro - atmosphere for glass and soda ash is warm, with a slight rebound. The consumption of steel products is fair, and ferroalloys have a slight rebound [1][2] Group 3: Market Analysis Glass and Soda Ash - Glass futures oscillated upward with active trading. Spot prices were generally weak, with low - price and rigid - demand purchases. This week, the total inventory of float glass was 58.558 million heavy boxes, a 0.57% week - on - week increase. Glass production is oscillating at a high level, supply contraction is insufficient, and there is still a supply - demand contradiction. Rigid demand lacks improvement and is expected to decline further with the arrival of the off - season. Attention should be paid to cold - repair situations and the impact of macro - policies on speculative demand [1] - Soda ash futures oscillated upward, supported by cost. Spot market quotes were weakly stable, with overall mixed price changes and mainly rigid - demand purchases. This week, soda ash production was 721,400 tons, a 1.9% week - on - week decrease; inventory was 1.4993 million tons, a 0.33% week - on - week increase. Soda ash production is at a relatively high level in the same period, and with the commissioning of new production lines, supply is expected to increase further. Inventory is oscillating at a high level, and considering the expected increase in the cold - repair plan of float glass, the demand for heavy soda ash faces challenges. Attention should be paid to the impact of downstream demand on soda ash prices [1] Double Silicon (Ferrosilicon Manganese and Ferrosilicon) - For ferrosilicon manganese, although it is the off - season, the consumption of building materials is still fair, and ferrosilicon manganese futures oscillated upward. The spot market of ferrosilicon manganese oscillated, with cost - side ore prices remaining firm. The price of 6517 in the northern market was 5,490 - 5,550 yuan/ton, and in the southern market was 5,600 - 5,650 yuan/ton. Currently, ferrosilicon manganese enterprises are in a continuous loss situation, with production and operating rates at relatively low levels. However, the reduction in production is insufficient, resulting in continuously new high enterprise inventories. The inventory of manganese ore at ports has slightly increased, and the total inventory of manganese elements has remained stable, providing cost support for ferrosilicon manganese. Attention should be paid to the cost support of manganese ore and production changes [2] - For ferrosilicon, ferrosilicon futures rose first and then fell. The spot market of ferrosilicon was weak. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas was 5,100 - 5,200 yuan/ton, and the price of 75 - grade ferrosilicon was 5,600 - 5,650 yuan/ton. This week, ferrosilicon production decreased slightly, enterprises remained in a loss situation, actively adjusted the production rhythm, demand declined marginally, and ferrosilicon enterprise inventories were at a high level. High inventories will continue to suppress ferrosilicon prices. Attention should be paid to changes in cost - side coal and electricity prices and regional policies [2]