黑色建材日报-20251223

1. Report Industry Investment Rating - No information provided on industry investment ratings in the given content 2. Core Views of the Report - The steel market has average trading volume, and steel prices are fluctuating. Glass and soda ash markets are showing a weak and fluctuating trend, while silicon manganese and silicon iron markets have different trends with their own supply - demand characteristics [1][3] 3. Summary by Relevant Catalogs Glass and Soda Ash Market Analysis - Glass futures showed a weak and fluctuating trend yesterday, and the market transaction center of the spot market moved down. Soda ash futures also showed a weak and fluctuating trend, and downstream buyers showed strong wait - and - see sentiment [1] Supply - Demand and Logic - Glass production is oscillating at a high level, supply contraction is insufficient, rigid demand lacks improvement, and there is an expectation of further decline in rigid demand as the Spring Festival approaches. Soda ash production, although declining, is still at a relatively high level, and new production lines may increase supply. There are also challenges to the demand for heavy soda ash [1] Strategy - Glass: Weak and fluctuating; Soda ash: Weak and fluctuating; No strategies for inter - period and inter - variety trading [2] Silicon Manganese and Silicon Iron Market Analysis - Silicon manganese futures generally trended upward yesterday, and the spot market was strong with a slight price increase. Silicon iron futures had mixed long - and short - term sentiments, showing a narrow - range fluctuating trend, and the spot price was slightly adjusted upward [3] Supply - Demand and Logic - Silicon manganese enterprises are in continuous losses, with production and operating rates at relatively low levels, but the reduction in production is insufficient, leading to record - high enterprise inventories. The inventory of manganese ore at ports continues to rise, and the total inventory of manganese elements increases slightly, weakening cost support. Silicon iron production has dropped significantly this week, and enterprise inventory pressure has been relieved [3] Strategy - Silicon manganese: Fluctuating; Silicon iron: Fluctuating [4]