纯碱、玻璃日报-20251225

Report Information - Report title: Soda Ash and Glass Daily Report [1] - Date: December 25, 2025 [2] Industry Investment Rating - Not provided Core Views - The short - term market for soda ash and glass remains under pressure. For soda ash, the supply pressure has not been significantly alleviated, demand is weak, and there is an expectation of rising and then falling, with attention needed on the 1200 resistance level. For glass, the contradiction between high inventory and weak demand restricts the market, and there is also an expectation of a rebound and then a fall [8][9] Summary by Directory 1. Soda Ash and Glass Market Review and Operational Suggestions Soda Ash - On December 24, the main soda ash futures contract SA605 fluctuated and rebounded. The closing price was 1190 yuan/ton, up 15 yuan/ton or 1.28%, with a daily reduction of 2051 lots. This week, the supply - side operating rate and output decreased both on a week - on - week basis, but the overall industry fluctuation was limited, and the supply pressure was still not significantly relieved. Demand was weak, inventory removal was slow, and there was a slight inventory build - up. The downstream float glass market was in a weak supply - demand situation, and the real - estate industry showed no improvement [7][8] Glass - The glass market remained weak, with no obvious short - term upward momentum. The supply production rhythm was relatively stable, but the inventory base was still high, terminal demand followed up slowly, and prices lacked upward strength. The weak data in the terminal completion segment dragged down the actual consumption of float glass [9] Operational Suggestions - For both soda ash and glass, it is recommended to be cautious about the rebound market and closely monitor subsequent changes in supply - demand margins and policy guidance [8][9] 2. Data Overview - The report provides data on the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, the market price of heavy soda ash in Central China, and flat glass production, with data sources including Wind and iFind [13][16]