市场观望为主，铁矿震荡运行

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market is mainly in a wait - and - see mode. Iron ore fluctuates, while glass and soda ash show a weakening and fluctuating trend. The market heat of ferrosilicon and silicomanganese has subsided, and they are also in a fluctuating state [1][3][5] 3. Summary by Related Catalog Glass and Soda Ash Market Analysis - Glass: The main contract weakened throughout the day, closing at 1,096 yuan/ton, a 3.09% decline. Spot prices were mostly flat, and market sentiment cooled. Although supply contracted due to cold repairs, demand did not improve significantly, with low downstream processing enterprise operating rates. The support for price increase was insufficient [1] - Soda Ash: The main contract weakened, with some spot prices dropping. Downstream enterprises mainly made purchases based on rigid demand. Some operating rates increased, and the release progress of new production capacity needs attention. In the long - term, supply pressure remains [1] Strategy - Glass: Fluctuating weakly [2] - Soda Ash: Fluctuating weakly [2] Ferrosilicon and Silicomanganese Market Analysis - Silicomanganese: As the market heat subsided, its price declined. The spot market fluctuated, and there was strong wait - and - see sentiment. The price in the northern market was 5,650 - 5,750 yuan/ton, and in the southern market, it was 5,750 - 5,850 yuan/ton. The fundamentals improved, but inventory pressure was still high. Demand is expected to improve with steel mill resumption and winter storage. The market is cautious about giving profits to enterprises, so it maintains a fluctuating state. South African tariff disturbances may increase manganese ore costs [3] - Ferrosilicon: The futures fluctuated. The spot market changed little, and there was strong wait - and - see sentiment. The price of 72 - grade ferrosilicon in the main production areas was 5,250 - 5,350 yuan/ton, and that of 75 - grade was 5,750 - 5,850 yuan/ton. The fundamental contradictions were controllable, but downstream procurement slowed down, increasing factory inventory. Demand is expected to improve with steel mill resumption and winter storage. The price maintains a fluctuating state due to factors such as futures premium over spot and production control at a loss. The impact of Shaanxi's differential electricity price policy is relatively limited [3][4] Strategy - Silicomanganese: Fluctuating [5] - Ferrosilicon: Fluctuating [5]