黑色建材日报：期货震荡偏弱，现货谨慎观望-20260121

Group 1: Glass and Soda Ash - The investment rating for glass is "oscillating", and for soda ash is "oscillating weakly" [2] - The core view is that the market sentiment of glass and soda ash is weak, with both showing an oscillating downward trend. Glass still needs to reduce prices to achieve further production cuts due to high inventory, while soda ash faces downward pressure due to increased supply and weak demand [1] - Market analysis: Glass futures oscillated downward yesterday, with stable spot prices and dull trading. Soda ash futures also oscillated downward, and the spot market was cautious. [1] - Supply and demand logic: Glass supply - demand contradiction has improved slightly, but terminal demand is in the off - season. Soda ash supply is at a high level due to new capacity and device recovery, while demand is weak [1] - Strategy: Glass is expected to oscillate, and soda ash is expected to oscillate weakly [2] Group 2: Silicon Manganese and Silicon Iron - The investment rating for both silicon manganese and silicon iron is "oscillating" [4] - The core view is that the futures of silicon manganese and silicon iron are oscillating weakly, and the spot market is cautious. Although the fundamentals of both have some improvements, there are still challenges such as inventory pressure and price suppression [3] - Market analysis: Silicon manganese futures oscillated downward with large price fluctuations, and the spot price range was 5580 - 5680 yuan/ton in the northern market and 5700 - 5750 yuan/ton in the southern market. Silicon iron futures oscillated weakly, and the spot price of 72 - silicon iron was 5250 - 5300 yuan/ton and 75 - silicon iron was 5800 - 5850 yuan/ton [3] - Supply and demand logic: Silicon manganese has inventory pressure and new capacity, but demand is expected to improve. Silicon iron's fundamentals are controllable, and demand is expected to increase with steel mill复产 and winter storage, but price is suppressed by over - capacity [3] - Strategy: Both silicon manganese and silicon iron are expected to oscillate [4] Group 3: Graphs - There are 44 graphs in the report, including those related to the prices, costs, profits, and basis of various black building materials such as steel, iron ore, coke, and coal, as well as glass, soda ash, silicon manganese, and silicon iron [5]