黑色建材日报：市场情绪一般，钢价震荡运行-20260204

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The market sentiment is average, and steel prices are fluctuating. Glass is showing a strong upward trend with supply - side disturbances, while soda ash is in a weak downward trend. For the double - silicon products, the market sentiment is cautious, and the alloys are fluctuating [1][3] - The overall strategy is that glass and silicon products are in a fluctuating state, while soda ash is in a weak fluctuating state [2][4] 3. Summary by Related Catalogs 3.1 Glass and Soda Ash - Market Analysis - Glass: The glass futures market showed a strong upward trend yesterday, and the spot market prices remained stable with good sales by manufacturers [1] - Soda ash: The soda ash futures market showed a weak downward trend yesterday, and the spot market was cautious, with downstream enterprises mainly making rigid - demand purchases [1] - Supply - Demand and Logic - Glass: The supply - demand contradiction of glass is still large. Although some production lines have been gradually shut down for maintenance, the production reduction is still insufficient compared to the decline in rigid demand. The market anticipates a peak season after the Spring Festival, and attention should be paid to the progress of glass production line shutdowns [1] - Soda ash: The supply - demand contradiction of soda ash is relatively limited. Some soda ash plants have completed maintenance, and supply has rebounded. Considering the future new production projects of soda ash and the expected increase in cold repairs of float glass, it is necessary to suppress the production profits of soda ash enterprises to avoid supply - demand imbalance. Attention should be paid to the changes in float glass production lines and the progress of new soda ash production projects [1] - Strategy - Glass: Fluctuating [2] - Soda ash: Weakly fluctuating [2] 3.2 Double - Silicon Products (Silicon Manganese and Silicon Iron) - Market Analysis - Silicon Manganese: The silicon manganese futures market fluctuated yesterday. Before the festival, steel mills' inventory replenishment has gradually ended, and mainstream steel mills have not launched a new round of tenders. The prices are relatively firm. The price of 6517 silicon manganese in the northern market is 5600 - 5700 yuan/ton, and in the southern market is 5720 - 5770 yuan/ton [3] - Silicon Iron: The silicon iron futures market fluctuated yesterday. The spot market transactions were average, and downstream inventory replenishment was mainly for rigid demand. The cash - inclusive ex - factory price of 72 - grade silicon iron natural lumps is 5250 - 5350 yuan/ton, and the price of 75 - grade silicon iron is 5850 - 6000 yuan/ton [3] - Supply - Demand and Logic - Silicon Manganese: The fundamentals of silicon manganese have improved. There is an expected increase in molten iron production in the future, and the demand for silicon manganese will improve marginally. However, the inventory pressure is still large, and the supply - demand pattern is still relatively loose. Recently, the South African tariff policy has caused disturbances, which may increase the cost of manganese ore in the future. Attention should be paid to the cost support of manganese ore and inventory changes [3] - Silicon Iron: The fundamental contradictions of silicon iron are controllable. Enterprises have actively reduced production loads. Considering the resumption of production of steel mills, the demand for silicon iron is expected to improve marginally. The overall over - capacity of silicon iron suppresses the price increase. Attention should be paid to the subsequent inventory reduction of silicon iron and the power price policy in production areas [3] - Strategy - Silicon Manganese: Fluctuating [4] - Silicon Iron: Fluctuating [4]