现实供需双弱，钢价小幅波动

Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Views - The current supply and demand in the steel market are both weak, with steel prices showing small fluctuations [1]. - The trading atmosphere in the glass and soda ash market is cold, and the prices are weakly oscillating [1]. - The market fluctuations of ferrosilicon and silicomanganese have weakened, and the alloys are oscillating within a narrow range [3]. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: The main glass contract showed a weakly oscillating trend throughout the day. With the Spring Festival holiday approaching, the trading volume decreased, and the trading atmosphere in the spot and futures markets was cold [1]. - Soda Ash: The main soda ash contract continued to operate weakly, with narrow - range oscillations. The trading atmosphere in the spot market was cold, and the market was mainly for rigid - demand purchases [1]. Supply and Demand Logic - Glass: The fundamentals are still weak. There is an increasing expectation of production suspension in the Shahe area, which supports the market. However, the downstream is in the traditional consumption off - season, and the demand is cold. The current low price allows the market to tolerate higher inventory. In the short term, it will continue to operate in an oscillating manner [1]. - Soda Ash: The supply of soda ash remains loose. With the progress of new production projects, the supply pressure continues to increase. As the Spring Festival approaches, downstream consumption shows a seasonal decline due to more cold repairs. The total inventory of domestic soda ash manufacturers is still at a high level, and the de - stocking process is slow, with large overall supply - demand contradictions [1]. Strategy - Glass: Oscillating [2] - Soda Ash: Oscillating [2] Ferrosilicon and Silicomanganese Market Analysis - Silicomanganese: The silicomanganese futures showed a small - scale oscillation, and the volatility decreased compared to the previous period. The spot market was stable. There were new ignition situations in northern factories, with the price of 6517 in the northern market ranging from 5580 - 5680 yuan/ton and in the southern market from 5700 - 5750 yuan/ton [3]. - Ferrosilicon: The ferrosilicon futures followed the overall black market and operated weakly. The spot market was weak, and the market was full of a strong wait - and - see sentiment. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas was 5250 - 5350 yuan/ton, and the price of 75 - grade ferrosilicon was 5850 - 6000 yuan/ton [3]. Supply and Demand Logic - Silicomanganese: The fundamentals of silicomanganese have improved. There is an expectation of an increase in molten iron production, and the demand for silicomanganese has marginally improved. However, the inventory pressure is still large, and the supply - demand pattern remains loose. The recent South African tariff policy may increase the cost of manganese ore, and attention should be paid to the cost support of manganese ore and inventory changes [3]. - Ferrosilicon: The fundamental contradictions of ferrosilicon are controllable. Enterprises have actively reduced production loads. Considering the resumption of production in steel mills, the demand for ferrosilicon is expected to improve marginally. The overall over - capacity of ferrosilicon suppresses the price increase, and continuous attention should be paid to the de - stocking situation and power price policies in production areas [3]. Strategy - Silicomanganese: Oscillating [4] - Ferrosilicon: Oscillating [4]