大越期货玻璃周报-20260302

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - Last week, the glass futures fluctuated upward, with the main contract FG2605 closing 2.02% higher than the previous week at 1,062 yuan/ton. The spot price of 5mm white glass slabs in Hebei Shahe remained unchanged at 944 yuan/ton compared to the previous week [2][7][12]. - The glass production profit has been continuously improving, but the industry's motivation for active production cuts remains insufficient, and the supply contraction is less than expected. The number of in - production float glass production lines is at a low level in the same period, with 209 lines in production, an operating rate of 70.61%, and a daily melting volume of 148,600 tons [3][18][20]. - After the Spring Festival, demand is slowly recovering. Downstream procurement mostly resumes after the Lantern Festival, but the resumption of work in the terminal real - estate industry is slow, and the downstream's willingness to stock up is low. As of February 27, the inventory of float glass enterprises nationwide was 76.008 million weight boxes, a 37.32% increase from the previous week, and the inventory is at a high level in the same period [3][38]. - The conflict between the United States and Iran may boost the sentiment of the overall commodity market. Given the weak fundamentals of glass, it is expected that glass will mainly fluctuate upward in the short term. In general, the glass supply is at a low level, downstream deep - processing factory orders are dismal, and the glass factory inventory is rising. It is expected that glass will mainly fluctuate weakly at a low level [3][6]. 3. Summary According to the Directory Glass Futures and Spot Weekly Market - The closing price of the main contract FG2605 was 1,062 yuan/ton, up 2.02% from the previous week. The spot benchmark price was 944 yuan/ton, unchanged from the previous week. The main basis was - 118 yuan/ton, up 21.65% from the previous week [2][7]. Glass Spot Market - The market price of 5mm white glass slabs in Hebei Shahe, the spot benchmark, was 944 yuan/ton, unchanged from the previous week [12]. Fundamentals - Cost and Profit - No detailed information on cost and profit is provided in the report. Fundamentals - Supply - The number of in - production float glass production lines is 209, with an operating rate of 70.61%, and the number of production lines in operation is at a low level in the same period. The daily melting volume is 148,600 tons, and the production capacity is at a low level in the same period [18][20]. Fundamentals - Demand - In November 2025, the apparent consumption of float glass was 469,440 tons. Other information on demand such as housing sales, new construction, construction, and completion areas, and downstream processing factory operations and orders is mentioned but without detailed data analysis in this summary [24]. Fundamentals - Inventory - The inventory of float glass enterprises nationwide was 76.008 million weight boxes, a 37.32% increase from the previous week, and the inventory is above the five - year average [38]. Fundamentals - Supply - Demand Balance Sheet - The report provides a float glass annual supply - demand balance sheet from 2017 to 2024E, including data on production, consumption, production growth rate, consumption growth rate, and net import ratio [39].