市场情绪有所趋缓，黑色商品震荡盘整

1. Report Industry Investment Rating - Not provided in the content 2. Core Views - Market sentiment has eased, and black commodities are oscillating and consolidating. Glass and soda ash futures have shown upward trends, while silicon manganese and silicon iron futures are oscillating [1][3] - For glass, short - term supply pressure persists, and demand depends on full downstream resumption. For soda ash, the supply - demand pattern has not improved significantly, and inventory removal is slow [1] - For silicon manganese, cost drives up prices, but supply is relatively loose, suppressing price increases. For silicon iron, supply pressure decreases, and demand recovers, but overall capacity is loose, also suppressing prices [3] 3. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass futures rose sharply yesterday, and spot prices stabilized with mainly rigid - demand transactions. Soda ash futures oscillated upward, and spot prices tended to stabilize with average trading volume [1] Supply - Demand and Logic - Glass: Short - term production has a slight increase, and supply pressure exists. Downstream inventory is high, and destocking depends on full downstream resumption. The Middle - East situation affects energy prices and the glass market [1] - Soda ash: The supply - demand pattern has not improved. Supply is pressured as plants resume operation. Downstream enterprises restock with low - price rigid demand, and inventory removal is slow. The Middle - East situation affects the market [1] Strategy - Glass: Oscillate [2] - Soda ash: Oscillate weakly [2] Silicon Manganese and Silicon Iron Market Analysis - As news of easing Middle - East geopolitical conflicts is released, market sentiment eases. Silicon manganese futures oscillated with the black sector, and the spot market oscillated. Silicon iron futures showed an oscillating trend, and the market was slightly adjusted [3] Supply - Demand and Logic - Silicon manganese: Rising manganese ore prices drive up costs. However, manganese ore supply is relatively loose, and overall supply - demand is also relatively loose, suppressing price increases [3] - Silicon iron: Supply pressure decreases as enterprises maintain low - load production. Downstream resumption boosts demand, but overall capacity is loose, and expected lower electricity prices also suppress prices [3] Strategy - Silicon manganese: Oscillate [4] - Silicon iron: Oscillate [4]