黑色建材日报：静待旺季成色，钢材震荡运行-20260320

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The steel market is waiting for the peak season's performance and is oscillating. The glass and soda ash markets are in a weak consolidation due to poor rigid demand. The silicon manganese shows a situation of inventory accumulation, while the silicon iron has obvious inventory reduction [1][3] Summary by Related Catalogs Glass and Soda Ash - Market Analysis - Glass: The main glass contract continued its weak oscillation yesterday, with an intraday high - opening and low - closing and a slight recovery at the end. Spot prices followed the decline of the futures, and transaction prices were relatively stable. This week, the daily melting volume of float glass continued to decline, and the glass factory inventory decreased from a high level [1] - Soda Ash: The main soda ash contract showed a narrow - range oscillation pattern yesterday. Spot prices slightly decreased with the futures, and downstream buyers mainly replenished inventory based on rigid demand. This week, soda ash production increased slightly, and the factory inventory continued to decline [1] - Supply - Demand and Logic - Glass: The current situation of weak supply and demand in the glass market continues. Enterprise profits are shrinking, cold - repair production lines are increasing, and production is continuously declining. Downstream deep - processing orders are weak, and traders and end - users mainly make rigid - demand purchases, resulting in overall weak demand. Although the inventory has decreased from a high level, prices are still under pressure due to the under - expected real estate data [1] - Soda Ash: Soda ash production continues to increase, and supply pressure still exists. Float glass production is continuously decreasing, and the photovoltaic glass market has not improved, resulting in weak downstream demand. Enterprise inventory is transferred to downstream, but the total inventory still faces high - level pressure. However, affected by the Middle East situation, costs are affected by energy prices, and soda ash price fluctuations may intensify. Later, attention should be paid to cost support and the progress of new soda ash production projects [1] - Strategy - Glass: Oscillation [2] - Soda Ash: Oscillation [2] Silicon Manganese and Silicon Iron - Market Analysis - Silicon Manganese: The silicon manganese futures oscillated yesterday. Currently, the pricing of East China steel mills is around 6100 - 6200 yuan/ton, and factories have a strong sentiment of holding prices. Manganese ore prices are firm, with the price of 6517 in the northern market at 5900 - 6000 yuan/ton and in the southern market at 5950 - 6050 yuan/ton [3] - Silicon Iron: The main silicon iron futures contract fluctuated slightly yesterday. The overall supply - demand of the silicon iron market is stable. The ex - factory price of 72 - grade silicon iron natural lumps in the main production areas is 5600 - 5650 yuan/ton, and the price of 75 - grade silicon iron is reported at 5950 - 6000 yuan/ton [3] - Supply - Demand and Logic - Silicon Manganese: This week, the production of manganese silicon slightly decreased, the apparent demand slightly increased, and the enterprise inventory increased. Currently, the manganese ore shipment volume remains at a high level. As the profits in the production areas improve, the overall supply - demand of silicon manganese is relatively loose, and the price increase is still restricted. Later, continuous attention should be paid to manganese ore cost support, inventory changes, and silicon manganese warehouse receipts [3] - Silicon Iron: This week, the production of silicon iron increased significantly, the apparent demand improved, and the inventory decreased. Since silicon iron enterprises maintain low - load production, the supply pressure of silicon iron is relatively controllable. Coupled with the resumption of production in the downstream to boost rigid demand, the fundamental contradictions of silicon iron are limited. Considering the relatively loose silicon iron production capacity, the price increase is still restricted. Continuous attention should be paid to silicon iron production, silicon iron inventory, and power price policies in the production areas [3] - Strategy - Silicon Manganese: Oscillation [4] - Silicon Iron: Oscillation [4]