浮法玻璃周报：分析师范阿骄-20260320

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The float glass market presents a typical contradiction between "weak reality and strong expectations." The spot market has issues such as scattered post - holiday orders, pressure on payment collection, and a slow resumption of work for downstream deep - processing enterprises. However, on the supply side, capacity adjustment is underway with some production lines being shut down and some being ignited. In the first quarter, the supply is on a downward trend. The glass futures may maintain a volatile pattern in the short term, and the market is in a stage of seeking a new balance point in the supply - demand game [3]. 3. Summary According to Relevant Catalogs 3.1 Float Glass Market Analysis - Futures Performance: The main glass futures contract FG2605 is in a weak and volatile consolidation, with a slight downward shift in the center of gravity. Due to factors such as the under - expected recovery of terminal real - estate demand, weak spot market transactions, and continuous pressure on factory inventories, the futures price lacks upward momentum. Although there is some support from the cost side, the downstream's willingness to purchase is low, and some funds reduce their positions when the price rises. The glass futures price maintains a weak and volatile trend, and the short - term view is still dominated by weak demand [3]. - Supply Side: As of March 19, the float glass industry's开工率 was 70.41%, a decrease of 0.68 percentage points from last week. The capacity utilization rate decreased by 0.55% to 73.25%. The daily output of float glass decreased by 0.75% week - on - week to 145,800 tons, and the weekly output was 1.0223 million tons, a decrease of 1.06% week - on - week and 7.9% year - on - year. Two glass production lines were shut down this week, and the supply continued to decline, with the daily output hitting a multi - year low [3]. - Demand Side: Downstream demand is average, with phased replenishment and general procurement enthusiasm. The order follow - up of downstream processing enterprises is insufficient, and most purchase on demand, keeping inventory at a low level. As of March 11, the resumption rate of 10,692 construction sites nationwide was 42.5%, a 19 - percentage - point increase week - on - week but a 5.2% decrease compared to the same period in the lunar calendar, indicating that the real - estate recovery is under - expected [3]. - Inventory: As of March 19, 2026, the total inventory of national float glass sample enterprises was 74.436 million heavy boxes, a decrease of 1.413 million heavy boxes week - on - week, a decrease of 1.86% week - on - week and an increase of 7.16% year - on - year [3]. - Cost and Profit: The weekly average profit of float glass using natural gas as fuel was - 87.12 yuan/ton, an increase of 19.57 yuan/ton week - on - week; the weekly average profit of float glass using coal - made gas as fuel was - 22.24 yuan/ton, an increase of 17.14 yuan/ton week - on - week; the weekly average profit of float glass using petroleum coke as fuel was - 21.78 yuan/ton, a decrease of 14.28 yuan/ton week - on - week [3]. - Market Outlook: The float glass market is in a stage of seeking a new balance point in the supply - demand game. The short - term glass futures may maintain a volatile pattern and seek support around the cost price. The core contradiction lies between the weak reality (high inventory, weak demand) and the strong expectations (cost support, policy - driven production cuts) [3]. 3.2 Float Glass Futures - The report provides the closing price chart of the FG main contract from October 22, 2025, to March 18, 2026, and the trading volume and open interest chart of the FG contract [5][6]. 3.3 Float Glass Price - The report shows the price charts of national average price, North China, East China, and Central China from January 3, 2024, to March 3, 2026, and the closing price chart of the FG main contract from October 22, 2025, to March 18, 2026 [9][11]. 3.4 Float Glass Basis - The report presents the basis charts of the Shahe area and Central China, including the basis, the main contract price, and the market price [14]. 3.5 Float Glass Supply - The report shows the float glass开工率 chart from the 1st week to the 51st week in 2024, 2025, and 2026, the weekly output chart from the 1st week to the 51st week in 2024, 2025, and 2026, the factory inventory chart, the Shahe inventory chart, and the regional inventory charts of North China, East China, Central China, and South China [16][17][18][19][21]. 3.6 Float Glass Demand - The report provides the order days chart of glass deep - processing manufacturers from January 15 to November 30 in 2022 - 2026, the apparent consumption chart from January 2024 to October 2025, the commercial housing transaction area chart from September 6, 2024, to March 6, 2026, the real - estate fund arrival situation chart from December 2000 to December 2025, the real - estate data chart from February 2022 to February 2026, and the chart of real - estate completion and glass apparent consumption from January 2019 to January 2025 [23][24][25][26][28][29]. 3.7 Glass Cost and Profit - The report shows the float glass profit chart using coal, petroleum coke, and natural gas as fuels from February 26, 2021, to February 26, 2026, and the profit and output chart from August 27, 2021, to August 27, 2025 [31][32].