纯碱、玻璃日报-20260401

Group 1: Report Overview - Report Name: Soda Ash and Glass Daily Report [1] - Date: April 1, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Industry Investment Rating - No investment rating information provided in the report. Group 3: Core Viewpoints - Soda Ash: The current soda ash market remains weak and pressured. The supply pressure has eased slightly but is still at a relatively high level in recent years. Demand is persistently weak, and the inventory is still at a historical high above 1.8 million tons. In the short - term, the supply and inventory will continue to rise, and the futures price will fluctuate weakly. In the long - term, there is significant downward pressure on prices. It is recommended to short on rallies. The market deadlock can only be broken by effective capacity reduction on the supply side [8]. - Glass: The glass futures price is in a difficult - to - move up or down oscillation pattern. The upper pressure comes from high inventory and production restart expectations, and the lower support is from production line cold - repair expectations and raw material price fluctuations. The supply structure cannot be fundamentally improved, and the inventory is accumulating. In the short - term, coal and gas price fluctuations will have a large impact on the glass price. In the long - term, the upward potential depends on the cost support of raw materials and changes in commercial housing sales data. Currently, short - term long positions can be considered, but the profit space is limited, and the price is expected to oscillate at a low level [9][10]. Group 4: Market Data Summary Soda Ash and Glass Futures Trading Data on March 31 | Contract | Opening Price | High Price | Low Price | Closing Price | Change | Change Ratio (%) | Open Interest (10,000 lots) | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SA605 | 1202 | 1206 | 1177 | 1177 | - 38 | - 3.12 | 79.08 | - 35847 | | SA609 | 1290 | 1292 | 1252 | 1252 | - 46 | - 3.54 | 41.04 | 6003 | | FG605 | 1039 | 1040 | 1017 | 1019 | - 23 | - 2.20 | 106.89 | 32130 | | FG609 | 1179 | 1180 | 1150 | 1151 | - 33 | - 2.78 | 38.75 | - 1229 | [7] Data Charts - Soda Ash: Active contract price trend, weekly output, enterprise inventory, and central China heavy soda market price [12][17][20] - Glass: Active contract price trend and flat glass output [12][20]