Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The fundamentals of soda ash show strong supply and weak demand, with the short - term expected to be mainly in a volatile operation [2]. - The supply - demand mismatch pattern in the industry has not been effectively improved, with high supply, declining terminal demand, and inventory at a high level in the same period [5]. Summary by Related Catalogs 1. Daily View - Fundamentals: With few alkali plant overhauls, supply remains high; downstream float glass daily melting volume is stable, while photovoltaic daily melting volume drops significantly, terminal demand weakens, and soda ash plant inventory is at a historical high, which is bearish [2]. - Basis: The spot price of heavy - quality soda ash in Hebei Shahe is 1,280 yuan/ton, the closing price of SA2601 is 1,395 yuan/ton, the basis is - 115 yuan, and the futures price is higher than the spot price, which is bearish [2]. - Inventory: The national soda ash plant inventory is 1.8938 million tons, an increase of 1.54% from the previous week, and the inventory is above the 5 - year average, which is bearish [2]. - Disk: The price is running above the 20 - day line, and the 20 - day line is upward, which is bullish [2]. - Main position: The main position is net short, and short positions increase, which is bearish [2]. - Expectation: The fundamentals of soda ash feature strong supply and weak demand, and it is expected to be mainly volatile in the short term [2]. 2. Influencing Factors Summary - Bullish factors: The peak summer overhaul period is approaching, and production will decline [3]. - Bearish factors: Since 2023, soda ash production capacity has expanded significantly, and there are still large production plans this year, with industry production at a historical high in the same period; heavy - alkali downstream photovoltaic glass production has decreased, weakening the demand for soda ash; the sentiment of the "anti - involution" policy has faded [5]. 3. Soda Ash Futures Market - The closing price of the main contract decreased from 1,400 yuan/ton to 1,395 yuan/ton, a decline of 0.36%; the low - end price of heavy - quality soda ash in Shahe remained unchanged at 1,280 yuan/ton; the main basis increased from - 120 yuan/ton to - 115 yuan/ton, a change of - 4.17% [6]. 4. Soda Ash Spot Market - The low - end price of heavy - quality soda ash in Hebei Shahe is 1,280 yuan/ton, unchanged from the previous day [11]. 5. Fundamentals - Supply - Soda ash production profit: The profit of heavy - quality soda ash by North China ammonia - soda method is - 25.60 yuan/ton, and that by East China co - production method is - 41 yuan/ton. The production profit has rebounded from a historical low [14]. - Soda ash operating rate and production capacity: The weekly industry operating rate of soda ash is 87.32%, and the operating rate is expected to decline seasonally; the weekly production of soda ash is 761,300 tons, including 429,700 tons of heavy - quality soda ash, with production at a historical high [17][19]. - Soda ash industry production capacity changes: In 2023, the new production capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned new production capacity is 7.5 million tons, with the actual production of 1 million tons [20]. 6. Fundamentals - Demand - Soda ash sales - to - production ratio: The weekly sales - to - production ratio of soda ash is 92.73% [23]. - Soda ash downstream demand: The national float glass daily melting volume is 159,600 tons, and the operating rate is stable at 75.34%; the price of photovoltaic glass continues to fall, and under the influence of the "anti - involution" policy, the industry has cut production, and the in - production daily melting volume continues a significant downward trend [26][32]. 7. Fundamentals - Inventory - The national soda ash plant inventory is 1.8938 million tons, an increase of 1.54% from the previous week, and the inventory is above the 5 - year average [35]. 8. Fundamentals - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows the changes in effective capacity, production, operating rate, import, export, net import, apparent supply, total demand, supply - demand difference, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate over the years [36].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core View of the Report - The fundamentals of soda ash show a pattern of strong supply and weak demand. The short - term outlook is expected to be mainly in a state of oscillatory movement. The supply is at a high level, terminal demand has declined, and inventory is at a high level compared to the same period. The mismatch between supply and demand in the industry has not been effectively improved [2][5]. 3. Summary by Relevant Catalogs 3.1 Daily View - **Fundamentals**: Alkali plants have few overhauls, supply remains at a high level; the daily melting volume of downstream float glass is stable, while that of photovoltaic glass has dropped significantly, terminal demand has weakened, and soda ash plant inventories are at a historical high, indicating a bearish situation [2]. - **Basis**: The spot price of heavy - quality soda ash in Hebei Shahe is 1,280 yuan/ton, the closing price of SA2601 is 1,400 yuan/ton, with a basis of - 120 yuan, and the futures price is higher than the spot price, which is bearish [2]. - **Inventory**: The national soda ash plant inventory is 1.8938 million tons, an increase of 1.54% from the previous week, and the inventory is running above the 5 - year average, showing a bearish situation [2][34]. - **Disk**: The price is running above the 20 - day line, and the 20 - day line is upward, indicating a bullish situation [2]. - **Main Position**: The main position is net short, and the short position is decreasing, showing a bearish situation [2]. 3.2 Influence Factor Summary - **Likely Positive Factors**: The peak summer overhaul period is approaching, and production will decline [3]. - **Likely Negative Factors**: Since 2023, soda ash production capacity has expanded significantly, and there are still large production plans this year. The industry's production is at a historical high for the same period. The downstream photovoltaic glass of heavy - quality soda ash has cut production, weakening the demand for soda ash. The sentiment of the "anti - involution" policy has subsided [5]. 3.3 Soda Ash Futures Market - The closing price of the main contract is 1,400 yuan/ton, the low - end price of heavy - quality soda ash in Shahe is 1,280 yuan/ton, and the main basis is - 120 yuan. Compared with the previous value, the closing price of the main contract increased by 1.23%, the low - end price of heavy - quality soda ash in Shahe increased by 1.59%, and the main basis decreased by 2.44% [6]. 3.4 Soda Ash Spot Market - The low - end market price of heavy - quality soda ash in Hebei Shahe is 1,280 yuan/ton, an increase of 20 yuan/ton from the previous day [12]. - **Production Profit**: The profit of the North China ammonia - soda process for heavy - quality soda ash is - 23.80 yuan/ton, and the profit of the East China combined - soda process is 18.50 yuan/ton. The production profit of soda ash has rebounded from a historical low [15]. - **Operating Rate and Production Volume**: The weekly operating rate of the soda ash industry is 85.41%, and the operating rate is expected to decline seasonally. The weekly production volume of soda ash is 744,600 tons, including 423,400 tons of heavy - quality soda ash, and the production volume is at a historical high [18][20]. - **Industry Production Capacity Changes**: In 2023, the newly - added production capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned newly - added production capacity is 7.5 million tons, with an actual production of 1 million tons [21]. 3.5 Fundamental Analysis - Demand - **Soda Ash Production and Sales Rate**: The weekly production and sales rate of soda ash is 90.69% [25]. - **Downstream Demand**: The national daily melting volume of float glass is 159,600 tons, and the operating rate is stable at 75.19%. The price of photovoltaic glass has been continuously falling. Under the influence of the "anti - involution" policy, the industry has cut production, and the daily melting volume in production has dropped significantly [28][31]. 3.6 Fundamental Analysis - Inventory - The national soda ash plant inventory is 1.8938 million tons, an increase of 1.54% from the previous week, and the inventory is running above the 5 - year average [34]. 3.7 Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows the changes in effective production capacity, production volume, operating rate, import, export, net import, apparent supply, total demand, supply - demand difference, production capacity growth rate, production volume growth rate, apparent supply growth rate, and total demand growth rate of soda ash over the years [35].

Core Viewpoint - The domestic soda ash market continues to show weakness, with prices under pressure and a lack of significant demand growth [2][6]. Price Analysis - As of August 11, the price range for light soda ash in North China is 1220-1320 CNY/ton, while heavy soda ash is priced at 1270-1370 CNY/ton [2]. - The light soda ash price index is reported at 1230, down 17.14 from the previous working day, a decrease of 1.37%, while the heavy soda ash price index remains stable at 1277.14 [3]. Market Dynamics - The overall operation of soda ash facilities is stable, maintaining high supply levels, but new order signing is slow, leading to a lackluster market atmosphere [2]. - Downstream purchasing remains focused on essential replenishment, with no significant increase in overall demand, resulting in a cautious market sentiment [2]. Futures Market - On August 11, the main soda ash futures contract SA2601 opened at 1326 CNY/ton and closed at 1345 CNY/ton, with an intraday increase of 0.67% [5]. - The futures market is experiencing slight upward fluctuations, driven by rising coal prices and improved trading sentiment in the chemical sector, although the fundamental industry conditions have not shown substantial improvement [5]. Future Outlook - The supply of soda ash is expected to remain high due to the resumption of maintenance operations, while downstream demand is weak, leading to insufficient market drivers [6]. - The soda ash market is anticipated to consolidate within a narrow range in the short term, with close attention needed on future facility dynamics and changes in downstream purchasing patterns [6].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The fundamentals of soda ash show strong supply and weak demand. With the fading of policy - driven positive sentiment, it is expected to fluctuate weakly in the short term [2]. Summary by Related Catalogs 1. Daily View - **Fundamentals**: Alkali plants have few overhauls, supply remains at a high level. The daily melting volume of downstream float glass is stable, while that of photovoltaic glass has dropped significantly, and terminal demand is weak. The inventory of soda ash plants is at a historical high, indicating a bearish outlook [2]. - **Basis**: The spot price of heavy - duty soda ash in Hebei Shahe is 1,235 yuan/ton, the closing price of SA2601 is 1,345 yuan/ton, and the basis is - 110 yuan. The futures price is higher than the spot price, which is bearish [2]. - **Inventory**: The national in - plant inventory of soda ash is 1.8651 million tons, an increase of 3.86% from the previous week, and the inventory is above the 5 - year average, which is bearish [2][34]. - **Disk**: The price is running below the 20 - day line, and the 20 - day line is upward, indicating a neutral situation [2]. - **Main Position**: The main position is net short, and the short position is decreasing, which is bearish [2]. - **Expectation**: Given the supply - demand imbalance in the soda ash market and the fading of policy - driven positive sentiment, it is expected to fluctuate weakly in the short term [2]. 2. Influencing Factors Summary - **Positive Factors**: The peak summer overhaul period is approaching, and production will decline [3]. - **Negative Factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production - launch plans this year. The production of the industry is at a historical high. The downstream photovoltaic glass of heavy - duty soda ash has cut production, reducing the demand for soda ash. The sentiment of the "anti - involution" policy has faded [5]. 3. Soda Ash Futures Market - The closing price of the main contract has increased from 1,332 yuan/ton to 1,345 yuan/ton, a rise of 0.98%. The low - end price of heavy - duty soda ash in Shahe remains unchanged at 1,235 yuan/ton. The main basis has changed from - 97 yuan to - 110 yuan, a change of 13.40% [6]. 4. Soda Ash Spot Market - The low - end market price of heavy - duty soda ash in Hebei Shahe is 1,235 yuan/ton, remaining unchanged from the previous day [12]. - **Production Profit**: The profit of heavy - duty soda ash produced by the ammonia - soda process in North China is - 23.80 yuan/ton, and that of the co - production process in East China is 18.50 yuan/ton. The production profit of soda ash has rebounded from a historical low [15]. - **Operating Rate and Production Volume**: The weekly operating rate of the soda ash industry is 85.41%, and the operating rate is expected to decline seasonally. The weekly production volume of soda ash is 744,600 tons, including 423,400 tons of heavy - duty soda ash, with production at a historical high [18][20]. - **Capacity Changes**: In 2023, the new production capacity of soda ash was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned new production capacity is 7.5 million tons, with 1 million tons actually put into production [21]. 5. Fundamental Analysis - Demand - **Sales - to - Production Ratio**: The weekly sales - to - production ratio of soda ash is 90.69% [25]. - **Downstream Demand**: The daily melting volume of national float glass is 159,600 tons, and the operating rate is stable at 75.19%. The price of photovoltaic glass has been continuously falling. Under the influence of the "anti - involution" policy, the industry has cut production, and the in - production daily melting volume has dropped significantly [28][31]. 6. Fundamental Analysis - Inventory - The national in - plant inventory of soda ash is 1.8651 million tons, an increase of 3.86% from the previous week, and the inventory is above the 5 - year average [34]. 7. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective capacity, production, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand gap, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate [35].

Core Viewpoint - The domestic soda ash market is experiencing a weak performance, with prices showing little change across various regions, and a cautious sentiment prevailing among downstream buyers [2][3]. Price Summary - As of August 1, the price range for light soda ash in North China is 1270-1320 CNY/ton, while heavy soda ash is priced at 1270-1370 CNY/ton. In South China, light soda ash is priced at 1390-1470 CNY/ton, and heavy soda ash at 1360-1430 CNY/ton [2]. - The light soda ash price index on August 1 is 1275.71, down 4.29 from the previous working day, a decrease of 0.33%. The heavy soda ash price index is 1294.29, down 8.57, a decrease of 0.66% [3]. Supply and Demand Analysis - The supply side remains stable, with Inner Mongolia Salt Industry planning maintenance on August 5, while Shilian Chemical and Huainan Debang plan to resume production in early August [2]. - Demand continues to be weak, with downstream companies showing reduced purchasing willingness and adopting conservative procurement strategies [2]. Futures Market Dynamics - On August 1, the main soda ash futures contract SA2509 opened at 1248 CNY/ton and closed at 1256 CNY/ton, with an intraday decline of 1.02%. The total open interest is 921,926 contracts, down by 52,098 contracts [5]. - The futures market is under pressure due to overall weak sentiment in the chemical sector, despite some support from inventory reduction [5]. Market Outlook - In the coming week, as previously maintained facilities gradually resume operations, supply is expected to increase. However, the cautious purchasing attitude from downstream buyers may limit acceptance of high-priced products [6]. - The market sentiment is shifting from a strong expectation at the beginning of the week to a more cautious outlook, with prices likely to remain volatile and subject to flexible adjustments [6].

Group 1 - The core point of the article is that the main contract for soda ash futures has seen a decline exceeding 5% [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The fundamental situation of soda ash shows strong supply and weak demand, and the sentiment of policy benefits has faded. In the short term, it is expected to mainly fluctuate. The industry's supply - demand mismatch pattern has not been effectively improved [2][5]. 3. Summary by Directory Daily View - **Fundamentals**: "Anti - involution" sentiment has faded; alkali plant maintenance is less, supply remains high; downstream float glass daily melting volume is stable, photovoltaic daily melting volume has dropped significantly, terminal demand has weakened, and soda ash plant inventory is at a historical high, which is bearish [2]. - **Basis**: The spot price of heavy soda ash in Hebei Shahe is 1420 yuan/ton, the closing price of SA2509 is 1316 yuan/ton, the basis is 104 yuan, and the futures are at a discount to the spot, which is bullish [2]. - **Inventory**: The national soda ash plant inventory is 1.8646 million tons, a decrease of 2.15% from the previous week, and the inventory is running above the 5 - year average, which is bearish [2][33]. - **Disk**: The price is running above the 20 - day line, and the 20 - day line is upward, which is bullish [2]. - **Main Position**: The main position is net short, and the short position increases, which is bearish [2]. - **Expectation**: The fundamental supply of soda ash is strong and the demand is weak, and the sentiment of policy benefits has faded. It is expected to mainly fluctuate in the short term [2]. Influencing Factors - **Bullish**: The peak summer maintenance season is coming, and production will decline [3]. - **Bearish**: Since 2023, soda ash production capacity has expanded significantly, and there are still large production plans this year. The downstream photovoltaic glass of heavy soda has reduced production, and the demand for soda ash has weakened. The "anti - involution" policy sentiment has faded [5]. Soda Ash Futures Market - The closing price of the main contract dropped from 1440 yuan/ton to 1316 yuan/ton, a decrease of 8.61%. The low - end price of heavy soda ash in Shahe remained unchanged at 1420 yuan/ton. The main basis increased from - 20 yuan/ton to 104 yuan/ton, an increase of 620% [6]. Soda Ash Spot Market - The low - end price of heavy soda ash in the Hebei Shahe market is 1420 yuan/ton, unchanged from the previous day [12]. Soda Ash Production - **Profit**: The profit of heavy soda ash by the North China ammonia - alkali method is - 87 yuan/ton, and the profit of the East China co - production method is - 50.50 yuan/ton. The production profit of soda ash has rebounded from a historical low [15]. - **Operating Rate and Output**: The weekly operating rate of the soda ash industry is 83.02%, and the operating rate is expected to decline seasonally. The weekly output of soda ash is 723,800 tons, including 408,900 tons of heavy soda ash, and the output is at a historical high [18][20]. - **Capacity Change**: In 2023, the new soda ash production capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned new production capacity is 7.5 million tons, and the actual production is 1 million tons [21]. Fundamental Analysis - Demand - **Sales - to - Production Ratio**: The weekly sales - to - production ratio of soda ash is 105.66% [24]. - **Downstream Demand**: The national float glass daily melting volume is 159,000 tons, and the operating rate is stable at 75.10%. The price of photovoltaic glass has continued to fall. Under the influence of the "anti - involution" policy, the industry has reduced production, and the in - production daily melting volume has dropped significantly [27][30]. Fundamental Analysis - Inventory - The national soda ash plant inventory is 1.8646 million tons, a decrease of 2.15% from the previous week, and the inventory is running above the 5 - year average [33]. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective capacity, production, operating rate, import, export, net import, apparent supply, total demand, supply - demand difference, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate [34].

近期监管趋严，短期波动加大 目录 玻璃基本面 01 1、玻璃行情回顾 本月玻璃走势整体较强。在原料支撑及持续不断地政策刺激下，玻璃本月持续大幅反弹。月末， 由于短期过快上涨，带来交易所监管，引发大跌。 数据来源： 博易大师 正信期货研究院 900 1400 1900 2400 2900 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2021年 2022年 2023年 2024年 2025年 2、估值--套利 -1000 -500 0 500 1000 1500 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2021年 2022年 2023年 2024年 2025年 01-05 1000 1200 1400 1600 1800 2000 2200 2400 2600 2800 3000 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 沙河安全 2021年 2022年 2023年 2024年 2025年 -400 -300 -200 -100 0 100 200 300 400 500 600 1月 2月 3月 4月 5 ...

Report Industry Investment Rating - The investment strategy for the glass industry is expected to be weakly operating [2][3] Core Viewpoints - Last week, the glass futures rose significantly, forming a resonance with raw materials such as coal and soda ash. Driven by strong macro - sentiment and policy documents, the market was overbought. The supply decreased slightly with a cold - repair of one production line and a decline in daily melting volume. Both main production and sales areas saw inventory drops. The market demand improved, but the downstream terminal's willingness to stockpile remained low. The soda ash market also had more supply than actual demand, with limited upside potential. As the end - of - month meeting expectations are to be realized, the 08 - contract positions are higher than usual, and spot goods in the hands of spot - futures traders need to be sold. It is expected that the market will correct from its high level, and participation is not recommended without physical goods [2] Summary by Directory 01 Investment Strategy - Main Logic: The glass futures rose last week, with supply decreasing slightly and inventory dropping in major areas. Market demand improved, but downstream terminal stocking willingness was low. Soda ash supply exceeded demand. End - of - month meeting expectations are to be realized, and it's expected that the market will correct from its high [2] - Operating Strategy: Weakly operating [2][3] 02 and 03 Market Review - Spot Price: As of July 25, the 5mm float glass market price was 1,250 yuan/ton in North China (+90), 1,190 yuan/ton in Central China (+90), and 1,280 yuan/ton in East China (+40). The futures price of the glass 09 contract closed at 1,362 yuan/ton last Friday, up 281 yuan from the previous week [9][10] - Soda Ash - Glass Spread: As of July 25, the soda ash futures price was 1,440 yuan/ton, and the glass futures price was 1,362 yuan/ton, with a spread of 78 yuan/ton (-57) [11] - Basis: Last Friday, the basis of the glass 09 contract was - 162 yuan/ton (-171), and the 09 - 01 spread was - 64 yuan/ton (+20) [14] 04 Profit - Natural Gas Process: The cost was 1,594 yuan/ton (+22), and the gross profit was - 314 yuan/ton (+18) [15] - Coal - Gas Process: The cost was 1,154 yuan/ton (+30), and the gross profit was 96 yuan/ton (+60) [19] - Petroleum Coke Process: The cost was 1,108 yuan/ton (+2), and the gross profit was 82 yuan/ton (+68) [19] 05 Supply - Last Friday, the glass daily melting volume was 157,755 tons/day (-1,100), with 223 production lines in operation. The first - line of Gansu Kaisheng Daming with a daily melting volume of 600T/D was cold - repaired last week [21] 06 Inventory - As of July 25, the inventory of 80 glass sample manufacturers nationwide was 6,189.6 million weight boxes (-304.3). North China's inventory was 815.3 million weight boxes (-50.4); Central China's was 663 million weight boxes (-75.7); East China's was 1,370.3 million weight boxes (-36.2); South China's was 1,025.6 million weight boxes (-19.4); Southwest's was 1,171.4 million weight boxes (-47.3); and Shahe's factory inventory was 115 million weight boxes (-61) [27][34] 07 Deep - processing - On July 24, the comprehensive sales - to - production ratio of float glass was 126% (+35%). On July 15, the operating rate of LOW - E glass was 47.8% (-0.5%). In mid - July, the order days of glass deep - processing were 9.3 days (-0.2) [36] 08 and 09 Demand - Automotive: In June, China's automobile production was 2.794 million vehicles, a month - on - month increase of 145,000 and a year - on - year increase of 287,000. Sales were 2.904 million vehicles, a month - on - month increase of 218,000 and a year - on - year increase of 352,000. New energy passenger vehicle retail sales in June were 1.111 million vehicles, with a penetration rate of 53.3% [48] - Real Estate: In June, China's real estate completion area was 41.8147 million square meters, a year - on - year decrease of 2%; new construction area was 71.8071 million square meters (-9%); construction area was 83.0189 million square meters (+5%); and commercial housing sales area was 105.354 million square meters (-7%). From July 14 to July 20, the total commercial housing transaction area in 30 large - and medium - sized cities was 1.37 million square meters, a month - on - month decrease of 6% and a year - on - year decrease of 14%. In June, real estate development investment was 1.042416 trillion yuan, a year - on - year decrease of 12% [57] 10, 11, 12, 13 Cost - side - Soda Ash - Spot Price: As of last weekend, the mainstream market prices of heavy soda ash were 1,350 yuan/ton in North China (+50), 1,350 yuan/ton in East China (+75), 1,325 yuan/ton in Central China (+75), and 1,500 yuan/ton in South China (+75) [59] - Futures Price: Last Friday, the soda ash 2509 contract closed at 1,440 yuan/ton (+224) [64] - Basis: Last Friday, the basis of the soda ash Central China 09 contract was - 115 yuan/ton (-149) [63] - Profit: As of last Friday, the ammonia - alkali method cost of soda ash enterprises was 1,330 yuan/ton (+9), with a gross profit of - 35 yuan/ton (+48); the co - production method cost was 1,702 yuan/ton (+86), with a gross profit of 18 yuan/ton (+81) [65][67] - Inventory: As of July 25, the national in - factory inventory of soda ash was 1.8846 million tons (a month - on - month decrease of 41,000), including 1.1224 million tons of heavy soda ash (a month - on - month decrease of 200) and 742,200 tons of light soda ash (a month - on - month decrease of 40,800). The exchange's soda ash warehouse receipts last weekend were 955 (a month - on - month increase of 665). The apparent demand of light soda ash was 355,700 tons, a week - on - week increase of 28,900. The apparent demand of heavy soda ash last week was 409,100 tons, a week - on - week increase of 44,900. The sales - to - production ratio of soda ash last week was 105.66%, a week - on - week increase of 11.42%. In May, the soda ash inventory of sample float glass factories was 25.8 days [77][88][94]

Group 1 - The core viewpoint indicates that the soda ash futures market is experiencing a volatile upward trend, with the main contract priced at 1190.00 yuan/ton, reflecting a 1.10% increase [1] - Weekly production of soda ash in China decreased to 709,000 tons, a 1.09% decline from the previous week, while the capacity utilization rate slightly fell to 81.32%, down 0.89% [2] - Domestic soda ash manufacturers' total inventory reached 1.8481 million tons, an increase of 38,600 tons or 2.13% from the previous week, with light soda ash at 805,800 tons and heavy soda ash at 1.0423 million tons [2] Group 2 - East China Futures notes that the glass industry is expected to reduce production due to signals from the Central Financial Committee regarding governance, raising concerns about potential capacity exit in the soda ash market [3] - The soda ash profit margin has decreased week-on-week, with ammonia-soda method profits turning negative and the soda-lime method profits at breakeven [3] - Ningzheng Futures observes that the domestic soda ash market remains weak and fluctuating, with high supply and inventory levels, and downstream enterprises showing low purchasing enthusiasm [3]