Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: November 14, 2025 [2] Industry Investment Rating - No relevant information provided. Core Viewpoints - The soda ash market may continue to have a supply - surplus pattern in the long - term, with short - term expectations of a slightly stronger and volatile market. The glass market is expected to have a downward trend in the medium - term if there is no new market stimulus [8][9][10] Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - **Market Data**: On November 13, the main soda ash futures contract SA601 closed at 1239 yuan/ton, up 23 yuan/ton or 1.89%, with an increase of 10469 lots in positions [7] - **Fundamentals**: The production and sales of enterprises tend to balance, with insignificant inventory reduction. Weekly production decreased 1.01% to 73.93 million tons, still at a high level. The operation of soda ash plants is stable. In the first and middle of November, the total shipment volume of Chinese soda ash enterprises was 74.62 million tons, a 1.57% increase. The production of float glass decreased 1.08% to 111.39 million tons. The inventory of soda ash plants slightly decreased to 170.73 million tons [8] - **Market Outlook**: The short - term rebound of the futures price is affected by the increase in light soda ash price and the expected equipment maintenance in late November. In the long - term, the supply - demand drive is insufficient, but the demand for photothermal power generation may stimulate short - term demand [8] Glass - **Market Data**: On November 13, the FG601 contract closed at 1056 yuan/ton, up 3 yuan/ton or 0.28%, with a decrease of 96688 lots in positions; the FG605 contract closed at 1173 yuan/ton, down 4 yuan/ton or 0.33%, with an increase of 19337 lots in positions [7] - **Fundamentals**: Four coal - fired production lines in Shahe were shut down in the short - term. The supply of glass is at a high level this year, with high post - festival factory inventory and increasing inventory days. The real - estate market has not stabilized, and the demand for float glass may not continue to recover [9] - **Market Outlook**: The short - term market is mainly volatile. In the medium - term, if there is no new market expectation, the downward trend of the market is difficult to reverse [9][10] 2. Data Overview - The report provides charts on the price trends of active soda ash and glass contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda ash market price, and flat glass production [12][14][15]

Core Viewpoint - Iron ore prices experienced fluctuations last week, with a slight decline in the price index, indicating a volatile market environment [1]. Group 1: Price Trends - As of May 24, the iron ore price index was recorded at 777.56, reflecting a decrease of 0.88% compared to the previous period [1]. - The closing price for the main iron ore futures contract on May 26 was 706.5 yuan/ton, down by 2.21%, with a daily trading volume of 456,783 contracts [1]. Group 2: Inventory and Port Data - On May 23, iron ore port inventory was reported at 145.9183 million tons, a decrease of 1.5516 million tons from the previous trading day [2]. - From May 19 to May 25, the total iron ore arrivals at 47 Chinese ports reached 23.441 million tons, an increase of 637,000 tons compared to the previous period [2]. Group 3: Supply and Demand Analysis - Major mining companies have significantly increased shipments, entering a peak shipping period, while non-mainstream mines have shown a steady recovery, although their impact on overall supply remains limited [3]. - Domestic steel demand is under pressure due to a significant decline in new construction starts in April, which affects steel consumption [3]. - Manufacturing steel demand continues to grow, supported by high growth rates in equipment purchases, with a cumulative year-on-year increase of 18.2% in the first four months [3].