1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The glass market is in a game between "supply contraction expectations" (cold repair and policies) and "weak real - world demand" (a sluggish real - estate market), with high inventory being the biggest pressure on price rebounds. It's expected to continue an oscillatory adjustment in the short term [1]. - The纯碱 market still has an unimproved situation of high supply, weak demand, and high inventory. It's expected to maintain an oscillatory and weak - trending fluctuation in the short term [2]. 3. Summary by Related Catalogs Glass - Market performance: The main glass contract opened and closed lower, with an intraday weakening trend. The 120 - minute Bollinger Bands opened downward, indicating a short - term weakening trend. The intraday high was 1040, the low was 1017, and the closing price was 1019, down 23 yuan/ton or 2.21% from the previous settlement price. The trading volume increased by 168,000 lots compared to yesterday, and the open interest increased by 32,126 lots [1]. - Market analysis: The core contradiction lies between supply contraction expectations and weak real - world demand. High inventory restricts price rebounds. Recently, some glass production lines have undergone cold repair, and supply has continued to decline. However, downstream demand recovery is below expectations, and real - estate completion data suppresses far - month demand expectations. As the delivery month approaches, the main contract will return to the fundamental delivery logic [1]. 纯碱 - Market performance: The main 纯碱 contract opened and closed lower, with an intraday weakening trend. The 120 - minute Bollinger Bands opened in a horn shape, indicating a short - term weakening trend. The intraday high was 1206, the low was 1177, and the closing price was 1177, down 38 yuan/ton or 3.13% from the previous settlement price. The trading volume decreased by 98,996 lots compared to yesterday, and the open interest decreased by 35,848 lots [2]. - Inventory situation: The total domestic 纯碱 inventory of manufacturers was 1.8648 million tons, an increase of 12,900 tons or 0.70% from last Thursday. Among them, light 纯碱 inventory was 930,400 tons, a decrease of 16,200 tons from the previous period, and heavy 纯碱 inventory was 934,400 tons, an increase of 29,100 tons from the previous period [2]. - Market analysis: The core logic is the unimproved mismatch between supply and demand. Short - term geopolitical risks push up energy costs, providing support. However, due to the expected reduction in float glass production and the impact of the photovoltaic industry, the rigid demand for 纯碱 is weak, while daily production remains high, resulting in continuous supply pressure. As the delivery month approaches, the main contract will face the contradiction of weak reality and high inventory [2].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - The glass market is in a game between "supply contraction expectations" (cold repair + policy) and "weak real - demand" (real - estate downturn), with high inventory being the biggest pressure on the rebound. The short - term is expected to continue wide - range oscillations [1]. - The core logic of the soda ash market is the unimproved mismatch between high supply, weak demand, and high inventory. The short - term is expected to have a weak and oscillating trend [2]. Group 3: Summary by Related Catalogs Glass - The glass main contract opened high and went low, with an oscillating and weakening trend during the day. The 120 - minute Bollinger Band shows a short - term oscillating signal. The intraday pressure is around the middle track of the Bollinger Band at 1050, and the support is around the lower track at 1025. The trading volume decreased by 259,000 lots compared to yesterday, and the open interest decreased by 49,385 lots. The intraday high was 1049, the low was 1033, and the closing price was 1040, up 4 yuan/ton or 0.39% from yesterday's settlement price [1]. - There are still cold - repair plans for production lines in the near future, and the supply side may continue to decline. However, the recovery of downstream terminal demand is less than expected, and real - estate completion data suppresses the long - term demand expectation. As the delivery month approaches, the main contract faces the logic of returning to the fundamental delivery, and the influence of external news gradually weakens. It is expected that the short - term disk may continue wide - range oscillations [1]. Soda Ash - The soda ash main contract opened high and went low, with an oscillating and weakening trend during the day. The 120 - minute Bollinger Band has three tracks going down, showing a short - term oscillating and weakening signal. The pressure is around the middle track of the Bollinger Band at 1230, and the support is around the previous low of 1200. The trading volume increased by 155,000 lots compared to yesterday, and the open interest increased by 28,810 lots. The intraday high was 1234, the low was 1204, and the closing price was 1207, down 21 yuan/ton or 1.71% from yesterday's settlement price [2]. - The total inventory of domestic soda ash manufacturers is 1864,800 tons, an increase of 12,900 tons or 0.70% compared to last Thursday. Among them, light soda ash is 930,400 tons, a decrease of 16,200 tons compared to the previous period, and heavy soda ash is 934,400 tons, an increase of 29,100 tons compared to the previous period [2]. - The core logic of soda ash is the unimproved mismatch between high supply, weak demand, and high inventory. Short - term geopolitical risks push up energy costs, providing support for the disk. The rigid demand for soda ash is weak due to the expected production reduction of float glass and the impact of the photovoltaic industry. At the same time, the daily production of soda ash remains high, and the supply pressure continues. As the main contract approaches the delivery month, it faces the delivery logic of returning to the weak - reality + high - inventory structural contradiction, increasing the risk of disk oscillation and adjustment [2].

Report Industry Investment Rating No relevant content provided. Core Views - The glass market is expected to continue wide - range volatile fluctuations, and attention should be paid to market sentiment and terminal demand recovery. The core contradiction lies in the game between "supply contraction expectations" and "weak real - world demand" [1]. - The soda ash market is expected to maintain short - term volatile fluctuations, and attention should be paid to energy price changes and whether the cost of soda ash continues to rise. The core logic is the unimproved supply - demand mismatch pattern of high supply, weak demand, and high inventory [3][6]. Summary by Related Content Glass - **Market Performance**: The main glass contract opened high and closed low, with a decline of 23 yuan/ton or 2.17% compared to the previous settlement price. The trading volume increased by 278,000 lots, and the open interest increased by 128,000 lots. The 120 - minute Bollinger Bands show a short - term oscillation signal, with pressure at around 1070 and support at around 1020 [1]. - **Inventory Situation**: The total inventory of national float glass sample enterprises is 73.622 million heavy boxes, a month - on - month decrease of 814,000 heavy boxes or 1.09%, and a year - on - year increase of 9.86%. The inventory days are 33.6 days, a decrease of 0.1 days from the previous period [1]. - **Market Analysis**: The core contradiction is the game between "supply contraction expectations" and "weak real - world demand". High inventory is the biggest pressure on the market rebound. The real - estate data last month was still sluggish, and the recent downstream demand recovery was also below expectations [1]. Soda Ash - **Market Performance**: The main soda ash contract opened high and closed low, with a decline of 15 yuan/ton or 1.21% compared to the previous settlement price. The trading volume decreased by 197,000 lots, and the open interest decreased by 13,841 lots. The 120 - minute Bollinger Bands show a short - term oscillation signal, with pressure at around 1260 and support at around 1200 [2]. - **Inventory Situation**: The total inventory of domestic soda ash manufacturers is 1.8519 million tons, an increase of 40,300 tons or 2.22% compared to Monday. Compared with last Thursday, it decreased by 1900 tons or 0.10%. The inventory last year was 1.63 million tons, a year - on - year increase of 221,900 tons or 13.61% [2]. - **Market Analysis**: The core logic is the unimproved supply - demand mismatch pattern of high supply, weak demand, and high inventory. Short - term geopolitical risks drive up energy costs and marginal inventory reduction support the market, but the rigid demand is weak due to the float glass production reduction expectations and the photovoltaic industry [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The glass market is in a game between "supply contraction expectation" (cold repair + policy) and "weak real - demand" (real - estate downturn), with high inventory being the biggest pressure on the rebound of the futures price. The market is expected to continue wide - range volatile fluctuations, and attention should be paid to geopolitical situations and terminal demand recovery [1]. - The core logic of the soda ash market is the unimproved mismatch between high supply, weak demand, and high inventory. The short - term geopolitical risks push up energy costs and marginal inventory reduction support the futures price, but the fundamental driving force is weakening, and the market may continue to adjust downward in a volatile manner. It is expected to maintain short - term volatility, and attention should be paid to energy price changes, cost increase, and inventory reduction [2]. 3. Summary by Product Glass - The main glass contract opened high and moved low, with intraday weakening. The 120 - minute Bollinger Bands showed a short - term volatility signal. The intraday pressure was around the 10 - day moving average of 1080, and the support was around the previous low of 1030. The trading volume decreased by 203,000 lots compared with the previous day, and the open interest increased by 45,905 lots. The intraday high was 1072, the low was 1049, and the closing price was 1057, down 10 yuan/ton or 0.94% from the previous settlement price [1]. - The core contradiction lies in the game between supply contraction expectation and weak real - demand. High inventory is the biggest pressure on the rebound. Last month's real - estate data continued to be sluggish, and the recent downstream demand recovery was also below expectations. The spot market faced high inventory and weak demand. The short - term weakening was affected by the easing of geopolitical negotiation sentiment, and the negotiation progress still had a great impact on the market sentiment [1]. Soda Ash - The main soda ash contract opened high and moved high, with intraday strengthening. The 120 - minute Bollinger Bands showed a short - term volatility signal. The pressure was around the upper Bollinger Band of 1280, and the short - term support was around the 30 - day moving average. The trading volume decreased by 45,343 lots compared with the previous day, and the open interest increased by 2,265 lots. The intraday high was 1257, the low was 1220, and the closing price was 1244, up 4 yuan/ton or 0.32% from the previous settlement price [2]. - The total inventory of domestic soda ash manufacturers was 181.16 million tons, a decrease of 4.22 million tons or 2.28% from last Thursday. Among them, light soda ash was 94.68 million tons, a decrease of 1.63 million tons, and heavy soda ash was 86.48 million tons, a decrease of 2.59 million tons [2]. - The core logic is the unimproved mismatch between high supply, weak demand, and high inventory. Short - term geopolitical risks push up energy costs and marginal inventory reduction support the futures price, but the fundamental driving force is weakening due to the expected reduction in float glass production and the impact of the photovoltaic industry. The market may continue to adjust downward in a volatile manner [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The glass market is in a game between "supply contraction expectations" (cold repair + policy) and "weak real - demand" (real - estate downturn), with high inventory being the biggest pressure on the market rebound. The market is expected to continue wide - range fluctuations, and attention should be paid to geopolitical situations and terminal demand recovery [1]. - The core logic of the soda ash market is the mismatch between high supply, weak demand, and high inventory. The market is expected to maintain volatile fluctuations in the short term, and attention should be paid to energy price changes and whether high inventory can be continuously reduced [2]. Summary by Related Content Glass - The glass main contract opened lower and moved higher, showing a slightly stronger intraday oscillation. The 120 - minute Bollinger Bands have a downward trend, indicating a short - term weak oscillation signal. The intraday pressure is around the 10 - day moving average of 1090, and the support is around the previous low of 1030. The trading volume decreased by 397,000 lots compared with yesterday, and the open interest decreased by 5,825 lots. The intraday high was 1079, the low was 1056, and the closing price was 1064, a decrease of 12 yuan/ton (a 1.12% increase is a wrong description here, it should be a decrease) compared with yesterday's settlement price [1]. - The core contradiction in the glass market lies in the game between "supply contraction expectations" and "weak real - demand". High inventory is the biggest pressure on the market rebound. Last month's real - estate data continued to be sluggish, and the recent recovery of downstream demand was also less than expected. The spot market still faces the pressure of high inventory and weak demand. The short - term market is affected by geopolitical news and fluctuates with international energy and raw material costs [1]. Soda Ash - The soda ash main contract opened lower and moved higher, showing a slightly stronger intraday oscillation. The 120 - minute Bollinger Bands are in a tightening horn shape, indicating a short - term oscillation signal. The pressure is around the upper track of the Bollinger Bands at 1290, and the short - term support is around the 5 - day moving average of 1220. The trading volume decreased by 431,000 lots compared with yesterday, and the open interest decreased by 11,088 lots. The intraday high was 1257, the low was 1225, and the closing price was 1240, a rise of 3 yuan/ton, with a 0.24% increase compared with yesterday's settlement price [2]. - The total inventory of domestic soda ash manufacturers is 1811,600 tons, a decrease of 42,200 tons (a 2.28% decrease) compared with last Thursday. Among them, light soda ash is 946,800 tons, a decrease of 16,300 tons month - on - month, and heavy soda ash is 864,800 tons, a decrease of 25,900 tons month - on - month [2]. - The core logic of the soda ash market is the mismatch between high supply, weak demand, and high inventory. Short - term geopolitical risks push up energy costs and marginal inventory reduction support the market. However, due to the expected reduction in float glass production and the impact of the photovoltaic industry, the rigid demand for soda ash is weak. Overall, the fundamental driving force of soda ash is still weakening, and the market may face the risk of continuing to adjust downward in an oscillatory manner [2].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The glass market is in a game between "supply contraction expectations" (cold repair + policy) and "weak actual demand" (real estate downturn), with high inventory being the biggest pressure on the market rebound. The cost - side support is weakening, and the market is expected to continue wide - range oscillations and short - term band adjustments [1]. - The core logic of the soda ash market is the mismatch between high supply, weak demand, and high inventory. Short - term geopolitical risks support the market, but the fundamental driving force is weakening. As the market sentiment towards the conflict fades, soda ash may face downward oscillations and adjustments [2]. Summary by Related Content Glass - The glass main contract opened high and went low, showing an intra - day weak oscillation. The daily - line MACD and MA combination showed a resonance dead - cross, and the 120 - minute Bollinger Band opened, indicating a short - term weak oscillation signal. The pressure is around the 5 - day moving average of 1090, and the support is around the lower Bollinger Band line of 1050. The trading volume decreased by 22,260 lots compared to the previous day, and the open interest decreased by 21,838 lots. The intra - day high was 1084, the low was 1053, and the closing price was 1065, down 14 yuan/ton or 1.3% from the previous day's settlement price [1]. - The core contradiction lies in the game between supply contraction expectations and weak actual demand. High inventory is the biggest pressure on the market rebound. Short - term cost - side support is weakening, and the market is expected to continue wide - range oscillations and short - term band adjustments. Attention should be paid to geopolitical situations and terminal demand recovery [1]. Soda Ash - The soda ash main contract opened high and went low, showing an intra - day weak oscillation. The daily - line MACD and MA combination showed a resonance dead - cross, and the 120 - minute Bollinger Band opened, indicating a short - term weak oscillation signal. The pressure is around the 5 - day moving average of 1240, and the support is around the 60 - day moving average of 1200. The trading volume decreased by 91,426 lots compared to the previous day, and the open interest decreased by 18,904 lots. The intra - day high was 1229, the low was 1204, and the closing price was 1217, down 9 yuan/ton or 0.73% from the previous day's settlement price [2]. - The core logic is the mismatch between high supply, weak demand, and high inventory. Short - term geopolitical risks support the market, but the fundamental driving force is weakening. As the market sentiment towards the conflict fades, soda ash may face downward oscillations and adjustments. Attention should be paid to international energy price changes and whether the high inventory of soda ash can continue to be reduced [2].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The glass market is in a game between "supply contraction expectations" (cold repair + policy) and "weak real - demand" (real estate downturn), with high inventory being the biggest pressure on the market rebound. It is expected to continue wide - range oscillations and short - term adjustments [1]. - The core logic of the soda ash market is the unimproved mismatch between high supply, weak demand, and high inventory. The key to short - term price changes lies in the impact of geopolitical situations on international energy prices, and it may face downward adjustment risks [4]. Summary by Related Catalogs Glass - Market performance: The main glass contract opened and closed lower, with intraday oscillations. The 120 - minute Bollinger Band is contracting, showing a short - term oscillation signal. The pressure is around the 5 - day moving average of 1100, and the support is around the lower Bollinger Band at 1050. The trading volume increased by 58,680 lots compared to yesterday, and the open interest increased by 28,498 lots. The intraday high was 1100, the low was 1064, and the closing price was 1066, down 30 yuan/ton or 2.74% from yesterday's settlement price [1]. - Core contradiction: The core contradiction is the game between "supply contraction expectations" and "weak real - demand", and high inventory is the biggest pressure on the market rebound [1]. - Market outlook: Short - term fuel and soda ash raw material prices are falling, the cost - side support is weakening, and downstream demand recovery is less than expected. The market is expected to continue wide - range oscillations and short - term adjustments. Attention should be paid to geopolitical situations and terminal demand recovery [1]. Soda Ash - Market performance: The main soda ash contract opened and closed lower, with intraday oscillations. The 120 - minute Bollinger Band is opening, showing a short - term weak - oscillation signal. The pressure is around the 5 - day moving average of 1250, and the intraday support is around the 60 - day moving average of 1200. The trading volume increased by 105,000 lots compared to yesterday, and the open interest decreased by 864 lots. The intraday high was 1250, the low was 1205, and the closing price was 1211, down 32 yuan/ton or 2.57% from yesterday's settlement price [4]. - Core logic: The core logic is the unimproved mismatch between high supply, weak demand, and high inventory. Short - term geopolitical risks drive up energy costs and marginal inventory reduction, providing support for the market. However, the rigid demand for soda ash is weak due to the expected reduction in float glass production and the impact of the photovoltaic industry [4]. - Market outlook: The key to short - term price changes lies in the impact of geopolitical situations on international energy prices. As the market's emotional impact of the conflict gradually weakens, soda ash will face the structural contradiction of weak reality and high inventory and may face downward adjustment risks. Attention should be paid to international energy price changes and whether the high inventory of soda ash can continue to be reduced [4].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The core contradiction of glass lies in the game between "supply contraction expectation" (cold repair + policy) and "weak actual demand" (real estate downturn), with high inventory being the biggest pressure for the market rebound. In the medium term, the demand expectation for glass remains weak due to the continued decline in commercial housing sales. In the short term, the market is expected to fluctuate, and attention should be paid to the geopolitical situation and terminal demand recovery [1]. - The core logic of soda ash is that the industry's supply - demand mismatch pattern of high supply, weak demand and high inventory has not improved. Short - term geopolitical risks drive the market rebound, while the rigid demand for soda ash is weak. The short - term price change of soda ash depends on the impact of the geopolitical situation on international energy prices, and the market is expected to fluctuate at a high level. Attention should be paid to international energy price changes and whether the high inventory of soda ash can be continuously reduced [2]. Group 3: Summary by Commodity Glass - Today, the main glass contract opened and closed lower, with an oscillatory intraday trend. The 120 - minute Bollinger Band is contracting, indicating a short - term oscillation signal. The pressure is near the previous high, and the support is near the 10 - day moving average of the daily line. The trading volume decreased by 466,000 lots compared with yesterday, and the open interest increased by 5,796 lots. The intraday high was 1,106, the low was 1,084, and the closing price was 1,094, down 22 yuan/ton or 1.97% from the previous settlement price [1]. Soda Ash - The main soda ash contract opened and closed lower, with a weak oscillatory intraday trend. The 120 - minute Bollinger Band is contracting, indicating a short - term oscillation signal. The pressure is near the previous high, and the support is near the previous low. The trading volume decreased by 365,000 lots compared with yesterday, and the open interest decreased by 3,395 lots. The intraday high was 1,254, the low was 1,231, and the closing price was 1,243, down 18 yuan/ton or 1.43% from the previous settlement price [2]. - The total domestic inventory of soda ash manufacturers is 1.9035 million tons, a decrease of 28,200 tons or 1.46% from last Thursday. Among them, the inventory of light soda ash is 1.0019 million tons, a decrease of 11,700 tons from the previous period, and the inventory of heavy soda ash is 0.9016 million tons, a decrease of 16,500 tons from the previous period [2].

Report Industry Investment Rating - Not mentioned in the provided content Core Views - The core contradiction of glass lies in the game between "supply contraction expectation" (cold repair + policy) and "weak real - demand" (real estate downturn), with high inventory being the biggest pressure on the disk rebound. In the medium - term, glass demand is expected to remain weak due to the continued decline in commercial housing sales. Although geopolitical situations, energy and raw material prices support the disk, downstream demand recovery is less than expected, so the short - term disk is expected to fluctuate. After the macro - influencing factors subside, glass will face high - inventory and weak - reality pressure [1]. - The core logic of soda ash is that the industry's supply - demand mismatch pattern of high supply, weak demand, and high inventory has not improved. Short - term factors such as improved macro - sentiment, geopolitical risks driving up energy costs, and marginal inventory reduction drive the disk to rebound. Recently, with glass production lines being shut down, the rigid demand for soda ash is weak. The short - term price change of soda ash depends on geopolitical situations and market sentiment, and its fundamentals have slightly weakened. It is advisable to treat it with a high - level oscillation mindset [2]. Summary by Related Catalogs Glass - Today, the glass main contract opened and closed lower, with intraday oscillation weakening. The 120 - minute Bollinger Band is contracting, indicating short - term oscillation. The pressure is near the previous high, and the support is near the 10 - day moving average of the daily line. The trading volume increased by 52,544 lots compared to yesterday, and the open interest decreased by 2,174 lots. The intraday high was 1,134, the low was 1,096, and the closing price was 1,102, down 31 yuan/ton or 2.74% from yesterday's settlement price [1]. Soda Ash - The main contract of soda ash opened and closed lower, with intraday oscillation weakening. The 120 - minute Bollinger Band is contracting, indicating short - term oscillation. The pressure is near the previous high, and the support is near the 10 - day moving average of the daily line. The trading volume decreased by 72 lots compared to yesterday, and the open interest decreased by 6,183 lots. The intraday high was 1,275, the low was 1,242, and the closing price was 1,256, down 21 yuan/ton or 1.64% from yesterday's settlement price [2]. - The total inventory of domestic soda ash manufacturers is 1.9035 million tons, a decrease of 28,200 tons or 1.46% compared to last Thursday. Among them, light soda ash is 1.0019 million tons, a decrease of 11,700 tons, and heavy soda ash is 0.9016 million tons, a decrease of 16,500 tons [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The core contradiction of glass lies in the game between "supply contraction expectation" (cold repair + policy) and "weak real - demand" (real - estate downturn), and high inventory is the biggest pressure for the disk rebound. In the medium - term, glass demand expectation remains weak. In the short - term, the disk may maintain a volatile and upward - biased trend, but after the macro - influencing factors subside, it will face high - inventory and weak - reality pressure again [2]. - The core logic of soda ash is that the industry's supply - demand mismatch pattern of high supply, weak demand, and high inventory has not improved. In the short - term, the disk rebounds due to improved macro - sentiment, geopolitical risks pushing up energy costs, and marginal inventory reduction. The short - term price change of soda ash depends on geopolitical situation, and its fundamentals have not changed much [4]. Summary by Related Content Glass - The glass main contract opened and moved higher, showing a volatile and upward - biased trend during the day. The 120 - minute Bollinger Bands' three tracks are upward, indicating a short - term volatile and upward - biased signal. The pressure is near the previous high, and the support is near the 10 - day moving average of the daily line. The trading volume decreased by 589,000 lots compared with yesterday, and the open interest decreased by 60,441 lots. The highest price during the day was 1146, the lowest was 1115, and the closing price was 1135, up 9 yuan/ton or 0.8% compared with yesterday's settlement price [1]. - The total inventory of national float glass sample enterprises is 75.849 billion heavy boxes, with a month - on - month decrease of 3.788 billion heavy boxes or 4.76%, and a year - on - year increase of 7.96%. The inventory days are 33.9 days, 1.4 days less than the previous period [1]. Soda Ash - The main contract of soda ash opened and moved higher, showing a volatile and upward - biased trend during the day. The 120 - minute Bollinger Bands' three tracks are upward, indicating a short - term volatile and upward - biased signal. The pressure is near the previous high, and the support is near the 10 - day moving average of the daily line. The trading volume decreased by 645,000 lots compared with yesterday, and the open interest decreased by 15,558 lots. The highest price during the day was 1292, the lowest was 1258, and the closing price was 1277, up 4 yuan/ton or 0.31% compared with yesterday's settlement price [3]. - The total inventory of domestic soda ash manufacturers is 1.9317 million tons, an increase of 0.009 million tons or 0.47% compared with Monday. Among them, light soda ash is 1.0136 million tons, a month - on - month decrease of 0.0024 million tons, and heavy soda ash is 0.9181 million tons, a month - on - month increase of 0.00114 million tons. Compared with last Thursday, it decreased by 0.00155 million tons or 0.80%. Among them, light soda ash is 1.0136 million tons, a month - on - month decrease of 0.00137 million tons; heavy soda ash is 0.9181 million tons, a month - on - month decrease of 0.00018 million tons. The inventory at the same period last year was 1.7352 million tons, an increase of 0.1965 million tons or 11.32% year - on - year [3].