Report Industry Investment Rating - The mid - term outlook for the industry is "oscillation" [5] Core Viewpoints - The overall impact of Sino - US trade frictions on the black sector has weakened. As the off - season approaches, the demand for building materials remains weak, but the inventory has no pressure due to the decline in production. The industrial materials demand shows signs of weakening from June to July, allowing for a decline in hot metal production, and the negative feedback path is difficult to disprove. Currently, the weakening demand and the accumulation of iron ore at ports suppress the upside, and prices are oscillating near support levels waiting for new drivers [1][2] Summary by Category Iron Element - Overseas mines are ramping up shipments at the end of the fiscal year and quarter, with expected seasonal increases in shipments until early July. The profitability rate of steel enterprises and hot metal production have slightly decreased but are expected to remain high in the short term. There is an expectation of a small - scale and phased accumulation of ore inventory, but the overall supply - demand contradiction is not prominent. The short - term fundamentals are healthy, and significant price drops are unlikely, so the ore price is expected to oscillate [2] Carbon Element - Recently, the number of coal mines shut down due to factors such as changing working faces, inventory pressure, and safety has increased, leading to a slight decline in coking coal production. However, the overall market supply is still abundant. On the demand side, the coke production level is loosening at a high level, and coke production tends to decline due to increasing inventory pressure on coke enterprises and shrinking coking profits. In terms of inventory, coke enterprises are not enthusiastic about replenishing raw materials during the price cut period, and the upstream inventory of coking coal remains at a high level in recent years. Overall, the supply contraction is limited, the downstream rigid demand is expected to decline in the off - season, and the upstream de - stocking pressure of coking coal remains high. In the short term, coking coal prices may continue to be weak [3] Alloy - In the alloy sector, the cost of production has been slightly repaired during the wet season in Yunnan and due to electricity price discounts in Guangxi, leading to a slight increase in supply in Ningxia, Inner Mongolia, and Yunnan. The supply of non - standard warehouse goods is tight, and manufacturers are reluctant to sell at low prices. On the demand side, as the off - season for the black market arrives, the market sentiment is still cautious, and downstream buyers have a strong intention to bargain. The steel procurement by Hebei Iron and Steel Group for ferrosilicon - manganese in June was 11,700 tons, an increase of 100 tons compared to May. The supply - demand of ferrosilicon - manganese is becoming more balanced, and there is an expectation of a decline in manganese ore prices. However, due to cost inversion, manufacturers are less willing to sell. In the short term, the futures market is expected to be under pressure and oscillate. The supply of ferrosilicon has slightly increased, and as the downstream steel consumption enters the off - season, the downstream has a strong intention to reduce inventory. The market sentiment remains cautious, and costs may still be a drag. The future focus is on steel procurement and production [3] Glass and Soda Ash - For glass, the demand is declining in the off - season, and the deep - processing demand is still weak year - on - year. The supply pressure remains as there are still 6 production lines waiting to produce glass. The upstream inventory has significantly increased, while the mid - stream inventory has decreased. There are rumors affecting the supply side, but the actual impact is limited. The coal price is also expected to decline, and the sentiment fluctuates. The futures price is at a discount to the spot price, but the price cut of Hubei spot has led to a decline in the futures market. In the short term, a weak - oscillation view is maintained. For soda ash, the oversupply situation remains unchanged, and after the maintenance period ends, it is expected to oscillate weakly in the short term, and the price center will decline in the long term [5] Specific Products - **Steel**: The static fundamentals are good, but the demand expectation is weak. The domestic policy is in a vacuum period, and the macro - fluctuations have converged. This week, the demand for the five major steel products has weakened, especially for rebar. The hot metal production has peaked, and steel production has significantly declined. Although both supply and demand have weakened this week, the inventory is still decreasing. The main factors suppressing the futures price are the decline in raw material prices and the pessimistic expectation of domestic demand. It is expected that steel prices will oscillate in the short term [6] - **Iron Ore**: The port trading volume has increased, and the spot market prices have declined slightly. Overseas mines are increasing shipments seasonally, and it is expected to remain high until early July. The profitability rate of steel enterprises and hot metal production have slightly decreased but are expected to remain high in the short term. There is an expectation of a small - scale and phased accumulation of ore inventory, but the overall supply - demand contradiction is not prominent. The short - term fundamentals are healthy, and significant price drops are unlikely, so the ore price is expected to oscillate [2][6] - **Scrap Steel**: As the off - season for building materials deepens, the apparent demand for rebar has declined. The market is pessimistic about the off - season demand, and the futures price of finished products is under pressure. The supply of scrap steel has decreased this week, and the resources are relatively tight, supporting the price. The demand has also decreased as the profit of electric furnaces at off - peak hours is negative, and the hot metal production of blast furnaces has slightly declined. The inventory in steel mills is still decreasing, but the absolute level is at a high level in the same period. It is expected that the scrap steel price will oscillate [6] - **Coke**: After three rounds of price cuts, there is an expectation of further price cuts due to the off - season demand for steel and pessimistic market sentiment. On the supply side, the production of some coke enterprises has slightly declined, but the overall production remains stable, and the de - stocking pressure is still high. On the demand side, the hot metal production is declining, and there is an expectation of further decline. The supply reduction is limited, and the demand support is weakening, so the coke price still has room to decline [6][7] - **Coking Coal**: The market trading atmosphere is poor, and there are still online auction failures. Recently, the number of shut - down coal mines has increased, leading to a slight decline in production, but the overall supply is still abundant. The coke production is loosening at a high level, and the inventory pressure on coke enterprises is increasing, leading to a decline in demand for coking coal. The upstream inventory of coking coal is still at a high level in recent years. In the short term, the coking coal price may continue to be weak due to the high - inventory pressure and weak downstream demand [3][8] - **Glass**: The demand is declining in the off - season, and the deep - processing demand is still weak year - on - year. The supply pressure remains as there are still 6 production lines waiting to produce glass. The upstream inventory has increased slightly, while the mid - stream inventory has decreased. The market sentiment fluctuates, and the futures market is oscillating. In the short term, a weak - oscillation view is maintained, and attention should be paid to the price - cut range of Hubei manufacturers [5][8] - **Soda Ash**: The oversupply situation remains unchanged. After the maintenance period ends, the supply pressure remains. The demand for heavy soda ash is expected to maintain rigid procurement. The sentiment affects the futures market, but the long - term oversupply situation cannot be changed. It is expected to oscillate weakly in the short term, and the price center will decline in the long term [5][9] - **Silicon Manganese**: The cost of production has been slightly repaired in Yunnan and Guangxi. The supply in Ningxia, Inner Mongolia, and Yunnan has slightly increased. The supply of non - standard warehouse goods is tight, and manufacturers are reluctant to sell at low prices. The black market is in the off - season, and the downstream is cautious and has a strong intention to bargain. The steel procurement by Hebei Iron and Steel Group for silicon manganese in June has increased. The supply - demand of silicon manganese is becoming more balanced, and there is an expectation of a decline in manganese ore prices. However, due to cost inversion, manufacturers are less willing to sell. In the short term, the futures market is expected to be under pressure and oscillate [3][11] - **Silicon Iron**: The cost of production in various regions has little fluctuation, and the overall supply level is still low. Manufacturers are reluctant to sell at low prices. The steel procurement has increased, but the downstream construction progress is average due to the college entrance examination and rainy season. The terminal steel consumption is about to enter the off - season, and the downstream has a strong intention to reduce inventory. The procurement sentiment in the magnesium market has recovered, and the price has stabilized and increased. The supply of silicon iron has slightly increased, and the demand is expected to continue to weaken. The supply - demand gap is expected to narrow, and the cost may still be a drag. It is expected that the futures market will oscillate in the short term [12]

Group 1 - The core viewpoint of the article emphasizes the importance of futures and derivatives in enhancing risk management for real enterprises, particularly in the context of the construction materials industry [1][4] - The training organized by Zhengzhou Commodity Exchange (ZCE) provided comprehensive learning opportunities for the business team of Kaisheng Resources, covering fundamental principles, hedging strategies, and practical applications of risk management [1][2] - Kaisheng Resources, a subsidiary of China National Building Material Group, has expanded its procurement categories from soda ash to include quartz sand, natural gas, tin ingots, and precious metals, indicating a strategic shift towards utilizing futures for risk management [1][3] Group 2 - The training session was well-received by participants, who found the content practical and beneficial for understanding futures and derivatives, thus enhancing their risk management capabilities [3][5] - Hebei Zhengda Glass Co., as a case study, demonstrated the effectiveness of futures in risk management, utilizing strategies such as spot-futures combinations and cross-period arbitrage to optimize profits and expand their customer base [2][3] - The ZCE aims to provide customized solutions for state-owned enterprises, focusing on improving service quality and addressing challenges in participating in the futures market [4][5]

期货热点追踪 千元关口再失守！产业链亏损加剧！玻璃市场在玩"假去库"？ 相关链接 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - For soda ash, supply pressure is gradually increasing, demand has not improved significantly, and although the futures market has a short - term rebound, the upward pressure is large. It is recommended to short after the rebound of the soda ash main contract [2]. - For glass, the current futures price has fallen below the profit support, and there is still upward momentum from the basis regression. In the short - term, it is advisable to go long at low prices, while in the medium - to - long - term, it is advisable to go short [3]. 3. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price is 1175 yuan/ton, down 27 yuan; glass main contract closing price is 981 yuan/ton, down 17 yuan [2]. - The price difference between soda ash and glass is 194 yuan/ton, down 10 yuan; soda ash main contract open interest is 1,602,361 lots, an increase of 105,599 lots; glass main contract open interest is 1,490,737 lots, an increase of 64,703 lots [2]. - Soda ash top 20 net position is - 314,426 lots, down 15,120 lots; glass top 20 net position is - 233,116 lots, down 17,006 lots [2]. - Soda ash exchange warehouse receipts are 5,495 tons, unchanged; glass exchange warehouse receipts are 877 tons, unchanged [2]. - The price difference between soda ash September - January contracts is 10 yuan/ton, down 7 yuan; the price difference between glass September - January contracts is - 59 yuan/ton, down 1 yuan [2]. - Soda ash basis is 65 yuan/ton, an increase of 23 yuan; glass basis is 67 yuan/ton, an increase of 17 yuan [2]. Spot Market - North China heavy soda ash is 1,240 yuan/ton, down 4 yuan; Central China heavy soda ash is 1,350 yuan/ton, unchanged [2]. - East China light soda ash is 1,305 yuan/ton, down 10 yuan; Central China light soda ash is 1,265 yuan/ton, down 10 yuan [2]. - Shahe glass large plate is 1,048 yuan/ton, unchanged; Central China glass large plate is 1,070 yuan/ton, unchanged [2]. - Soda ash plant operating rate is 80.76%, an increase of 2.19 percentage points; float glass enterprise operating rate is 75.53%, down 0.15 percentage points [2]. Industry Situation - Glass in - production capacity is 15.68 million tons/year, an increase of 0.05 million tons; the number of glass in - production production lines is 224, down 1 [2]. - Soda ash enterprise inventory is 1.6783 billion tons, an increase of 513,000 tons; glass enterprise inventory is 69.754 million heavy boxes, an increase of 2.092 million heavy boxes [2]. Downstream Situation - The cumulative value of real estate new construction area is 178.3584 million square meters, an increase of 48.3938 million square meters; the cumulative value of real estate completion area is 156.4785 million square meters, an increase of 25.8758 million square meters [2]. Industry News - China and the US have reached a framework on implementing the consensus of the two heads - of - state phone call and the Geneva talks [2]. - The Ministry of Foreign Affairs has no further information on the next arrangements for China - US economic and trade consultations [2]. - China will implement zero - tariff on 100% of tariff items for 53 African diplomatic countries [2]. - The central bank conducted a 1 - trillion - yuan 3 - month outright reverse repurchase operation on June 7 to release medium - and long - term liquidity [2]. - Industrial Securities clarified that it has not received any written or oral information about the merger with Huafu Securities [2]. - From January to May, China's automobile sales reached 12.748 million vehicles, with new energy vehicles accounting for 44% [2]. Supply and Demand Analysis - On the supply side, although the overall profit of the soda ash industry has declined, natural soda ash projects still maintain high profits. The maintenance of traditional backward production capacity has intensified, and the expansion of natural soda ash project capacity has led to an increase in production and capacity utilization, resulting in large supply pressure [2]. - On the demand side, futures and spot traders are active in restocking, but the decline in soda ash spot prices is expected to lead to a decline in demand. The continuous decline in glass production also drags down the demand for soda ash, and the subsequent de - stocking speed of soda ash will slow down [2]. - For glass, on the supply side, a new cold - repair production line has been added, the weekly output has decreased, the industry's overall profit is poor, and the willingness of enterprises to support prices is limited. On the demand side, the real - estate situation is not optimistic, the demand will further weaken in the off - season, downstream deep - processing orders are unstable, and procurement is mainly for rigid demand [3].

报告日期：2025 年 6 月 12 日 申银万国期货研究所 首席点评："硅锂"有意，"钢矿"无情 中国商务部国际贸易谈判代表：中美原则上达成协议框架。美国 5 月 CPI 同比增 2.4%，核心 CPI 环比增 0.1%、连续第四个月低于预期。美国 5 月 CPI 数据全线 低于预期，能源主导整体 CPI 的放缓，汽车、服装价格均出现下滑，玩具、家电 受关税影响更直接的品类价格上涨。特朗普对伊朗核谈判"信心减弱"，美将减 少驻伊拉克使团规模，布油涨超 5%。特朗普表示，伊朗方面似乎在拖延。他强 调，无论协议是否达成，伊朗都不会拥有核武器。黄仁勋 GTC 大会表示，量子计 算正迎来拐点，计划在欧洲新建 20 家"人工智能工厂"。 重点品种：原油、股指、玻璃 玻璃：玻璃期货窄幅整理。基本面，盘面目前在千元下方逐步止跌。不过，整体 而言市场依然关注宏观托底背景下微观层面供需消化的成效。数据方面，上周玻 璃生产企业库存 6011 万重箱，环比增加 222 万重箱。纯碱期货低位整理。数据 层面，上周纯碱生产企业库存 167.5 万吨，环比增加 0.6 万吨。综合而言，国内， 玻璃纯碱都处于库存承压消化的周期，由于生产 ...

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is mainly "oscillating", with glass and soda ash having a "weak - oscillating" outlook [6][7][10][11][12][14]. 2. Core View of the Report - Overall, the black - building materials market is in a state of oscillation. Although the previous price decline has accumulated strong momentum, and there was a large - scale rebound after macro - positive and coking coal news, the approaching off - season in the domestic construction and manufacturing industries, combined with factors such as increased iron ore shipments and unimproved fundamentals of coking coal and coke, have led to the price returning to a weak state [6]. 3. Summary by Relevant Catalog Iron Element - Overseas mines are increasing shipments at the end of the fiscal year and quarter, with shipments expected to remain high until early July. Steel enterprises' profitability is stable, and hot metal production has slightly decreased but is expected to remain high in the short term. The supply - demand balance is tight, with limited short - term inventory accumulation pressure. There may be a slight increase in port inventory at the end of the month, but the overall supply - demand contradiction is not prominent. The short - term fundamentals are healthy, and the iron ore price is expected to oscillate [2][7]. Carbon Element - Some coal mines have slightly reduced production due to factors such as changing working faces, inventory pressure, and safety, but most coal mines are operating normally, and coking coal production remains relatively high. Mongolian coal transactions are limited, and port inventory is accumulating. On the demand side, coke production has started to decline, and coke enterprises' inventory pressure is increasing, with shrinking coking profits. During the price - cut period, coke enterprises' enthusiasm for replenishing raw material inventory has decreased, and the upstream inventory pressure of coking coal has increased. The supply contraction of coking coal is limited, and there is no driving force for a trend - like price increase [3]. Alloys - **Silicon Manganese**: The cost side is under pressure as manganese ore prices may decline. The supply in some regions has slightly increased, but due to cost inversion, manufacturers' willingness to sell is low. The demand is weak as the black market enters the off - season, and downstream buyers are pressing for lower prices. The supply - demand relationship is becoming looser, and the short - term disk is expected to oscillate [3][5][14]. - **Silicon Iron**: Supply has slightly increased, and the terminal steel - using industry is about to enter the off - season. Downstream enterprises have a strong willingness to reduce inventory, and the market sentiment is cautious. The cost may still have a negative impact. The short - term disk is expected to be under pressure and oscillate, and future steel procurement and production conditions should be monitored [5][14]. Glass - In the off - season, demand is declining, and the deep - processing demand is still weak compared to the same period last year, leading to a decline in spot prices. On the supply side, there are expectations of both cold - repair and ignition, and there are 6 production lines waiting to produce glass, so supply pressure remains. The upstream inventory has increased significantly, while the mid - stream inventory has decreased. There are rumors in the supply side, but the actual impact is limited. Coal prices are also expected to decline, and market sentiment fluctuates. The disk price is lower than the spot price, but the price cut of Hubei's spot glass has led the disk price to decline. The short - term view is weak - oscillating [5]. Soda Ash - The supply surplus pattern remains unchanged, and the resumption of maintenance has increased supply. In the short term, it is expected to oscillate weakly, and in the long term, the price center will continue to decline [5][12]. Other Products - **Steel**: The domestic policy is in a vacuum period after the Sino - US talks. The demand for the five major steel products has weakened this week, and the supply has not decreased significantly, but hot metal production may have peaked. The inventory is still decreasing, and the main factors suppressing the disk price are the decline in raw material prices and the pessimistic expectation of domestic demand. The short - term steel price is expected to oscillate [7]. - **Scrap Steel**: As the building materials off - season deepens, the apparent demand for rebar has decreased. The market is pessimistic about off - season demand, and the finished product disk price is under pressure. The supply of scrap steel has decreased this week, which supports the price. The demand has slightly increased overall, but the inventory in steel mills has decreased due to a significant drop in arrivals. The scrap steel price is expected to oscillate following the finished product price [7]. - **Coke**: After the third price cut, the terminal steel - using demand is in the off - season, and the market is pessimistic. There is an expectation of further price cuts. The supply has slightly decreased in some regions, but overall production is stable, and the inventory of coke enterprises is accumulating. The demand is weakening as hot metal production declines. The price is under downward pressure due to weak demand support and cost drag [7][9][10]. - **Coking Coal**: The market transaction price has continued to decline. Some coal mines have reduced production, but the overall supply is still abundant. The demand for coking coal is declining as coke production weakens. The upstream inventory pressure has increased during the price - cut period. The short - term price lacks the driving force for a trend - like increase and is expected to be weak [7][11].

美国总统特朗普周三表示，美中已达成一项让脆弱的贸易休战回到正轨的协议，此前华盛 顿和北京官员就一项包括关税税率在内的框架达成了一致。框架还包括有关稀土和中国留 学生的内容。特朗普在其社交媒体平台上公布了伦敦两天会谈的一些首次披露的细节。用 美国商务部长卢特尼克的话来说，此次会谈为上月在日内瓦达成的一项旨在降低双边报复 性关税的协定"增添了实质内容"。 美国和伊拉克消息人士表示，美国正准备撤离驻伊拉克大使馆部分人员，并将允许中东各 军事基地的军人家属离开，因该地区安全风险加剧。消息人士并未具体说明是哪些安全风 险促使政府做出这一决定。白宫官员表示，美国总统特朗普已听取了相关汇报。相关报道 导致油价上涨逾 4%。 EIA 数据显示，截止 6 月 6 日当周，包括战略储备在内的美国原油库存总量 8.34 亿桶，比 前一周下降 341 万桶；美国商业原油库存量 4.32 亿桶，比前一周下降 364.4 万桶；美国汽 油库存总量 2.30 亿桶，比前一周增长 150.4 万桶；馏分油库存量为 1.09 亿桶，比前一周增 长 124.6 万桶。美国原油日均产量 1342.8 万桶，比前周日均产量增加 2 万桶，比去年同期 ...

然橡胶产业期现目报 中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发明货对这些信息的准确性及完整性不作任何保证。本报告反映研究人员的不同消 分析方法，并不代表广发期货或晨附属机构的立场。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见并不构成所述品种买卖的出价或润 者据此得资,风险自相,本报告宣布发送给广发期货特定客户及其他专业人士,版权归广发期货所有,未经广发期货书面授 任何形式的发布、复制。如引用、刊发,需注明出处为"广发期货" 知识图强,求实奉献,客户至上,合作共矿 投资咨询业务资格:证监许可【2011】1292号 2025年6月12日 Z0021810 寇帝斯 | 现货价格及基差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 6月11日 | 6月10日 | 涨跌 | 涨跌幅 | 单位 | | 云南国营全乳胶(SCRWF):上海 | 13750 | 13850 | -100 | -0.72% | | | 全乳基差(切换至2509合约) | -140 | વર્ત | -185 | -411.11% | 元/吨 | ...

首席点 评 ： " 硅锂 " 有意， " 钢矿 " 无情 中国商务部国际贸易谈判代表：中美原则上达成协议框架。美国 5 月 CPI 同比增 2.4% ，核心 CPI 环比 增 0.1% 、连续第四个月低于预期。美国 5 月 CPI 数据全线低于预期，能源主导整体 CPI 的放缓，汽 车、服装价格均出现下滑，玩具、家电受关税影响更直接的品类价格上涨。特朗普对伊朗核谈判 " 信心 减弱 " ，美将减少驻伊拉克使团规模，布油涨超 5% 。特朗普表示，伊朗方面似乎在拖延。他强调，无 论协议是否达成，伊朗都不会拥有核武器。黄仁勋 GTC 大会表示，量子计算正迎来拐点，计划在欧洲 新建 20 家 " 人工智能工厂 "。 重点品种： 原油、股指、 玻璃 原油 ：夜盘油价上涨 3.37% 。特朗普表示对达成伊核协议信心减弱，以及伊朗方面警告可能打击美军 基地之际，美国方面在北京时间今日凌晨通知美国在中东的人员部分撤离。以色列官员称，以色列国防 军最近几天一直处于高度戒备状态，以防与伊朗的冲突可能升级。 EIA 报告： 06 月 06 日除却战略储 备的商业原油库存减少 364.4 万桶至 4.32 亿桶，降幅 0.84% 。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The ongoing China-US talks have improved market sentiment, leading to a slight rebound in the futures market. However, the traditional off-season for steel has arrived, with weakening demand and abundant raw material supply, suggesting limited fundamental support for the rebound [3]. - The current fundamentals of iron ore are acceptable, but future concerns are emerging. Supply is increasing while demand is expected to decline, which may lead to slower inventory depletion and potential accumulation [19]. - The relaxation of China-US relations has boosted market sentiment, causing coking coal to rebound due to previous overselling. Coke has also followed, but its rebound is weaker due to downstream price cuts. The demand for coking coal and coke has rigid support in the short term [34]. - Short - term market sentiment for ferroalloys has improved, but the long - term trend remains weak due to factors such as steel mill price pressure, cost decline, and the off - season for steel demand. However, the high - inventory issue is gradually weakening, and the supply is at a low level [51]. - The production of soda ash is expected to gradually recover, and the market remains in a long - term oversupply situation. The demand is stable overall, but the photovoltaic sector may return to an oversupply pattern [65]. - The glass market has a nearly 10% decline in cumulative apparent demand. To balance supply and demand in the second half of the year, the daily melting volume needs to decline. The current valuation is low, but the short - term fundamentals and cost support are weak [93]. Summary by Related Catalogs Steel - **Price Data**: On June 11, 2025, the closing prices of rebar and hot - rolled coil futures contracts increased slightly compared to the previous day. The basis and spreads of different contracts also showed certain changes [4][8]. - **Market Situation**: The off - season has led to a decline in some steel demand, such as a significant decrease in the outbound volume of building materials in Hangzhou and inventory accumulation in multiple regions for hot - rolled coils. Although steel mills maintain production through product switching, the supply of raw materials is abundant, and the rebound of the futures market lacks strong fundamental support [3]. Iron Ore - **Price Data**: On June 11, 2025, the closing prices of iron ore futures contracts increased compared to the previous day, while the basis decreased. The daily and weekly changes in different contracts varied [20]. - **Fundamental Data**: Global iron ore shipments have increased significantly, and the demand is expected to decline. The production of five major steel products has not decreased significantly, but the demand has a seasonal decline, increasing the inventory depletion pressure [19][28]. Coking Coal and Coke - **Price Data**: On June 11, 2025, the coking coal and coke futures prices, basis, and spreads showed different degrees of changes. The coking coal prices rebounded more strongly, and the coking profit on the futures market shrank [35]. - **Market Situation**: The relaxation of China - US relations has driven the rebound of coking coal and coke. The current basis is in a reasonable range, and the demand for coking coal and coke has rigid support in the short term [34]. Ferroalloys - **Price Data**: On June 11, 2025, the prices of ferrosilicon and ferromanganese spot and futures contracts, as well as their basis and spreads, showed different changes. The cost of ferrosilicon and the prices of raw materials for ferromanganese also changed to some extent [52][53]. - **Market Situation**: Short - term market sentiment has improved, but the long - term trend is still weak. The high - inventory issue is gradually weakening, and the supply is at a low level, with the cost expected to decline [51]. Soda Ash - **Price Data**: On June 11, 2025, the prices of soda ash futures contracts decreased slightly, and the basis and spreads also changed. The spot prices of heavy and light soda ash in different regions remained stable [67][68]. - **Market Situation**: The production of soda ash is expected to recover, and the market is in a long - term oversupply situation. The demand is stable overall, but the photovoltaic sector may return to an oversupply pattern [65]. Glass - **Price Data**: On June 11, 2025, the prices of glass futures contracts showed different trends, and the basis and spreads also changed. The daily sales - to - production ratios in different regions varied [94][97]. - **Market Situation**: The cumulative apparent demand for glass has declined nearly 10%. To balance supply and demand in the second half of the year, the daily melting volume needs to decline. The current valuation is low, but the short - term fundamentals and cost support are weak [93].