Group 1: Report Industry Investment Ratings - There is no explicit overall industry investment rating provided in the report. However, investment suggestions are given for different sectors, including "long - position reduction", "short - selling opportunities", "interval trading", etc. [1] Group 2: Core Views of the Report - The market shows complex trends due to various factors such as economic data, policy changes, and supply - demand relationships across different commodity sectors. The overall market sentiment is affected by factors like the US consumer confidence index, inflation expectations, and geopolitical events. [1] Group 3: Summaries by Related Catalogs Macro - Financial - For stock index futures, it is recommended to consider reducing long positions and be vigilant about further adjustment risks [1]. - The bond futures are supported by asset shortage and weak economy in the long - term, but the short - term rise is suppressed by the central bank's interest - rate risk reminder [1]. - Gold prices may enter a consolidation phase in the short - term, while the long - term upward logic remains unchanged. Silver prices may be more resilient than gold in the short - term due to potential tariff impacts [1]. Non - Ferrous Metals - Copper prices are expected to be weak in the short - term due to lower downstream demand and other factors [1]. - Aluminum prices will remain strong in the short - term supported by low inventory and alumina price rebounds. Alumina prices continue to rise due to supply disruptions [1]. - Zinc fundamentals are weak, and it is recommended to look for short - selling opportunities [1]. - Nickel prices will oscillate in the short - term and face long - term oversupply pressure. Short - term interval trading is suggested [1]. - Stainless steel futures will oscillate in the short - term with long - term supply pressure. Interval trading is recommended [1]. - Tin prices have strong fundamental support before the复产 of Wa State [1]. Chemicals - Silicon presents a situation of strong supply, weak demand, and low - valuation, with no improvement in demand and high inventory pressure [1]. - Lithium carbonate has no further supply contraction, increasing inventory, and downstream rigid - demand purchasing [1]. - For methanol, the short - term spot market will trade in a range, and the long - term market may turn from strong to weak and oscillate [1]. - PVC has weak fundamentals but is boosted by macro - factors, and its price will oscillate [1]. - LPG prices are expected to decline in the short - term due to tariff easing and demand off - season [1]. Black Metals - Rebar is in a window of switching from peak to off - season, with cost loosening and a supply - demand surplus, lacking upward momentum [1]. - Iron ore prices will oscillate, and manganese ore prices are expected to decline due to oversupply [1]. - Coke and coking coal are in a relatively oversupplied situation, and it is recommended to take advantage of price rebounds for hedging [1]. Agricultural Products - Brazilian sugar production in the 2025/26 season is expected to reach a record high, but it may be affected by crude oil prices [1]. - Grains are expected to oscillate, and a strategy of buying on dips is recommended considering the tight annual supply - demand situation [1]. - Soybean prices are expected to oscillate due to lack of speculation and market pressure [1]. - Cotton prices are expected to oscillate weakly as the domestic cotton - spinning industry enters the off - season [1]. - Pulp prices will oscillate due to lack of upward momentum after the tariff - related boost [1]. - Livestock prices will oscillate as the pig inventory recovers and the market is in a state of abundant supply expectation [1]. Energy - Crude oil and fuel oil prices are affected by the progress of the Iran nuclear deal and the end of the Sino - US trade negotiation drive [1]. - Asphalt prices will oscillate as cost drags, inventory returns to normal, and demand slowly recovers [1]. - Natural rubber prices are affected by rainfall, cost support, and the end of the trade negotiation drive [1].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week, the soda ash futures fluctuated downward. The closing price of the main contract SA2509 decreased by 1.23% compared to the previous week, reaching 1289 yuan/ton. The low - end price of heavy soda ash in Hebei Shahe was 1320 yuan/ton, down 0.38% from the previous week [2]. - The supply of soda ash is declining from a high level, while the demand is weak. It is expected that the futures price will mainly fluctuate weakly. The downstream demand for float and photovoltaic glass is average, with downstream enterprises replenishing inventory as needed and having low intention to stockpile raw materials. The inventory is still at a historically high level [3]. Summary by Related Catalogs Weekly Market Conditions of Soda Ash Futures and Spot Goods - The closing price of the main futures contract SA2509 was 1289 yuan/ton, a 1.23% decrease from the previous week. The low - end price of heavy soda ash in Hebei Shahe was 1320 yuan/ton, down 0.38%. The main basis increased by 55% to 31 yuan/ton [2][9]. Soda Ash Spot Market - **Production Profit**: The profit of the heavy soda ash joint - alkali method in East China was 207.50 yuan/ton, and the profit of the heavy soda ash ammonia - alkali method in North China was - 14.60 yuan/ton. The production profit is at a historically low level [18]. - **Operating Rate and Production Volume**: The weekly operating rate of the soda ash industry was 80.27%, showing a stable recovery. The weekly production volume was 67.77 tons, with heavy soda ash production at 36.90 tons, and the production volume is falling from a historical high [21][23]. - **Industry Capacity Changes**: In 2023, the new capacity was 640 tons; in 2024, it was 180 tons; in 2025, the planned new capacity is 750 tons, with 60 tons actually put into production [27]. Fundamental Analysis - Demand - **Sales - to - Production Ratio**: The weekly sales - to - production ratio of soda ash was 98.42% [30]. - **Downstream Demand**: The daily melting volume of national float glass was 15.67 tons, and the operating rate of 75% continued to decline, resulting in weak demand for soda ash. The price of photovoltaic glass stabilized, the daily melting volume in production recovered to 9.1 tons, and the production volume stabilized [33][36]. Fundamental Analysis - Inventory - The total inventory of domestic soda ash manufacturers was 171.20 tons, with heavy soda ash inventory at 88.33 tons, and the inventory is at a historically high level in the same period [39]. Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet shows the data of 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 from 2017 to 2024E [40]. Influencing Factors Summary - **Positive Factors**: The production capacity of downstream photovoltaic glass has increased, boosting the demand for soda ash [6]. - **Negative Factors**: The supply of soda ash is declining from a high level, the improvement of terminal demand is limited, and the inventory, although continuously decreasing, is still at a high level in the same period. The supply - demand mismatch pattern in the industry has not been effectively improved [7].

Investment Rating - The investment rating for the basic chemical industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights the stability of the phosphate rock market and the significant price difference between domestic and international phosphate fertilizers, indicating a positive outlook for integrated phosphate chemical companies in terms of profitability and dividend increases [3] - The report emphasizes the supply-side disturbances in glyphosate, with current product prices and profit margins under pressure due to historical lows. It suggests that overseas supply disruptions combined with domestic industry adjustments could improve competitive dynamics and enhance the bargaining power of leading companies [5][24] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 0.7% this week, with 63.9% of chemical stocks showing weekly gains [10][18] - The CCPI (China Chemical Product Price Index) increased by 3.78% to 4175 points as of May 15 [21] Key Product Tracking - The report notes a decrease in inventory days for polyester filament, with prices for POY, FDY, and DTY rising significantly [34][35] - Domestic urea prices have also increased, driven by export policy expectations [34] Recommended and Beneficiary Stocks - Recommended stocks include leading companies such as Xingfa Group, Yangnong Chemical, and Hebang Biotechnology in the glyphosate sector [5][24] - Beneficiary stocks include Jiangshan Co., New安股份, and Guangxin Co. [5][24] Glyphosate Supply and Pricing - Global glyphosate production capacity is 1.18 million tons per year, with China accounting for 68.6% of this capacity. Major domestic producers include Xingfa Group, Fuhua Chemical, and Xin'an Co. [26][30] - Glyphosate prices have been declining, with current prices and price differentials at historically low levels [30][32]

大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：碱厂陆续公布检修计划，供给高位小幅下滑；下游浮法和光伏玻璃日熔量平稳，终 端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1320元/吨，SA2509收盘价为1289元/吨，基差为31元，期货 贴水现货；偏多 3、库存：全国纯碱厂内库存171.20万吨，较前一周增加0.63%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面供强需弱，短期预计震荡偏弱运行为主。 交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-5-19 影响因素总结 利多： 利空： 主要逻辑和风险点 1、下游光伏玻璃产能有所提升，提振纯碱需求。 2、中美 ...

现货价格及基差 品种 5月16日 5月15日 涨跌 涨跌幅 单位 云南国营全乳胶(SCRWF):上海 14950 15000 -50 -0.33% 全乳基差(切换至2509合约) 45 -90 135 150.00% 元/吨 泰标混合胶报价 14600 14800 -200 -1.35% 非标价差 -305 -290 -15 -5.17% 品种 5月16日 5月15日 涨跌幅 单位 涨跌 杯胶：国际市场：FOB中间价 54.20 54.15 0.05 0.09% 泰铢/公斤 胶水:国际市场:FOB中间价 62.25 61.75 0.50 0.81% 天然橡胶:胶块:西双版纳州 13500 13300 200 1.50% 天然橡胶：胶水：西双版纳州 13700 0.73% 13800 100 元/吨 原料：市场主流价：海南 13500 13500 0 0.00% 外胶原料：市场主流价：海南 9000 9000 0.00 0.00% 月间价差 合约 5月16日 5月15日 涨跌幅 单位 涨跌 9-1价差 -835 -820 -15 -1.83% 1-5价差 -170 1050 -1220 -116.19% 元/吨 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - **Soda Ash**: Soda ash manufacturers continue with maintenance, but the price - support effect this time is not as expected. The futures market did not react to the maintenance, and a continuous positive feedback was not formed. The supply - demand situation is weak, and the intensity of speculation drivers is questionable. It is recommended to pay attention to the new order transaction prices and the implementation of maintenance. After profiting from closing short positions, one can wait for the price to rise and then participate at high levels [8][9]. - **Glass**: From a valuation perspective, it has entered an ideal layout range, but it is necessary to wait for the market sentiment to improve. Follow - up attention should be paid to the changes in production lines, the digestion progress of low - price futures and spot sources, and the changes in the spot volume and price sentiment in the main production areas. In the short term, the market lacks upward drivers, and for far - month contracts, it is advisable to go long when the sentiment eases [164]. 3. Summaries by Directory 3.1 Soda Ash Market Review - **Supply**: Total production is 67.77 million tons, a week - on - week decrease of 6.30 million tons. There are maintenance plans, and new production capacity from Lianyungang Soda Plant is expected to produce trial products this month. Import is 0.07 million tons, and export is 4.2 million tons [8]. - **Demand**: The demand for heavy soda ash is 34.39 million tons, and the apparent demand for light soda ash is 28.09 million tons, a week - on - week decrease of 1.06 million tons. The terminal is looking for low - price stocks and has sufficient inventory, with general purchasing willingness [8]. - **Inventory**: Alkali plant inventory is 171.2 million tons, a week - on - week increase of 1.07 million tons. Social inventory is 36.5 million tons, a week - on - week decrease of 1.09 million tons [8]. - **Valuation**: The cost of the ammonia - soda process is 1322 yuan, and the profit is 78 yuan. The cost of the combined - soda process is 1160 yuan, and the profit is 140 yuan [8]. 3.2 Monthly Supply and Demand (Soda Ash) - **Production**: The report shows the monthly production of soda ash from 2020 - 2025 [15]. - **Import and Export**: The current import volume is 0.32 million tons, and the export volume is 19.43 million tons. Compared with last month, imports decreased by 0.23 million tons, and exports increased by 0.02 million tons [16]. 3.3 Basis and Spread (Soda Ash) - **Futures - Spot Price Comparison**: It presents the futures price index of soda ash and the market price of heavy soda ash in the Shahe area from 2020 - 2025 [24][25]. - **Contract Basis**: It shows the basis of heavy soda ash contracts in the Shahe area, such as the 01, 09, and 05 contracts [29][31][32]. - **Inter - Contract Spread**: It includes the spreads between different soda ash contracts, such as 09 - 01, 01 - 05, and 05 - 09 [34][35][36]. - **Glass - Soda Ash Spread**: It shows the spreads between glass and soda ash contracts and spot prices [38][39][40]. 3.4 Soda Ash Market Price - **Shahe Region**: The current market price of heavy soda ash in the Shahe area is 1345 yuan, a week - on - week increase of 15 yuan, and a year - on - year decrease of 905 yuan [44]. - **Regional Price Comparison**: It provides the prices of heavy and light soda ash in different regions, such as North China, South China, and Southwest China [48]. 3.5 Soda Ash Supply - **Start - Stop**: Many soda ash manufacturers are in maintenance or reduced - load operation, and there are also planned maintenance schedules in the future [81]. - **Operating Rate**: The current domestic soda ash operating rate is 80.27%, a week - on - week decrease of 8.51% [82]. - **Cost and Profit**: It shows the cost and profit of the ammonia - soda and combined - soda processes, as well as the prices of related products such as synthetic ammonia [93][95][97]. 3.6 Soda Ash Demand - **Heavy Soda Ash Demand**: It is related to the daily melting volume of float glass and photovoltaic glass. The daily melting volume of float glass is 156,725 tons, and that of photovoltaic glass is 98,780 tons [8][126]. - **Weekly Consumption and Sales - to - Production Ratio**: It presents the weekly consumption and sales - to - production ratio of heavy and light soda ash [133]. 3.7 Soda Ash Inventory - **Enterprise Inventory**: The current soda ash enterprise inventory is 171.2 million tons, a week - on - week increase of 1.07 million tons, and a year - on - year increase of 82.09 million tons [141]. - **Regional Inventory**: It shows the inventory of soda ash in different regions [149][150][152]. 3.8 Glass Market Review - **Supply**: The daily melting volume of float glass is 156,725 tons, and the weekly production is 109.71 million tons [162]. - **Demand**: The apparent consumption is 107.10 million tons, a week - on - week increase of 11.37 million tons. The market demand sentiment is weak [162]. - **Inventory**: The factory inventory is 340.41 million tons, a week - on - week increase of 2.61 million tons [162]. - **Valuation**: The cost and profit of different production lines (natural gas, coal - gas, and petroleum coke) are provided. Most production capacities are in a loss state [162]. 3.9 Monthly Supply and Demand (Glass) - **Production**: The monthly production of flat glass from 2020 - 2025 is presented [169]. - **Import and Export**: The monthly import and export volumes of float glass from 2020 - 2025 are shown [171][173]. 3.10 Basis and Spread (Glass) - **Futures - Spot Price Comparison**: It shows the futures price index of glass and the market price of heavy soda ash in the Shahe area from 2020 - 2025 [178][179]. - **Contract Basis**: It presents the basis of glass contracts in the Shahe area, such as the 01, 09, and 05 contracts [183][184][185]. - **Inter - Contract Spread**: It includes the spreads between different glass contracts, such as 09 - 01, 05 - 09, and 01 - 05 [187][188][189]. - **Glass - Soda Ash Spread**: It shows the spreads between glass and soda ash contracts and spot prices [192][193][194]. 3.11 Glass Market Price - **Float Glass 5mm Regional Price**: The prices of 5mm float glass in different regions, such as Shahe, North China, and East China, are provided [200]. - **Specific Product Prices**: It shows the prices of 5mm float glass products from different manufacturers in different regions [213][215][222].

Group 1: Report Information - Report title: Soda Ash and Glass Daily Report [1] - Date: May 16, 2024 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Views - Soda ash futures may have a short - term small - scale rebound in May but lack continuous upward momentum. The long - term pattern is one of oversupply, and prices are expected to enter a downward channel again in mid - to - late May [8]. - The cost support of float glass futures prices may appear in the short term, and the short - term market has a certain support due to the expectation of rush - to - export. However, the continuous game of supply - demand relationship is the key factor for the subsequent trend [10]. Group 4: Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - **Soda ash futures**: On May 15, the main soda ash futures SA509 maintained a volatile and slightly stronger trend, closing at 1330 yuan/ton, up 11 yuan/ton with a 0.83% increase and an increase of 82,994 lots in positions [7]. - **Soda ash spot**: Supply and demand both decreased, and inventory accumulation continued. The weekly output in the week of May 15 fell to 677,700 tons, a decrease of 8.52%; the weekly operating load rate dropped to 83%. As of May 8, the shipment volume was 711,700 tons, a 7.26% decrease from the previous period. As of May 15, the weekly enterprise inventory of heavy - soda ash remained at 880,000 tons [8]. - **Glass futures**: The FG509 contract closed at 1036 yuan/ton on May 16, down 1 yuan/ton with a 0.09% decrease [7]. - **Glass market**: The overall profit of the float glass production industry increased slightly. Production remained stable, demand was relatively flat, downstream procurement was conservative, and inventory accumulated. The futures price was approaching the production cost line [9][10]. 2. Industry News - China and the US will maintain communication on economic and trade concerns based on the consensus of the Geneva talks [11]. - The domestic float glass market prices were generally stable with minor fluctuations, and trading was average. Different regions had different price trends [11]. - The baking soda market in Henan was operating steadily with a lukewarm trading atmosphere, and the mainstream ex - factory price of food - grade baking soda was estimated at 1200 - 1260 yuan/ton [11]. 3. Data Overview - The report provides charts on the price trends of active contracts for soda ash and glass, soda ash weekly production, soda ash enterprise inventory, central China heavy - soda market prices, and flat glass production [13][19][21]

Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core View The fundamentals of soda ash show strong supply and weak demand. In the short term, it is expected to mainly operate in a volatile and weak manner [2]. 3. Summary by Directory 3.1 Daily View - **Fundamentals**: Alkali plants are gradually announcing maintenance plans, with supply slightly declining from the high level. The daily melting volume of downstream float and photovoltaic glass is stable, but the terminal demand is average. The inventory of soda ash plants has declined but remains at a historical high, indicating a bearish outlook [2]. - **Basis**: The spot price of heavy soda ash in Shahe, Hebei is 1,340 yuan/ton, and the closing price of SA2509 is 1,330 yuan/ton, with a basis of 10 yuan. The futures are at a discount to the spot, indicating a bullish outlook [2]. - **Inventory**: The total inventory of domestic soda ash plants is 171.20 million tons, an increase of 0.63% from the previous week, and the inventory is above the 5 - year average, indicating a bearish outlook [2]. - **Market**: The price is running below the 20 - day moving average, and the 20 - day moving average is downward, indicating a bearish outlook [2]. - **Main Position**: The main position is net short, and short positions are increasing, indicating a bearish outlook [2]. - **Expectation**: Due to the strong supply and weak demand of soda ash fundamentals, it is expected to mainly operate in a volatile and weak manner in the short term [2]. 3.2 Influencing Factors - **Positive Factors**: The production capacity of downstream photovoltaic glass has increased, boosting the demand for soda ash. The Sino - US tariff negotiation has made progress [4]. - **Negative Factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The industry output is at a historical high. The cold repair of downstream float glass for heavy soda ash is at a high level, and the daily melting volume continues to decrease, resulting in weak demand for soda ash [4]. - **Main Logic**: The supply of soda ash is declining from the high level, the improvement of terminal demand is limited, and although the inventory is continuously declining, it is still at a high level in the same period. The mismatch between supply and demand in the industry has not been effectively improved [4]. 3.3 Soda Ash Futures Market - The closing price of the main contract is 1,330 yuan/ton, a decrease of 1.12% from the previous value. The low - end price of heavy soda ash in Shahe is 1,340 yuan/ton, a decrease of 0.37% from the previous value. The main basis is 10 yuan [5]. 3.4 Soda Ash Spot Market - The low - end price of heavy soda ash in the Shahe market in Hebei is 1,340 yuan/ton, a decrease of 5 yuan/ton from the previous day [10]. 3.5 Soda Ash Production - **Profit**: The profit of the heavy soda ash combined - alkali process in East China is 195 yuan/ton, and the profit of the heavy soda ash ammonia - alkali process in North China is - 29.60 yuan/ton. The production profit of soda ash is at a historical low in the same period [13]. - **Capacity and Output**: The weekly industry operating rate of soda ash is 87.74%, and the operating rate has stabilized and rebounded. The weekly output of soda ash is 74.07 million tons, of which the output of heavy soda ash is 40.79 million tons, and the output has declined from the historical high [16][18]. - **Capacity Changes**: From 2023 to 2025, there are continuous new production capacity plans for soda ash. The planned new production capacity in 2023 is 640 million tons, 180 million tons in 2024, and 750 million tons in 2025 (with 60 million tons actually put into production) [19]. 3.6 Fundamental Analysis - Demand - **Production and Sales Rate**: The weekly production heavy - soda ratio of soda ash is 55.07% [21]. - **Downstream Demand**: - **Float Glass**: The cold repair of downstream float glass for heavy soda ash is at a high level, and the daily melting volume continues to decrease, resulting in weak demand for soda ash [4]. - **Photovoltaic Glass**: The price of photovoltaic glass has stabilized, the daily melting volume in production has rebounded to 91,000 tons, and the production has stabilized [27]. 3.7 Fundamental Analysis - Inventory - The total inventory of domestic soda ash manufacturers is 171.20 million tons, of which the inventory of heavy soda ash is 88.33 million tons, and the inventory is at a historical high in the same period [30]. 3.8 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, output, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand difference, capacity growth rate, output growth rate, apparent supply growth rate, and total demand growth rate [31].

关注微信公众号 | V (FF) | *业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年5月15日 | | | | 纪工菲 Z0013180 | | | 现货价格及主力合约基差 | | | | | | | 品相 | 5月14日 | 5月13日 | 涨跌 | 涨跌幅 | 单位 | | 华东通氧SI5530工业硅 | 0000 | 9100 | 0 | 0.00% | | | 基美(通氢SI5530基准) | eto | 870 | -260 | -29.89% | | | 华东SI4210工业硅 | 10000 | 10000 | 0 | 0.00% | 元/吨 | | 基差(SI4210基准) | 710 | 970 | -260 | -26.80% | | | 新疆99硅 | 8300 | 8300 | 0 | 0.00% | | | 墓差(新疆) | 610 | 870 | -260 | -29.89% | | | 月间价差 | | | | | | | 合约 | 5月14日 | 5 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For soda ash, in the short - term, there is a marginal improvement. Driven by production cut expectations, the soda ash futures price in May may have a brief and small - scale rebound, but it lacks the power for continuous growth. In the long - term, the market is in an oversupply situation. Around mid - to late May, as the positive effects of maintenance fade and the supply - demand contradiction becomes prominent again, the price will enter a downward channel [8]. - For glass, the overall profit in the float glass production field using natural gas, coal, and oil as main raw materials has increased slightly. The current output of float glass remains relatively stable. The demand side is relatively dull, and downstream enterprises' inventory has accumulated to some extent. The futures price is approaching the production cost line, and the cost support is expected to show in the short - term. The short - term market has an expectation of rushing for exports due to the Sino - US tariff agreement, which provides some support to the market. However, the continuous game of supply - demand relationship is still the key factor for the subsequent trend of the float glass market [9][10]. 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Market Data**: On May 15, for soda ash futures, SA505 opened at 1272, closed at 1296, up 24 yuan/ton (1.88%), with a position of 0.29 million lots and a decrease of 218 lots; SA509 opened at 1285, closed at 1345, up 35 yuan/ton (2.67%), with a position of 118.72 million lots and a decrease of 162,061 lots. For glass futures, FG505 opened at 1015, closed at 1042, up 6 yuan/ton (0.57%), with a position of 0.42 million lots and a decrease of 749 lots; FG509 opened at 1015, closed at 1046, up 14 yuan/ton (1.35%), with a position of 140.96 million lots and a decrease of 53,826 lots [7]. - **Soda Ash Situation**: The supply and demand of soda ash both decreased, and the inventory accumulation situation still exists. In the week of May 8, the weekly output of Chinese soda ash reached 757,000 tons, which was at the highest level this year though it declined compared with the previous week. The weekly operating load rate of Chinese soda ash remained at 90%. As of May 8, the shipment volume of Chinese soda ash enterprises was 711,700 tons, a month - on - month decrease of 7.26%. The weekly enterprise inventory of Chinese soda ash (heavy soda ash) remained at 872,200 tons, a month - on - month increase of 15,100 tons, continuing the inventory accumulation trend [8]. - **Glass Situation**: The supply side of glass has a slight profit increase, and the output is stable. The demand side is dull, and downstream enterprises purchase conservatively, leading to inventory accumulation. The futures price is approaching the production cost line, and cost support is expected to emerge in the short - term. The Sino - US tariff agreement brings short - term export expectations [9][10]. 3.2 Industry News - **Soda Ash Market**: The domestic soda ash market was slightly adjusted today. The trading atmosphere was lukewarm. Some soda ash plants such as Henan Junhua, Huachang Chemical, and Shilian Chemical had production stoppages or were under maintenance, reducing the supply. The futures market fluctuated, and downstream demand was average, with end - users mainly making rigid purchases. Some soda ash plants in East China raised their new order quotes slightly [11]. - **Glass Market**: The domestic float glass market prices continued to decline steadily. Different regions had different price trends: North China was weak, East China was affected by price cuts in surrounding areas, Central China had mixed price changes, South China had a small price increase in some enterprises, and Southwest China's price was stable [11]. - **Baking Soda Market**: Henan Jinshan Chemical's baking soda plant started maintenance last night. The quoted price for food - grade, feed - grade, and industrial - grade baking soda is 1250 - 1300 yuan/ton, with actual orders negotiated separately, and the sales were stable [11]. 3.3 Data Overview - The report provides multiple charts, including the price trends of soda ash and glass active contracts, weekly soda ash production, soda ash enterprise inventory, the market price of heavy soda ash in Central China, and the output of flat glass, with data sources from Wind and Zhuochuang Information [13][17][18].