Group 1: Rubber Market Insights - Domestic RSS rubber prices decreased to 16,950 CNY/ton, down by 100 CNY/ton from the previous day, while Thai mixed rubber prices also fell to 15,900 CNY/ton, a decrease of 100 CNY/ton [2][26] - As of February 23, 2026, China's natural rubber social inventory reached 1.366 million tons, an increase of 70,000 tons, or 5.4% from the previous period [2][26] - The market anticipates a significant upward pricing trend for natural rubber due to the easing of tariffs that previously suppressed growth in the tire industry, with expectations for continued demand growth [3][27] Group 2: PX Market Dynamics - The PX industry in China saw a load increase of 0.4 percentage points to 92.4%, while the Asian industry load rose by 1.2 percentage points to 84.9%, indicating a robust supply outlook [4][30] - The demand side is expected to improve significantly in April due to the recovery of downstream PTA facilities, with a notable increase in production anticipated [4][30] - Brent crude oil prices experienced fluctuations due to positive developments in US-Iran negotiations, which may impact PX pricing in the near term [5][28] Group 3: PTA and Polyester Sector - The PTA industry load increased by 1.8 percentage points to 76.6%, reaching a neutral level for the season, with downstream polyester production also expected to rise [6][30] - The market is currently cautious as downstream orders have not yet fully resumed, and there are concerns about high raw material prices affecting production recovery [6][30] - The PTA supply-demand balance is expected to improve in March, with potential price support in the 5,150-5,300 CNY range for mid-term positions [6][30] Group 4: EG Market Overview - The domestic ethylene glycol industry load increased by 2.2 percentage points to 79.0%, with a notable rise in synthetic gas production load [9][33] - The overall import dependency for ethylene glycol is approximately 27.2%, with limited impact from Iranian sources [9][33] - Short-term price movements are expected to be constrained within the 3,650-3,750 CNY range, with potential for a rebound based on low valuation logic [9][33] Group 5: Other Chemical Markets - The soda ash market is experiencing stable prices, with production slightly increasing to 791,000 tons, while inventory levels are also rising [14][39] - The glass market is facing supply pressures with an increase in inventory to 3.8 million tons, reflecting a 13.2% year-on-year rise [16][41] - The PVC market is under pressure due to high inventory levels and slow recovery in downstream production, with prices expected to fluctuate between 4,600-5,000 CNY/ton [22][47]

期 货 研 究 2026 年 02 月 26 日 对二甲苯：成本支撑偏强 PTA：成本支撑偏强 MEG：区间震荡市，多 PTA 空 MEG 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com | 所 | PX PTA MEG 基本面数据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | | 昨日收盘价 | 7432 | 5312 | 3747 | 6722 | 488.3 | | | 涨跌 | -46 | -40 | 10 | -68 | -5 | | | 涨跌幅 | -0.62% | -0.75% | 0.27% | -1.00% | -1.01% | | | 月差 | PX5-9 | PTA5-9 | MEG5-9 | PF3-4 | SC2-3 | | | 昨日收盘价 | 20 | 14 | -118 | -98 | 5 | | | 前日收盘价 | 26 | 32 | -112 | -66 | -0.6 | ...

期 货 研 究 2026 年 02 月 06 日 对二甲苯：成本坍塌，价格跟随回调，月差偏 弱 PTA：区间震荡市 MEG：区间操作 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | --- | --- | --- | --- | --- | --- | | 昨日收盘价 | 7200 | 5144 | 3745 | 6564 | 467.2 | | 涨跌 | -96 | -74 | -43 | -66 | 4.8 | | 涨跌幅 | -1.32% | -1.42% | -1.14% | -1.00% | 1.04% | | 月差 | PX5-9 | PTA5-9 | MEG5-9 | PF3-4 | SC2-3 | | 昨日收盘价 | 14 | -4 | -112 | -80 | -7.5 | | 前日收盘价 | 4 | 6 | -111 | -70 | -4.5 | | 涨跌 | 10 | -10 | -1 | -10 | -3 | | 现货 | PX CFR 中国（美 | ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 橡胶：预期降温 周四，国产全乳胶 16000 元/吨，环比上日下跌 200 元/吨；泰国 20 号混合胶 15180 元/吨，环比上日下跌 120 元/吨。 原料端：昨日泰国胶水报收 59.0 泰铢/公斤，环比上日上涨 0.2 泰铢/公斤，泰国杯胶价格报收 54.0 泰铢/公斤，环比上日上涨 0.2 泰铢/公斤；云南停割；海 南停割。 截至 2026 年 2 月 1 日，中国天然橡胶社会库存 128.1 万吨，环比增加 0.9 万吨，增幅0.7%。中国深色胶社会总库存为 85.3 万吨，增 0.7%。其中青岛现货库 存增 1.2%；云南降0.8%；越南 10#增 2%；NR 库存小计降 0.5%。中国浅色胶社会总库存为 42.8 万吨，环比增0.8%。其中老全乳胶环比降 0.5%，3L 环比增 5%，RU 库存小计增 1.4%。 观点：随着北半球冬季来临，全球即将进入低产季，也代表着单边价格的定价框架将从供需平衡的动态定价转换至存量库存的静态定价，在近期商品市场预 期全面走强的背景下，预计短期内 RU&NR&Sicom 仍将高位震荡。向后看，尽 ...

Group 1: Rubber Market - Domestic all-latex rubber price reached 16,000 yuan/ton, up 200 yuan/ton from the previous day; Thai 20 mixed rubber price at 15,130 yuan/ton, up 130 yuan/ton [4][27] - As of February 1, 2026, Qingdao's total inventory of natural rubber in bonded and general trade reached 591,700 tons, an increase of 7,200 tons, or 1.23% from the previous period [5] - With the arrival of winter in the Northern Hemisphere, the market is expected to shift from dynamic pricing based on supply and demand to static pricing based on inventory levels, leading to high volatility in RU&NR&Sicom prices [5] Group 2: PX Market - PX industry load in China increased by 0.3 percentage points to 89.2%, while Asia's industry load rose by 0.6 percentage points to 81.6%, indicating a stable supply [6][29] - The demand side is affected by numerous maintenance plans for downstream PTA facilities in the first quarter, which may impact PX demand [6] - Geopolitical tensions have led to significant oil price increases, but short-term fluctuations are not expected to greatly affect polyester prices unless extreme events occur [6][29] Group 3: PTA Market - PTA industry load remained stable at 76.6%, which is low compared to historical levels, with expectations of tightening supply due to maintenance plans [7][30] - The demand for PTA is weakening, with new orders declining and factory operating rates in Jiangsu and Zhejiang continuing to drop [7][30] - The PTA market is facing inventory accumulation pressure in the first quarter, with short-term cost support still present [7][30] Group 4: EG Market - The domestic ethylene glycol industry load increased by 1.2 percentage points to 74.3%, indicating high operational levels [9][32] - Despite potential import reductions due to maintenance in North America and the Middle East, domestic supply remains ample, leading to overall pressure in the market [9][32] - February is expected to bring significant inventory pressure, with current prices not sufficient to trigger large-scale production cuts [9][32] Group 5: PF Market - The load of direct-spun polyester short fibers decreased by 3.1 percentage points to 96.0%, with production cuts being implemented [11][34] - Demand remains weak, and the operating rate of polyester yarn has also declined, which is expected to further suppress demand for short fibers [11][34] - Short-term price pressures are anticipated due to weak terminal demand, although cost support remains [11][34] Group 6: PR Market - The supply side of the bottle-grade PET industry load decreased by 0.3 percentage points to 66.1%, indicating low operational levels [13][36] - Demand is weak due to the traditional off-season for beverage consumption, limiting production recovery in February [13][36] - The ongoing supply contraction is expected to support inventory reduction and processing fees, but price independence from raw materials is unlikely [13][36] Group 7: Soda Ash Market - Soda ash futures saw a slight decline, while spot prices remained stable, with recent production increases adding supply pressure [14][37] - Downstream demand has slightly decreased, and inventory levels have increased, indicating a mixed market sentiment [14][37] - Short-term price movements are expected to remain within a low range due to increased supply and weak demand [14][37] Group 8: Glass Market - Glass futures experienced a slight increase, with stable spot prices, while supply pressures have eased [40] - Recent inventory levels have decreased slightly, and procurement activity has improved, indicating a potential for price support [40] - The overall market remains cautious due to ongoing weak demand in the real estate sector [40]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - PX, PTA, and MEG all show a strong unilateral trend. For PX, due to macro - policies, it is favored by funds. Although its future supply is expected to be loose, the short - term trend is still strong. For PTA, under the macro - policy, it is also favored by funds, with future supply and demand both weakening and turning to inventory accumulation, but the downside space of the unilateral price is limited. For MEG, with the sharp rise in overseas natural gas prices, short - sellers cut their positions. Although the supply pressure is large, the basis and spread are expected to be strong [1][8][9][10]. Summary by Related Catalogs Futures Market - **PX**: The closing price of the PX main contract yesterday was 7468, up 262 or 3.64% from the previous day. The PX5 - 9 spread was 48, up 6 from the previous day [2]. - **PTA**: The closing price of the PTA main contract yesterday was 5298, up 144 or 2.79% from the previous day. The PTA5 - 9 spread was 34, down 10 from the previous day [2]. - **MEG**: The closing price of the MEG main contract yesterday was 3847, up 158 or 4.28% from the previous day. The MEG5 - 9 spread was - 103, up 14 from the previous day [2]. - **PF**: The closing price of the PF main contract yesterday was 6640, up 144 or 2.22% from the previous day. The PF3 - 4 spread was - 48, down 8 from the previous day [2]. - **SC**: The closing price of the SC main contract yesterday was 446.4, up 5.6 or 1.27% from the previous day. The SC2 - 3 spread was - 1, down 0.4 from the previous day [2]. Spot Market - **PX**: The PX CFR China price yesterday was 906.67 dollars/ton, up 18.34 dollars/ton from the previous day. The PX - naphtha spread was 330.5, up 4.42 from the previous day [2]. - **PTA**: The PTA price in East China yesterday was 5157 yuan/ton, up 72 yuan/ton from the previous day. The PTA processing fee was 309.31, down 70.31 from the previous day [2]. - **MEG**: The MEG spot price yesterday was 3678 yuan/ton, up 97 yuan/ton from the previous day [2]. - **Naphtha**: The MOPJ naphtha price yesterday was 567 dollars/ton, up 8.5 dollars/ton from the previous day. The MOPJ naphtha - Dubai crude oil spread was - 4.34, unchanged from the previous day [2]. - **Brent**: The Dated Brent price yesterday was 65.78 dollars/barrel, down 1.65 dollars/barrel from the previous day [2]. Industry Fundamentals - **PX**: On January 22, Asian xylene prices continued to strengthen. Platts evaluated the Asian paraxylene UNV1/China and FOB South Korea marks at 906.67 dollars/ton and 885.67 dollars/ton respectively, both up 18.34 dollars/ton from the 21st. The domestic PX plant operating rate increased to 89.6% (1.3%), with only Sinochem Quanzhou under maintenance. Overseas, some PX plants plan to restart, and some are under maintenance. The overseas import in December is expected to be over 950,000 tons. The downstream PTA plant operating rate is maintained at about 76.9% [3][5][8]. - **PTA**: This week, there is no significant change in PTA plants. The PTA load on Thursday is 76.6%, and the operating rate calculated by PTA daily output/(domestic PTA capacity/365) is around 82.7%. In December 2025, China's PTA exports increased by 1% month - on - month to 361,934 tons. India's demand continued to grow, and exports to Pakistan increased, while exports to Vietnam and Egypt decreased [5][6]. - **MEG**: As of January 22, the overall operating load of ethylene glycol in the Chinese mainland is 73.04% (down 1.39% from the previous period), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) is 79.40% (down 0.81% from the previous period). A 450,000 - ton/year ethylene glycol plant in Saudi Arabia has stopped for maintenance and is expected to restart around the end of February and early March [6]. - **Polyester**: This week, a filament plant and a chip plant restarted, while a bottle - chip plant and four filament plants stopped for maintenance. The overall polyester load decreased. As of Thursday, the polyester load in the Chinese mainland is around 86.7%. The operating load of major domestic polyester industrial yarn manufacturers is basically maintained at around 75%. A 500,000 - ton/year polyester bottle - chip plant in South China has recently stopped for maintenance. On January 22, the sales of direct - spun polyester staple fiber were smooth, with an average sales - to - production ratio of 118%. The sales - to - production ratio of polyester yarn in Jiangsu and Zhejiang on January 22 was generally good, with an average sales - to - production ratio of about 7 - 80% [6][7].

Report Summary 1. Report's Industry Investment Rating - Not mentioned in the provided content. 2. Core Views of the Report - PX: Polyester leading stocks' rise drives PX and PTA prices up. Before the Spring Festival, the downside price space is limited, but there is pressure after the festival. Future PX supply - demand is expected to weaken gradually. Consider long - PX short - PTA and long - MX short - PX hedges [8]. - PTA: Polyester leading stocks' rise leads to PTA price rebound. Focus on reducing processing fees. Future supply and demand are both weak, and it turns into a stock - building pattern [9]. - MEG: It is in a range - bound market with limited downside space. Pay attention to basis and 5 - 9 calendar spreads. Supply pressure is still large, but considering basis, calendar spreads, and potential spring maintenance, the downside is restricted [10]. 3. Summary by Related Catalogs Market Price Data - **Futures Prices**: PX主力昨日收盘价7232元，涨126元，涨幅1.77%；PTA主力昨日收盘价5144元，涨114元，涨幅2.27%；MEG主力昨日收盘价3674元，跌81元，跌幅2.16%；PF主力昨日收盘价6494元，涨96元，涨幅1.50%；SC主力昨日收盘价437元，跌0.4元，跌幅0.09% [2]. - **Spot Prices**: PX CFR中国昨日价格888美元/吨，较前日涨9美元；PTA华东昨日价格5010元/吨，较前日涨38元；MEG现货昨日价格3595元/吨，较前日跌43元；石脑油MOPJ昨日价格549美元/吨，较前日涨0.5美元；Dated布伦特昨日价格68美元/桶，较前日涨0.69美元 [2]. - **Spot Processing Fees**: PX - 石脑油价差昨日价格330.5美元/吨，较前日涨4.42美元；PTA加工费昨日价格309.31元/吨，较前日跌70.31元；短纤加工费昨日价格120.64元/吨，较前日跌21.37元；瓶片加工费昨日价格149.42元/吨，较前日涨47.24元；MOPJ石脑油 - 迪拜原油价差昨日价格 - 4.34美元/吨，与前日持平 [2]. Fundamental Information - **PX**: On January 20, PX prices rose. The estimated price of MOPJ in February is 546 dollars/ton CFR. Three Asian spot transactions in March were all at 887. The estimated PX price on January 20 was 888 dollars/ton, up 9 dollars from January 19. The domestic PX plant operating rate increased to 89.6% (+1.3%), and only Sinochem Quanzhou is under maintenance. Some overseas PX plants plan to restart or are under maintenance, and the overseas import in December is expected to be over 950,000 tons [3][8]. - **PTA**: The PTA plant operating rate is maintained at about 76.9%. The Yisheng New Materials' 3.6 million - ton PTA plant is under maintenance. Polyester production reduction plans increase, and the operating rate drops rapidly this week [8][9]. - **MEG**: From January 19 to January 25, the planned arrival quantity at major ports is about 205,000 tons. The domestic ethylene glycol operating rate is 74.4%, and the coal - based operating rate is 80.2% (+1.6%). Some plants adjust their loads, and some are under maintenance. Polyester filament manufacturers increase maintenance efforts, and the polyester load in February is expected to drop to 82 - 83% [6][10]. - **Polyester**: A 400,000 - ton polyester plant in Shaoxing and a 500,000 - ton polyester plant in Ningbo are under planned maintenance and will restart in early March. A 50,000 - ton polyester plant in Shaoxing restarted on January 20. On January 20, the sales of direct - spun polyester staple fibers improved, with an average sales - to - production ratio of 102%. The sales - to - production ratio of Jiangsu and Zhejiang polyester filaments was weak, with an estimated average of 40 - 50% [6][7]. Trend Intensity - PX trend intensity: 1 - PTA trend intensity: 1 - MEG trend intensity: 0 [7]

Group 1: Natural Rubber Market - Domestic all-latex rubber price is 15,400 yuan/ton, down 100 yuan/ton from the previous day [4] - Thai 20 mixed rubber price is 14,750 yuan/ton, down 100 yuan/ton from the previous day [4] - As of January 18, 2026, Qingdao's total inventory of natural rubber is 584,900 tons, an increase of 1,670 tons or 2.94% from the previous period [5] - The global market is expected to transition from dynamic pricing based on supply and demand to static pricing based on inventory levels as the Northern Hemisphere enters the low production season [5] - Demand for rubber products is expected to grow moderately by 2026, but growth may be limited due to global trade barriers [5] Group 2: PX Market - PX industry load in China decreased by 1.5 percentage points to 89.4%, while the Asian industry load decreased by 0.6 percentage points to 80.6% [6] - The overall supply of PX is expected to remain ample due to weak maintenance plans for the first quarter [6] - The demand side is under pressure due to numerous maintenance plans for downstream PTA devices in the first quarter [6] - The PX market is expected to shift to a loose supply-demand pattern in the first quarter [6] Group 3: PTA Market - PTA industry load decreased by 1.9 percentage points to 76.3%, which is below the historical average for this time of year [8] - New order sentiment is weak, and the operating rate of terminal factories in Jiangsu and Zhejiang is continuously declining [8] - PTA futures rose over 2% due to market optimism towards chemical stocks, but the sustainability of this strength is under scrutiny [8] - The PTA export volume in December 2025 was approximately 362,000 tons, an increase of 0.9% month-on-month and 40.3% year-on-year [10] Group 4: EG Market - The domestic ethylene glycol industry load increased by 0.5 percentage points to 74.4%, with the synthetic gas load increasing by 1.6 percentage points to 80.2% [11] - Despite high shipping costs and potential import reductions due to Middle Eastern maintenance, domestic supply remains ample [11] - Weak new order performance and declining operating rates in Jiangsu and Zhejiang are expected to lead to inventory accumulation in January [11] Group 5: PF Market - The load of direct-spun polyester short fibers remained stable at 99.1%, supported by low inventory levels [13] - Demand is expected to weaken as downstream yarn enterprises accelerate cash recovery and become cautious in procurement [13] - The operating rate of polyester yarn is expected to decline, further suppressing demand for short fibers [13] Group 6: PR Market - The bottle-grade polyester industry load decreased by 6.4 percentage points to 68.4%, with ongoing supply contraction expected [16] - The current beverage consumption season is traditionally weak, limiting production recovery potential in January and February [16] - The PR market is expected to follow raw material prices, with short-term strategies favoring PR over PF [16] Group 7: Soda Ash Market - Soda ash futures experienced a slight decline, while spot prices remained stable [41] - Recent production increases have led to supply pressure, with soda ash production rising by 22,000 tons to 775,000 tons [41] - Downstream demand has slightly decreased, and the overall market sentiment is weak [41] Group 8: Glass Market - Glass futures saw a significant decline, while spot prices remained stable [43] - The latest glass inventory decreased by 125,000 tons to 2.651 million tons, but year-on-year figures show an increase of 20.9% [43] - The short-term glass market is expected to experience weak price fluctuations due to seasonal demand [43]

Report Summary 1. Report Industry Investment Rating No specific investment rating is provided in the report. 2. Core Views - PX: The valuation follows the cost - end correction, being relatively neutral. Future PX supply is expected to be loose, and the processing fee is maintained at 330 USD/ton. It's advisable to focus on the long - PX short - PTA and long - MX short - PX hedges [7]. - PTA: The PTA processing fee is at a high level. It's recommended to focus on reducing the processing - fee position. Future supply and demand will be weak, and the inventory will accumulate. The unilateral price has limited downside space [8]. - MEG: It is in a range - bound market with limited downside space. Attention should be paid to basis and 5 - 9 calendar spreads. The supply pressure is still large, but the basis and monthly spreads can cover storage costs [8]. 3. Summary of Related Catalogs 3.1 Futures Market Data | Futures | Closing Price | Change | Change Rate | Month - spread Closing Price | Month - spread Change | | ---- | ---- | ---- | ---- | ---- | ---- | | PX Main | 7106 | 20 | 0.28% | 68 | 8 | | PTA Main | 5030 | 12 | 0.24% | 42 | - 2 | | MEG Main | 3755 | - 41 | - 1.08% | - 108 | - 4 | | PF Main | 6398 | - 2 | - 0.03% | - 44 | 0 | | SC Main | 437.4 | - 1.4 | - 0.32% | - 1.2 | 2.3 | [2] 3.2 Spot Market Data | Spot | Price | Change | | ---- | ---- | ---- | | PX CFR China (USD/ton) | 879 | 0 | | PTA East China (CNY/ton) | 4972 | 12 | | MEG Spot | 3638 | - 57 | | Naphtha MOPJ (USD/ton) | 548.5 | 0 | | Dated Brent (USD/barrel) | 67.76 | 1.45 | [2] 3.3 Spot Processing Fee Data | Processing Fee | Price | Change | | ---- | ---- | ---- | | PX - Naphtha Spread | 330.5 | 4.42 | | PTA Processing Fee | 309.31 | - 70.31 | | Staple Fiber Processing Fee | 120.64 | - 21.37 | | Bottle Chip Processing Fee | 149.42 | 47.24 | | MOPJ Naphtha - Dubai Crude Spread | - 4.34 | 0 | [2] 3.4 Fundamental Data - **PX**: On January 19, the PX price remained stable, with an April Asian spot deal at 881. The estimated PX price was 879 USD/ton, unchanged from last Friday. The domestic PX plant operating rate increased to 89.6% [3][7]. - **PTA**: On January 19, the PTA spot price rose to 4970 CNY/ton. The current PTA operating rate is maintained at 76.9%, and the load - increasing space is limited [3][8]. - **MEG**: On January 19, the MEG port inventory in some main ports in East China was about 79.5 tons, a decrease of 0.7 tons from the previous period. The domestic ethylene glycol operating rate was 74.4%, and the coal - based operating rate was 80.2% (+1.6%) [4][8]. 3.5 Device Operation and Sales - **MEG**: An Anhui 300,000 - ton/year syngas - to - ethylene glycol plant recently reduced its load to 80 - 90%. A 360,000 - ton/year ethylene glycol plant in the southwest began maintenance last weekend, expected to last about 10 days [6]. - **Polyester**: Two polyester plants in Xiaoshan with a total capacity of 400,000 tons started maintenance on Saturday, planning to restart on February 12. On January 19, the sales of direct - spun polyester staple fibers were polarized, with an average sales rate of 60% [6]. - **Polyester Yarn**: On January 19, the sales of polyester yarn in Jiangsu and Zhejiang were weak, with an average sales rate of 40 - 50% [6].

Group 1: Rubber Market - Domestic all-latex rubber price is 15,700 yuan/ton, down 100 yuan/ton from the previous day; Thai No. 20 mixed rubber price is 15,050 yuan/ton, down 80 yuan/ton [4] - As of January 11, 2026, the total inventory of natural rubber in Qingdao is 568,200 tons, an increase of 1,980 tons, or 3.62% from the previous period [4][17] - With the arrival of winter in the Northern Hemisphere, the pricing framework is expected to shift from dynamic pricing based on supply and demand to static pricing based on inventory levels, leading to high volatility in rubber prices [5][18] Group 2: PX Market - The PX industry load in China increased by 0.3 percentage points to 90.9%, while the Asian industry load also increased by 0.3 percentage points to 81.2%, indicating stable supply and demand [6][19] - The demand side is supported by the restart of downstream PTA facilities, which is expected to boost PX demand [19] - The overall supply of PX is expected to remain high in January, with inventory accumulation expected to narrow [19] Group 3: PTA Market - The PTA industry load increased by 0.1 percentage points to 78.2%, remaining at a low level compared to previous years [7][20] - New order sentiment is weak, and the operating rate of terminal factories in Jiangsu and Zhejiang is declining [20] - PTA inventory is expected to face accumulation pressure in January due to seasonal demand weakness [20] Group 4: EG Market - The domestic ethylene glycol (EG) industry load increased by 0.5 percentage points to 74.2%, indicating stable supply and demand [21] - Despite rising shipping costs and potential import reductions, domestic supply remains ample, leading to significant supply pressure [21] - January is expected to see inventory accumulation, with February potentially being the peak period for inventory pressure in the first half of the year [21] Group 5: Soda Ash Market - Soda ash futures experienced a slight decline, with the latest production increasing by 57,000 tons to 754,000 tons, indicating rising supply pressure [24] - Downstream demand has slightly decreased, with the latest inventory at 156,500 tons, down 800 tons from the previous week [24] - The overall market sentiment is weak, with short-term soda ash prices expected to fluctuate [24] Group 6: Glass Market - Glass futures saw a significant decline, while spot prices remained stable [25] - Recent production has decreased, and downstream purchasing activity has improved, leading to a reduction in inventory [25] - The latest glass inventory decreased by 67,000 tons to 2,776,000 tons, indicating a seasonal demand weakness [25]