20250630-永安期货-玻璃纯碱早报_3页_696kb

报告摘要

Spot prices: River Sand (Hebei) glass at ~1117 yuan for 5mm panels, with a weekly increase of 11 yuan to 1128 yuan; Hebei Xiaoli (Hebei) glass around 1080 yuan, stable. Trade volume is moderate.
Production and sales: Yields were around 87/110 in River Sand area, 80/81 in Hubei, 91/83 in East China, and 90/90 in South China, indicating steady but not strong demand.
Futures: FG09 contract at 1007 yuan, rising 12 yuan weekly. Affiliation prices show FG01 at 1016 yuan, with a small increase.
Key indicators: Price spread for FG09-01 decreased slightly to -58 yuan; natural gas-based profits for gas-fired glass were low, averaging negative values.

Spot prices: Heavy soda ash in Hebei at ~1180 yuan, Sand River (Hebei) at ~1220 yuan, showing slight increases.
Futures: SA05 at 1207 yuan, SA01 at 1192 yuan, SA09 at 1196 yuan, with weekly gains ranging from 8 to 30 yuan.
Inventory and production: Heavy alkali inventory slightly increased in factory warehouses but decreased at delivery points; production costs for ammonia-alkali soda ash margin saw a moderate recovery, up by 4.3-7.0 weekly basis.
Key indicators: Alkali production rates stable around 100%; profit margins improved in some regions but remained challenged overall due to cost pressures and inventory dynamics.

Both markets showed stabilizing prices but with higher base levels in glass (river sand at 1117) and soda ash (river heavy alkali at 1220), reflecting end-of-quarter activity.
Glass market demand is moderate with source concerns noted; soda ash inventory movements indicate mixed supply dynamics.
Natural gas expense and contract spreads highlight bottom-line pressures across both commodities.

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