20250801-东亚期货-黑色建材周报—玻璃_24页_2mb

Glass Weekly Market Analysis (August 2025)

Overview

This report analyzes the glass market fundamentals, based on data up to July 31, 2025. The market is currently in a correction phase, with supply remaining constrained while demand shows limited improvement. Inventory levels are under pressure, but prices have risen slightly, influenced by regional variations.

Key Market Indicators

• Supply: National float glass production and capacity utilization have remained relatively stable. Production reached 111.52 million tons in July, with a capacity utilization rate of 79.78%.
• Demand: Factory orders are still weak, with an average order duration of 9.55 days. Low-E glass production and export volumes are monitored but show no significant trend changes.
• Inventory: Inventory levels continue to decline, with a nationwide stock of approximately 5,950 million reams. This represents a 3.87% monthly decrease and equates to about 25.5 days of inventory.
• Price: Domestic prices rose to 1,236 yuan/ton in July, with regional differences; for example, high prices persist in the华北 region, but some areas show downward pressure.
• Profit: Glass producers report improved profits across fuel types, reflecting better margins despite subdued demand.

Outlook

The short-term outlook is mixed:

• Bullish factors: Lower production rates and continued inventory drawdown provide some support.
• Bearish factors: Weak terminal demand and recent price drops in some regions indicate pressure on the market.

Related Segments

• Photovoltaic glass: Production increases, with rising capacities, influenced by the renewable energy sector.
• Real estate: Slowing indicators, like reduced housing starts and sales, highlight potential indirect impacts on construction-related glass demand.

This summary is based purely on factual data from the report and does not include any recommendations or expressions of the issuer's views. Refer to the full disclaimer for legal details.