Downstream procurement cautious demand performs poorly

 Downstream procurement cautious demand performs poorly

Float glass market price

Analysis of float glass market

Today, China's 5mm float glass market is partially down. Among them, the float glass market price in North China has been lowered by 10 yuan/ton to 1600 yuan/ton, and the Shahe area in the region has also been mainly lowered. After the end of centralized replenishment in the middle and lower reaches, production and sales of manufacturers in many places were poor, and the situation of strong supply and weak demand continued. The upstream soda ash market price was relatively stable, but the upstream fuel and natural gas prices rose, and the profits of manufacturers were divided. In addition, yesterday, National Statistics announced that in the first quarter of 2024, the national housing completed area fell by 20.7% year-on-year, and downstream real estate companies still performed poorly. Overall, the float glass market lacks benefits and remains weak.

Float Glass Index Analysis

According to data from Boduo, the float glass price index on April 17 was 1,553.91, down 4.64 or 0.30% from the previous working day.

Futures dynamics

According to Boduo data, the opening price of FG2409, the main glass contract, on April 17, was 1450 yuan/ton, and finally closed at 1468 yuan/ton, an intraday increase of +0.55%. The intraday high was 1476 yuan/ton, the lowest was 1443 yuan/ton, holding 1030430 lots, a month-on-month +40480 lots.

Glass futures prices rebounded slightly today. Spot prices continued to decline today, market production and sales continued to weaken month-on-month, and the market was operating under pressure. The increase in today's afternoon was mainly influenced by macro expectations and overall related commodities. After the market returns to industrial logic, it may still remain weak and narrow. However, we must beware that macro sentiment will continue to rebound and drive short order risk aversion, resulting in a large rebound in prices.

market outlook

The supply side of the float glass market remains relatively high, with daily supply mainly stable, the supply of glass resources is relatively abundant, and the stocking on the demand side has come to an end. The float glass market has strong supply and weak demand continue, and terminal demand has limited improvement. It is expected that the float glass market will continue to operate in a weak position in the short term.