The glass fundamentals are relatively weak (4.18 Floating Glass Weekly Review)

The glass fundamentals are relatively weak (4.18 Floating Glass Weekly Review)

1. Analysis of the float glass market

This week, China's 5mm float glass market has weakened after experiencing continuous increases. The continuity of replenishment efforts in the middle and lower reaches is limited, and manufacturers 'shipments have slowed down and production and sales have declined. In terms of price comparison, China's float glass market has been mixed this week. Among them, float glass market prices in Northeast, Central and South China regions have increased by 10-20 yuan/ton; most of them have been lowered in North China, with a downward adjustment of 28-32 yuan/ton. During the week at the supply end, the glass production line operated relatively stably, with no ignition or water release. Weekly starts were slightly adjusted and weekly output decreased. In addition, during the week, national statistics announced that the national housing completed area in the first quarter of 2024 fell by 20.7% year-on-year, and terminal demand performance remained poor. Overall, the float glass spot market is still relatively weak, with strong supply and weak demand continuing.

In terms of futures, wide fluctuations were dominated during the glass week. The production and sales of Chinese manufacturers weakened month-on-month, factory quotations fell, terminal acceptance efforts were relatively limited, and the short-term market changed little. However, due to the influence of related commodities and macro sentiments during the week, the contradiction between fundamentals and the market environment may continue in the short term.

2. Comparison of float glass market prices

3. Float glass inventory

The total inventory of float glass manufacturers this week was 59.196 million heavy boxes, compared with 60.374 million heavy boxes last week, a decrease of 1.178 million heavy boxes from last week, a range of-1.95%. The decline in float glass inventories narrowed compared with last week.

4. Weekly operating rate of float glass

This week, the operating rate of float glass companies fell slightly from last week. The weekly operating rate of float glass was 84.21%, with a range of-0.19%.

5. Weekly float glass output

There were 304 float glass production lines this week, of which 256 were in production. The float glass output was 1.2205 million tons, a decrease of 3,300 tons from last week, or-0.27%.