4.9 Glass Daily Review: Float glass market is stable with some growth

Float glass market price

Float glass market analysis

Today, the domestic 5mm float glass spot market maintained a narrow range of consolidation. Among them, Shahe had good overall shipments, some manufacturers raised prices, and the market was still trading. The central China market had good shipments today, some companies raised prices, and most companies' prices were temporarily stable. Some companies in the northeast market continued to raise prices, and driven by the surrounding sentiment, some companies shipped relatively high. The prices of some brands in Sichuan moved up. In the early stage, in order to alleviate the pressure of white glass, there was a phenomenon of switching to ultra-white and colored glass. Other regions are still mainly shipping at stable prices, and there are differences in corporate shipments. The demand margin has not improved, and the main demand is just for demand.

Futures dynamics

According to Boduoduo data: On April 9, the opening price of the main glass contract FG2505 was 1,200 yuan/ton, and the closing price was 1,180 yuan/ton, with a daily decline of 1.58%. The highest price during the session was 1,205 yuan/ton, the lowest price was 1,141 yuan/ton, the position was 925,525 lots, and the daily position reduction was 125,344 lots.

Today, the price of glass futures mainly rebounded from the bottom, mainly due to the panic selling phenomenon in the overall market due to the further tariff increase of 104% by the United States. It fell sharply to a new low in the early trading. However, given that the tariff issue is basically the worst situation at present, the market sentiment has been restored after the release. From the fundamentals of glass itself, the recent spot production and sales are still in the seasonal recovery period. Many manufacturers in some core areas have raised their quotations, which has provided some support to the market. However, given that the main contract is approaching delivery, it is difficult to drive the upward trend from the perspective of seasonal demand repair alone. On the contrary, the basis has strengthened due to the decline in spot prices. The midstream inventory may flow out in large quantities to seize the market, and the manufacturer's price increase path may be broken. Under the delivery logic, the risk of negative feedback in the market cannot be ruled out. In the short term, we can pay attention to whether the changes in the futures-spot basis and the monthly spread can resolve the supply growth risk, and whether the macro sentiment can continue to stabilize and repair.

Market Forecast

At present, the spot market of float glass remains stable with small fluctuations. There has been little change in the supply and demand side recently. Most companies will focus on shipping and clearing warehouses. Market prices in some regions have been raised one after another. The transaction situation of manufacturers has improved, and the shipment situation varies from region to region. The downstream is cautious and wait-and-see, and the rigid demand is maintained. In the short term, it is expected that the float glass market may maintain a narrow range of fluctuations.