3.11 Glass Daily Review: Float Glass Market Prices Still Loose

Float Glass Market Prices

Float Glass Market Analysis

Today, the domestic 5mm float glass market continued its weak downward trend. Among them, the 5mm large and small plates in Shahe market in North China were flat, and the price center of gravity moved downward; the East China market continued to reduce by 10 yuan/ton, and the production and sales performance weakened; the trading atmosphere in the South China market was poor, and downstream procurement was still cautious; other regions mainly stabilized prices, but overall production and sales weakened compared with the previous period. At present, the quotations of companies in the float glass market have loosened, some are maintaining stability and waiting, the recovery of downstream deep processing orders is weak, the market acceptance sentiment is general, and the overall atmosphere is still sluggish.

Futures Dynamics
According to Boduoduo data: On March 11, the opening price of the main glass contract FG2505 was 1146 yuan/ton, and finally closed at 1153 yuan/ton, with a daily increase of -0.69%. The highest intraday price was 1,163 yuan/ton, the lowest was 1,141 yuan/ton, and the position was 1,543,446 lots, down 57,062 lots from the previous month.

Today, the price of glass futures rebounded in a narrow range at a low level, and some short funds reduced their positions to realize profits. The main contradiction of insufficient demand in the current glass market has not yet seen a significant repair, and the negative feedback logic of glass futures has not stagnated for the time being. As the futures price continues to decline, there is little room for premium compared to the low price in Hubei Province, and some short funds have stopped profiting and left the market. However, it is still difficult to see a rebound drive for glass before the core contradiction is resolved, and it will mainly maintain weak fluctuations in the short term.

Forecast for the future market
There will be a plan to resume production in the subsequent float glass market, and the supply will remain at a high level; while there will be a small amount of rigid demand replenishment in the downstream, and the probability of further reduction is relatively high; in the short term, it is expected that the float glass market may still be weak.