Yesterday's domestic 5mm float glass market remained largely flat. In North China, prices rose by 10 RMB/ton. The Beijing-Tianjin-Tangshan region maintained decent operating rates supported by export rush orders, while Shahe faced shipping disruptions due to vehicle restrictions. East China saw slight adjustments amid stability, with parts of Shandong similarly buoyed by export demand. The South China market remained relatively stable, with most mid-to-downstream enterprises entering holiday mode. Manufacturers slowed shipment paces, creating a subdued market atmosphere. Other regions adopted stable pricing as their core strategy, though shipment performance varied. Current float glass market fundamentals show no significant changes. As the Spring Festival approaches, downstream factories have largely completed pre-holiday stockpiling, with some plants shutting down for holidays. End-user demand continues to weaken, resulting in overall subdued market trading activity.

Yesterday's glass futures prices saw a modest rebound, primarily driven by expectations of supply contraction following news that the remaining four coal gas lines in Shahe may undergo concentrated shutdowns around the Spring Festival. This, coupled with some traders replenishing inventories at lower prices, pushed futures prices upward in a fluctuating trend. However, considering that current end-user demand remains in the off-season and spot market transactions show no significant improvement, the rebound in futures prices may be somewhat limited. Attention should continue to be paid to the actual shutdown situation in the Shahe area and the impact of post-holiday demand recovery pace on market sentiment.

Market Outlook

In the short term, the domestic float glass market is likely to continue its weak consolidation trend. With the Spring Festival holiday approaching, terminal demand has entered its traditional off-season. Downstream processing enterprises and traders are gradually shutting down operations for the holiday, leading to low market purchasing intent and limited prospects for substantial improvement in spot transactions. The specific trajectory will depend on the combined impact of multiple factors, including the pace of post-holiday demand release, changes in production capacity, and the macroeconomic environment. The market is expected to remain in a tentative adjustment phase after the holiday, with a genuine trend likely requiring clearer signals from the demand side.

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