The spot glass market has remained relatively stable recently. Before the Spring Festival, midstream and downstream players stockpiled a certain amount of low-priced inventory. After the holiday, manufacturers tentatively raised prices, though the actual implementation remains to be seen. From a medium-term perspective, as commercial housing sales have yet to show significant improvement, glass demand is expected to remain weak. Currently, the market has entered a phase where the strength of post-holiday orders cannot be verified. Therefore, short-term market fluctuations are likely to oscillate around the current spot price level, awaiting confirmation of end-user consumption before determining the direction.
From the supply and demand perspective, data indicates that as of the end of last month, there were 262 float glass production lines nationwide, with 210 in operation. The total daily melting capacity was 150,135 tons, a decrease of 920 tons from the previous month and a year-on-year decline of 4.13%. The industry's capacity utilization rate stood at 81.94%.
The data indicates that current supply has effectively contracted compared to the same period last year. This stems from prolonged losses faced by glass manufacturers amid shrinking market orders, resulting in widespread market pessimism and increased inventory pressure. Under these market conditions, some production lines nearing their operational lifecycle have opted for voluntary cold repairs to alleviate supply pressures. However, it is important to note that the real estate sector, as the primary end-market demand for glass, has seen nearly all key indicators decline into negative growth since 2022, a trend that persists to this day. Overall glass demand at the end-market level is likely to experience a phased decline in 2026, still influenced by these factors. Therefore, against the backdrop of voluntary supply contraction by the industry, the dynamic shifts in the overall supply-demand landscape will become the key factor guiding future market trends.
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