Shouchuang Futures: Equipment gradually resumes production, soda ash futures prices continue to be weak.

On the supply side, Xuzhou Fengcheng, Anhui Hongsifang, and Chongqing Xiangyu have resumed operations and increased loads, pushing soda ash capacity utilization up to 79.55%. Last week, domestic soda ash production was 740.9k tons, a decrease of 9.6k tons or 1.28% week-on-week. Soda ash producer inventory stood at 1.73 million tons, down 2.4k tons or 0.14%. Enterprise sales and production were average, with individual output declines and inventory reductions, but overall fluctuations were minimal. Soda ash companies' pending orders increased by one day to ten days. This week, as some units gradually resume production, overall supply is trending upward. Estimated weekly production this week is 760k tons, with utilization rates nearing 80%.

On the demand side, downstream finished product inventory and capital pressure remain significant, with expectations of reductions or cold repairs in some segments. Market sentiment is cautious, with little willingness to stock up. Last week, float glass melting capacity stood at 146k tons per day, and photovoltaic glass at 74.7k tons per day, stable week-on-week. This week, float glass production lines are running steadily, with estimated weekly output of 1.0211 million tons. Two photovoltaic glass production lines are expected to be taken offline, involving a total of 1,500 tons/day, and the estimated weekly active capacity for photovoltaic glass is 513.7k tons.

Overall, maintenance units are gradually resuming, leading to increasing supply pressure on soda ash futures prices. Attention should be paid to energy price changes, equipment maintenance schedules, and downstream restocking pace. (ShouChuang Futures)