The Glass Market Will Rise In 2023. Can It Continue Its Efforts In 2024?

 The glass market will rise in 2023. Can it continue its efforts in 2024?

 The Central Economic Work Conference emphasized that economic work in 2024 will adhere to the principle of “seeking progress while maintaining stability, promoting stability through advancement, breaking first and then building up”, with fiscal policy exerting appropriate force and monetary policy being “flexible, appropriate, precise and effective.”

 In terms of upstream raw materials: liquefied natural gas and petroleum coke, the prices and costs have fallen, which has supported profits. Under the stable supply and demand situation, the high profits of the glass industry are supported by the rigid demand from the downstream, which is conducive to the high-quality development of the glass manufacturing and deep processing industry chain.

 On the supply side: As of the end of December, there were a total of 308 float glass production lines nationwide, with 254 in production.  From January to November 2023, the national flat glass output was 877.539 million weight boxes, a cumulative decrease of 6%.  Low inventories at the end of 2023 will provide a good start for the glass market in 2024. Industry players on the market have mixed confidence, and most have a good mentality, but they still need to operate with caution.

 In terms of import and export: China’s cumulative glass export volume from January to November 2023 was 637,000 tons, an increase of 3.1% over the same period last year, and the export volume increased by approximately 19,000 tons.  From January to November 2023, China’s cumulative glass import volume was 180,000 tons, a decrease of 16.21% year-on-year, and the import volume decreased by approximately 34,700 tons. The trend of exports exceeding imports has been maintained. While domestic inventories are being depleted at an accelerated pace, exports remain at a high level, indicating that there is room for improvement in domestic glass prices.

 On the demand side: The new home sales market will still face greater pressure in 2024. If the real estate market is expected to improve in the future, the cash flow of real estate companies will be improved, and the renovation of urban villages will proceed as scheduled, it will bring certain positive factors to the glass market. In other aspects, in addition to the incremental demand for renovation of old communities, urban renewal, and urban decoration, the demand for glass in agricultural modernization cannot be underestimated. Among them, “agricultural factories” refer to more modern and intelligent glass greenhouses, so there is room for further improvement in glass demand.

 Overall, the market should maintain confidence in the outlook for glass demand in the future, and the focus of glass prices may move further upward in 2024.

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