Industrial materials monthly: July 2026

研报英文原文证据摘录

Industrial materials monthly: July 2026

1 July 2026

Mizuho Securities Equity Research Glass and Ceramics

Industry Overview

Fujikura’s share price up sharply; more executives earning ¥100m or more, but..

Senior Analyst: Monthly share-price performance: Fujikura rallies sharply

Hiroshi Matsuda In June, the 16 industrial materials companies under our coverage collectively

+81 3 6202 8419 rose by only around 3% versus end-May, while the Nikkei 225 advanced

hiroshi.matsuda@mizuho-sc.com roughly 6%. The Philadelphia Semiconductor Index rose roughly 11%.

Fujikura (5803), which announced sharp upward revisions to its FY3/27

earnings forecasts on 18 June, saw its share price jump by around 31% versus

end-May. Share prices rose by around 19% for NGK (5333) and around 12%

for Nichias (5393) and Sumitomo Osaka Cement (5232). In contrast, smelting

companies performed poorly, with Mitsui Kinzoku (5706)’s share price falling

by around 18%.

Statistics: Copper cables down YoY, nonferrous metal prices

soften MoM

In the glass industry, float glass prices in Germany rose roughly 15% YoY but

were flat MoM in May (see Figures 6–7). The LNG CIF price was ¥99,000/MT

in May, up by about 14% YoY and about 11% MoM (see Figure 15). In June,

the PVC spread in Southeast Asia improved by around 22% YoY and around

15% MoM (see Figures 16–17).

Cement sales volume in Japan fell 6.5% YoY, for the 43rd straight month of

decline, in May after adjusting for the number of business days (see Figures

18–19). The thermal coal CIF price was $142/MT in May, up roughly 18% YoY

and up roughly 8% MoM (see Figures 23–24). Domestic cement prices and

ready-mixed concrete prices were unchanged in June (see Figures 26–27).

For nonferrous metals, the volume of rolled copper products rose YoY for the