Guojin Securities: European fiberglass is being "squeezed out" by natural gas, and the export outlook for domestic fiberglass is expected to expand.

Guo Jin Securities research report indicates that the significant increase in European natural gas prices has led to a sharp rise in the production costs of domestic glass fiber, causing European production capacity to be "squeezed out" and import demand is expected to increase. The 2.5 million tons annual demand for glass fiber in Europe and the 1 million tons domestic production capacity gap will mainly be filled by domestic enterprises. Glass fiber has global pricing characteristics, with over 45% of external demand gap, making European demand a key variable for exports in 2026. At the same time, 2026 is a "small year" for industry supply, with AI electronic cloth capital expenditure diversion and platinum price increases suppressing new capacity, and there is unexpected room for price hikes in coarse yarn.