The glass futures price started a bull market in mid-April, hit a record high on August 18, and then entered a period of wide oscillation, while the soda ash futures price entered an upward channel in mid-July, which was 3 months later than the start of the glass market. From the perspective of the price cycle, there is a difference in the supply and demand elasticity of glass and soda ash and the inventory cycle, which ultimately leads to large fluctuations in the price difference between the two and the staged imbalance of upstream and downstream profit distribution.