It's a volcanic glass, but it has properties of both glass and metals. The green glass armor they call malachite also has these properties. Traits like this are seen in real life in http://en.wikipedia.org/wiki/Amorphous_metal.
Elven and Glass are metallic light armor. You may be surprised to think that Glass can be thought of as metallic, but appearances are deceiving. What we call Glass is nothing like the window panes you see in houses. The greenish material is far stronger and has a much higher melting point.
The two seem to be somewhat related and they are described as being similar. Maybe Glass forms from regular lava and it only becomes Ebony if exposed to the blood of Lorkhan.
It irks me that they gave malachite and moonstone the names of real stones that are nothing like what they are ingame instead of simply making something up. I feel your pain about ebony.