光大期货：短期螺纹仍是供强需弱，期价或继续窄幅整理

Core Viewpoint - Domestic rebar prices have shown a mild increase, but the growth is limited due to high supply, weak demand, and continuous inventory accumulation [1][2] Supply and Demand Analysis - Rebar production increased by 59,100 tons week-on-week to 2,205,600 tons, and year-on-year it rose by 583,000 tons [1] - Social inventory rose by 212,600 tons week-on-week to 4,537,700 tons, and year-on-year it increased by 109,300 tons [1] - Factory inventory decreased by 49,100 tons week-on-week to 1,696,200 tons, but year-on-year it increased by 167,500 tons [1] - Rebar apparent demand rose by 94,100 tons to 2,042,100 tons, but year-on-year it decreased by 141,600 tons [1] - The overall supply-demand data is weak, with high supply and stable weak demand [2] Market Conditions - The steel market is facing high supply levels, weak demand, and a seasonal increase in inventory [2] - Steel prices have been fluctuating downwards, while coking coal prices have risen for seven consecutive rounds, and iron ore prices remain firm [1] - Steel mills' profits have been compressed to low levels, but the recent improvement in export orders is noted [2]