宝城期货螺纹钢早报-20250506

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints of the Report - The short - term, medium - term, and intraday trends of rebar 2510 are expected to be oscillatory, oscillatory, and oscillatory with a slight upward bias respectively. Attention should be paid to the pressure at the MA5 line. The core logic is that the supply - demand pattern is stable and steel prices are oscillating at a low level [2]. - The steel prices are under pressure due to the high supply pressure and the poor sustainability of demand improvement, but are supported by the expectation of crude steel reduction policies. Therefore, rebar prices will continue to oscillate at a low level, and attention should be paid to demand changes [3]. 3) Summary by Relevant Catalogs Variety Viewpoint Reference - For rebar 2510, the short - term view is oscillatory, the medium - term view is oscillatory, and the intraday view is oscillatory with a slight upward bias. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is the stable supply - demand pattern and low - level oscillation of steel prices [2]. Market Driving Logic - During the holiday, steel spot prices remained stable. Before the holiday, the supply of rebar increased and remained at a high level for the year, while the demand increased due to downstream replenishment, but the improvement in demand was not sustainable. The supply pressure remained high, and the fundamentals of rebar did not improve substantially. The positive factor is the expectation of crude steel reduction policies, so rebar prices will continue to oscillate at a low level [3].