宝城期货螺纹钢早报-20250508

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3] 2. Core Viewpoint of the Report - The steel price is expected to continue to oscillate at a low level due to the unimproved supply - demand pattern of rebar, with the supply remaining at a relatively high level and the demand having limited sustainability [2][3] 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - For rebar 2510, the short - term and medium - term trends are both oscillating, and the intraday trend is oscillating with a slight upward bias. It is recommended to pay attention to the pressure at the MA20 line. The core logic is the game between expectations and reality, leading to the low - level oscillation of steel prices [2] 3.2 Market Driving Logic - Although there are positive domestic and foreign macro factors, the futures price of steel products has fallen after rising. The supply - demand pattern of rebar has not improved. The pre - holiday restocking led to a significant increase in weekly apparent demand, but the situation of major downstream industries has not improved, and the demand is not sustainable. On the contrary, the supply remains at a relatively high level, and the improvement of the fundamentals is limited. It is necessary to pay attention to the production and sales data of rebar released by SteelHome today [3]