宝城期货螺纹钢早报-20250523

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The supply - demand pattern of rebar has changed. With increasing supply and weakening demand, the fundamental contradiction of rebar is accumulating, and steel prices are under pressure. However, the continuous reduction of low - level inventory is a positive factor. Under the game of long and short factors, steel prices continue to fluctuate at a low level. Attention should be paid to the demand performance [2][3]. 3. Summary by Relevant Catalogs 3.1 Variety View Reference - For the rebar 2510 contract, the short - term view is "oscillation", the medium - term view is "oscillation", and the intraday view is "oscillation and weakening". It is recommended to pay attention to the pressure at the MA20 line. The core logic is that the supply - demand pattern has weakened, and steel prices are oscillating to find the bottom [2]. 3.2 Market Driving Logic - The supply of rebar has continued to rise and reached a high level this year as construction steel mills are actively producing. In contrast, the weekly apparent demand has declined again and is at a low level in the same period in recent years, and it will seasonally weaken in the future. The demand is relatively weak. Under the situation of increasing supply and weakening demand, the fundamental contradiction of rebar is accumulating, and steel prices are under pressure. The positive factor is that the low - level inventory is continuously being destocked [3].