宝城期货螺纹钢周度数据-20250530

Report Summary 1. Investment Rating - No investment rating provided in the report. 2. Core View - The supply - demand pattern of rebar has not improved. Supply has a slight contraction but low sustainability, demand is stable with a seasonal weakening expectation, and fundamental contradictions are accumulating. Steel prices continue to be under pressure. With inventory at a low level, short - term negative factors dominate, and steel prices will continue the weak bottom - seeking trend. Attention should be paid to demand changes [2]. 3. Summary by Category Supply - Rebar weekly production was 225.51 tons, a week - on - week decrease of 5.97 tons. Supply has contracted but remains at a high level this year. Due to good steel profits, production cuts are unlikely to continue, and the supply contraction is limited [1][2]. - The blast furnace capacity utilization rate was 90.69%, a week - on - week decrease of 0.63 percentage points [1]. Demand - Rebar weekly apparent demand was 248.68 tons, a week - on - week increase of 1.55 tons. High - frequency transactions were sluggish. Both are at low levels in recent years and will seasonally weaken later. The weak demand pattern remains unchanged, which easily puts pressure on steel prices [1][2]. - The weekly average of steel union building materials transactions was 10.36, a week - on - week increase of 0.87 [1]. Inventory - Total inventory was 581.05 tons, a week - on - week decrease of 23.17 tons, a decrease of 121.28 tons from the end of last month, and a decrease of 192.62 tons compared with the same period. Factory inventory was 186.46 tons, a week - on - week decrease of 1.30 tons. Social inventory was 394.59 tons, a week - on - week decrease of 21.87 tons [1].