宝城期货螺纹钢早报-20250702

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints of the Report - The steel price of rebar is expected to continue the oscillatory trend. The supply pressure of rebar is increasing while the demand is poor, and the fundamentals are in a seasonal weak state, but the low inventory level results in few real - world contradictions. Attention should be paid to the implementation of production restrictions [2][3]. 3) Summaries According to Relevant Catalogs Variety Viewpoint Reference - For rebar 2510, the short - term, medium - term, and intraday trends are oscillatory, oscillatory, and weakly oscillatory respectively. It is suggested to pay attention to the support at the MA5 line. The core logic is the weak fundamentals in the off - season and the continuous oscillation of steel prices [2]. Market Driving Logic - Production restriction disturbances have emerged, leading to a switch in the strength of black varieties. The fundamentals of rebar are weakly stable in the off - season. Construction steel mills have increased production, and the weekly output has been continuously rising, resulting in increasing supply pressure. In contrast, the demand for rebar is poor, and high - frequency demand indicators continue to show a weak trend, with obvious off - season demand characteristics, which will still suppress steel prices. Although the supply disturbances have caused the steel price to oscillate upwards, the supply pressure is increasing and the demand is poor. The low inventory level is a relative positive factor, and it is expected that the steel price will continue to oscillate. Attention should be paid to the implementation of production restrictions [3].