宝城期货螺纹钢周度数据-20250704

Group 1: Investment Rating - No investment rating information is provided in the reports. Group 2: Core Views - The supply and demand of rebar have both increased, with the fundamental situation continuing its seasonal weakness. During the off - season, rebar prices are likely to face pressure. However, the low inventory level and recent policy benefits support the short - term strong operation of rebar prices. Attention should be paid to the implementation of policies [2]. Group 3: Summary of Each Section Supply - The weekly output of rebar was 221.08 tons, a week - on - week increase of 3.24 tons and a year - on - year decrease of 15.67 tons. The blast furnace capacity utilization rate was 90.29%, a week - on - week decrease of 0.54 percentage points and a year - on - year increase of 1.21 percentage points. Supply has continued to rise to a high for the year, and production enthusiasm remains high due to good profit per ton [1][2]. Demand - The apparent weekly demand for rebar was 224.87 tons, a week - on - week increase of 4.96 tons and a year - on - year decrease of 9.91 tons. The weekly average of steel union building materials transactions was 10.95, a week - on - week increase of 1.08 and a year - on - year decrease of 2.22. Demand has recovered at a low level, mainly due to speculative demand stimulated by rising steel prices, and it remains at a low level in recent years. The off - season weakness persists [1][2]. Inventory - The total inventory of rebar was 545.21 tons, a week - on - week decrease of 3.79 tons and a year - on - year decrease of 241.38 tons. The in - plant inventory was 180.47 tons, a week - on - week decrease of 5.13 tons and a year - on - year decrease of 20.31 tons. The social inventory was 364.74 tons, a week - on - week increase of 1.34 tons and a year - on - year decrease of 221.07 tons. The low inventory level is a relative positive factor [1].