宝城期货螺纹钢早报-20250903

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report's Core View - The short - term view of rebar 2510 is oscillating weakly, the medium - term view is oscillating, and the intraday view is also oscillating weakly. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that the fundamentals have not improved, and steel prices are under pressure [2]. - The steel futures prices stabilized overnight due to improved market sentiment, but the supply - demand pattern of rebar has not improved. With increased supply pressure and weak demand, the fundamentals of rebar are weak, and the steel price is still under pressure. It is expected to continue the oscillating bottom - seeking trend, and attention should be paid to the demand performance [3]. Group 3: Summary by Related Catalogs Variety View Reference - For rebar 2510, short - term: oscillating weakly; medium - term: oscillating; intraday: oscillating weakly. The view is to focus on the pressure at the MA5 line, and the core logic is the unimproved fundamentals and the pressure on steel prices [2]. Market Driving Logic - The market sentiment has improved, and the steel futures prices stabilized overnight. However, the supply - demand pattern of rebar has not improved. The production of construction steel mills is active, the rebar output has risen to a high for the year, and the supply pressure has increased. The high - frequency demand indicators of rebar have rebounded from a low level but are still at a low level compared to the same period in previous years, and the demand improvement is not sustainable. The fundamentals of rebar are weak, and the industrial contradictions are accumulating. The low - inventory pattern has changed, but the cost increase and peak - season expectations are relatively positive factors. The rebar is expected to continue the oscillating bottom - seeking trend, and attention should be paid to the demand performance [3].