宝城期货螺纹钢早报（2025年9月26日）-20250926

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term, medium - term, and intraday views on Rebar 2601 are "oscillation", "oscillation", and "oscillation with a weak bias" respectively. It is recommended to pay attention to the support at the MA20 line. The core logic is that the peak season is lackluster, and steel prices will continue to oscillate [2]. - Before the holiday, the supply - demand pattern of rebar has improved, but the downstream performance remains sluggish, demand concerns persist, and the improvement in fundamentals is questionable. The upward driving force for steel prices is weak, and the relative positive factor is cost support. It is expected that steel prices will continue to oscillate before the holiday, and attention should be paid to changes in positions [3]. Group 3: Summary by Related Catalogs 1. Variety Viewpoint Reference - For Rebar 2601, the short - term, medium - term, and intraday views are oscillation, oscillation, and oscillation with a weak bias respectively. The reference is to focus on the support at the MA20 line. The core logic is that the peak season lacks luster and steel prices continue to oscillate. Specific rules for calculating price changes and defining trends are also provided [2]. 2. Market Driving Logic - The supply - demand pattern of rebar has marginally improved. Weekly rebar production has increased slightly month - on - month and remains at a low level for the year, but inventory is relatively high, so the positive effect is not strong. High - frequency demand indicators for rebar have rebounded, and demand has improved before the holiday, but it is still at a low level compared to the same period in previous years. The downstream industry has not improved, and the peak season is lackluster. In general, the supply - demand pattern of rebar has improved before the holiday, but the downstream performance is still sluggish, demand concerns remain, the improvement in fundamentals is questionable, the upward driving force for steel prices is weak, and the relative positive factor is cost support. It is expected that steel prices will continue to oscillate before the holiday, and attention should be paid to changes in positions [3].