宝城期货螺纹钢早报（2025年9月29日）-20250929

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term view of Rebar 2601 is weakly oscillating, the medium - term view is oscillating, and the intraday view is also weakly oscillating. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that industrial concerns are fermenting, leading to a weak downward trend in steel prices [2]. - The black metals continued their weak downward trend in the night session last Friday, and the steel spot prices also declined over the weekend. Although the supply of rebar is stable and the pre - holiday downstream restocking has improved demand, the downstream industries are still sluggish, and the basic situation is difficult to improve continuously. The concern of production - cut negative feedback has fermented again, and steel prices are under pressure to run weakly before the holiday. Attention should be paid to the changes in open interest on the futures market [3]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For Rebar 2601, the short - term is weakly oscillating, the medium - term is oscillating, and the intraday is weakly oscillating. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is the fermentation of industrial concerns and the weak downward trend of steel prices [2]. 3.2 Market Driving Logic - Industrial concerns are fermenting, leading to a weak downward trend in black metals in the night session last Friday and a decline in steel spot prices over the weekend. The supply of rebar is stable, and pre - holiday downstream restocking has improved demand, but the downstream industries are still sluggish, and the fundamentals are difficult to improve continuously. The concern of production - cut negative feedback has fermented again, and steel prices are under pressure to run weakly before the holiday. Attention should be paid to the changes in open interest on the futures market [3]