宝城期货螺纹钢早报（2025年10月17日）-20251017

Group 1: Report's Industry Investment Rating - No information provided Group 2: Report's Core View - The steel price is expected to continue the state of oscillating to find the bottom, and attention should be paid to the demand performance. The weak reality pattern remains unchanged, the supply of rebar is at a low level, the demand improvement is doubtful in sustainability, and the cost has support [1][2] Group 3: Summary According to Relevant Catalogs Variety View Reference - For rebar 2601, the short - term view 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 weak reality pattern remains unchanged, and the steel price is oscillating to find the bottom [1] Market Driving Logic - The supply - demand pattern of rebar has changed. The output has been continuously decreasing, but the reduction momentum in the peak season is not strong and the overall decline is small. The inventory is relatively high, so the positive effect is limited. After the festival, the demand has improved as expected, but the high - frequency trading volume remains at a low level. Both supply and demand are at the low levels in the same period in recent years, and the peak - season performance is insufficient. The demand improvement is doubtful in sustainability, the inventory removal pressure is large, and the fundamentals have not been substantially improved. The relative positive factor is the cost support [2]