宝城期货螺纹钢早报-20251020

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The steel price of rebar 2601 is expected to continue the trend of oscillating to find the bottom, and attention should be paid to the demand performance. The short - term, medium - term, and intraday trends are oscillating, oscillating, and oscillating weakly respectively, and attention should be paid to the pressure at the MA10 line [1][2] 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - For rebar 2601, the short - term trend is oscillating, the medium - term is oscillating, and the intraday is oscillating weakly. The reference view is to pay attention to the pressure at the MA10 line, and the core logic is the game between expectation and reality, with the steel price oscillating at a low level [1] 3.2 Market Driving Logic - Sino - US agreement on a new round of economic and trade consultations and the approaching of major meetings have warmed the market sentiment, driving the night - session futures price and weekend spot price to stabilize at a low level. However, the supply - demand pattern of rebar is weak. Although supply has shrunk, the high inventory weakens the positive effect. Demand has recovered as expected after the festival, but the downstream situation has not improved, and the subsequent improvement strength is questionable. In general, the fundamentals of rebar have not been substantially improved under the situation of weak supply and demand, with large pressure on inventory reduction, and the steel price is under pressure. The relative positive factor is cost support [2]