宝城期货螺纹钢早报：2025年10月21日-20251021

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The supply - demand pattern of rebar is weak, with limited inventory reduction. The steel price is under pressure and is expected to continue the trend of bottom - seeking in a volatile manner, and attention should be paid to demand performance [2] Group 3: Summary by Related Catalogs 1. Variety Viewpoint Reference - For rebar 2601, the short - term view is weak and volatile, the medium - term is volatile, and the intraday view is weak and volatile. It is recommended to pay attention to the pressure at the MA10 line. The core logic is the weak supply - demand pattern and the steel price seeking the bottom in a volatile way [1] 2. Market Driving Logic - The rebar supply - demand pattern is weak. Supply has continuously shrunk to a relatively low level, but inventory is relatively high and the positive effect of production reduction during the peak season is not strong. After the holiday, rebar demand has rebounded but is still at a low level in the same period in recent years, and the improvement of downstream demand is doubtful. The steel price is under pressure due to the lack of substantial improvement in the fundamentals and the inventory pressure, and the cost support is the relative positive factor [2]