宝城期货螺纹钢早报（2025年10月23日）-20251023

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The steel price of rebar is expected to maintain a low - level oscillating trend due to the weak supply - demand fundamentals, with cost support being the only relatively positive factor. Attention should be paid to the production and sales data released by SteelHome today [2]. - For rebar 2601, the short - term and medium - term trends are oscillating, and the intraday trend is oscillating weakly. Attention should be paid to the support at the MA5 line, as the industrial contradictions remain unresolved [1]. 3. Summary According to Relevant Catalogs Variety Viewpoint Reference - For rebar 2601, the short - term trend is oscillating, the medium - term trend is oscillating, and the intraday trend is oscillating weakly. The reference view is to pay attention to the support at the MA5 line, and the core logic is that the industrial contradictions remain unresolved and the steel price oscillates at a low level [1]. Market Driving Logic - The supply - demand pattern of rebar is weak. The weekly output of rebar continues to decline, but the production - reduction momentum during the peak season is not strong, and the inventory is high, so the positive effect of supply is limited. Meanwhile, the demand for rebar has rebounded from a low level but is still at a low level in the same period in recent years, and the downstream situation has not improved, casting doubt on the peak - season performance. In general, the supply has shrunk, and the demand has rebounded but remains at a low level. Under the situation of weak supply and demand, the fundamentals are weak, the pressure of inventory reduction is large, and the steel price continues to be under pressure. The relatively positive factor is cost support [2].