华宝期货晨报成材-20251024

Group 1: Report Industry Investment Rating - The industry is rated as having a short - term rebound potential while operating at a low level [3] Group 2: Core Viewpoints - The industry is operating at a low level with a short - term rebound potential. Later, attention should be paid to macro - policies and downstream demand [3] Group 3: Summary by Related Content Market Background - According to an agreement between China and the US, a Chinese delegation will hold economic and trade consultations with the US in Malaysia from October 24th to 27th [2] Production Data - Steel Union's weekly data shows that rebar production increased by 5.91 million tons to 207.07 million tons, hot - rolled coil production increased by 0.62 million tons to 322.46 million tons, and the total production of five major steel products increased by 8.37 million tons to 865.32 million tons [2] - National Bureau of Statistics data shows that China's rebar production in September was 14.75 billion tons, a year - on - year decrease of 2.9%; the cumulative production from January to September was 143.387 billion tons, a year - on - year decrease of 0.1% [2] Inventory Data - Rebar total inventory decreased by 18.94 million tons to 622.11 million tons, hot - rolled coil total inventory decreased by 4.27 million tons to 414.92 million tons, and the total inventory of five major steel products decreased by 27.41 million tons to 1554.85 million tons [2] Apparent Demand Data - Rebar apparent demand increased by 6.26 million tons to 226.01 million tons, hot - rolled coil apparent demand increased by 11.18 million tons to 326.73 million tons, and the total apparent demand of five major steel products increased by 17.32 million tons to 892.73 million tons [2] Market Performance and Influencing Factors - Rebar and hot - rolled coil had a small rebound yesterday. The weekly fundamentals were relatively stable, with both supply and demand increasing and inventory decreasing, which had a limited impact on prices [2] - The recent increase in coking coal and coke at the raw material end drove steel prices from the cost side, and the China - US economic and trade consultations were also beneficial to the commodity market at the macro level [2]