宝城期货螺纹钢早报（2025年10月27日）-20251027

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The steel price is expected to show a stable and fluctuating trend, and attention should be paid to the demand performance [1][2] - The short - term, medium - term, and intraday trends of rebar 2601 are fluctuating, fluctuating, and fluctuating with a slight upward bias respectively, and attention should be paid to the pressure at the MA20 line [1] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For rebar 2601, the short - term view is fluctuating, the medium - term view is fluctuating, and the intraday view is fluctuating with a slight upward bias. The reference view is to pay attention to the pressure at the MA20 line, and the core logic is that market sentiment has improved and steel prices have stabilized after fluctuations [1] Market Driving Logic - After the China - US trade negotiation was completed, market sentiment improved, and steel spot prices rose slightly over the weekend. The supply - demand pattern of rebar has not changed much. The weekly output of rebar has rebounded from a low level, but the inventory is high, so the supply positive effect is limited [2] - Rebar demand has continued to improve, but high - frequency indicators are still at a low level in the same period in recent years, and the downstream has not improved, so the peak season is expected to be lackluster [2] - Currently, the seasonal increase in rebar demand is accompanied by an increase in supply. Under the situation of both supply and demand increasing, the fundamentals have not improved, and the pressure of inventory reduction remains, so steel prices are still under pressure [2]