宝城期货螺纹钢早报（2025年10月30日）-20251030

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The steel price of rebar is expected to continue the oscillatory upward trend, and it is recommended to pay attention to the support level of MA5. The core logic is the strong cost support [1][2] Group 3: Summary According to the Table 1. Variety Viewpoint Reference - For rebar 2601, the short - term trend is oscillatory and slightly stronger, the medium - term trend is oscillatory, and the intraday trend is oscillatory and slightly weaker. It is suggested to pay attention to the support at the MA5 line, with the core logic being that strong costs support the oscillatory recovery of steel prices [1] 2. Market Driving Logic - The supply - demand pattern of rebar has changed little. Construction steel mills have increased production, with weekly output rising from a low level and high inventory, so the supply side offers limited benefits. Meanwhile, rebar demand has seasonally recovered, with high - frequency demand indicators rising from a low level, but still at a low level compared to the same period in recent years, and the downstream situation has not improved, so the strength of the peak season remains in doubt. In the current situation of increasing supply and demand, the improvement of the rebar fundamentals is limited, and the pressure to reduce inventory remains. The steel price is still prone to pressure. The relative positives are the warm market sentiment and the cost support brought by strong raw materials. It is necessary to pay attention to the production and sales data released by Steelhome today [2]