宝城期货螺纹钢早报（2025年10月31日）-20251031

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term, medium - term, and intraday views of rebar 2601 are shock, shock, and shock - weak respectively. It is recommended to pay attention to the support at the MA5 line. The core logic is that the expected benefits are realized, and the steel price fluctuates and falls [1] - Rebar supply and demand are both rising. Supply has reached a relatively high level this year with high inventory and increasing pressure. Demand has seasonally improved but is still at a low level in the same period in recent years, with limited improvement space. The steel price has rebounded recently due to a good macro - atmosphere and cost support, but the fundamentals have not improved substantially, and the upward drive is weak. Once the market logic switches to the industrial side, the steel price will be under pressure again [2] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For rebar 2601, the short - term view is shock, the medium - term view is shock, and the intraday view is shock - weak. It is suggested to focus on the support at the MA5 line. The core logic is that the expected benefits are realized, and the steel price fluctuates and falls [1] Market Driving Logic - Rebar supply and demand are both increasing. Supply has reached a relatively high level this year with high inventory and increasing pressure. Demand has seasonally improved but is still at a low level in the same period in recent years, and the downstream industry has not improved, so the improvement space is limited and the positive effect is not strong. The steel price has rebounded recently due to a good macro - atmosphere and cost support, but the fundamentals have not improved substantially, and the upward drive is weak. Once the market logic switches to the industrial side, the steel price will be under pressure again. Attention should be paid to the demand performance [2]