宝城期货螺纹钢早报（2025年11月5日）-20251105

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term, medium - term, and intraday outlooks for rebar 2601 are oscillatory, oscillatory, and weakly oscillatory respectively. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that the market sentiment is weak and steel prices are searching for a bottom weakly [2]. - The steel price is likely to continue its weak trend of searching for a bottom. The supply of rebar has increased, and although the demand has improved seasonally, the fundamentals have not improved. It is necessary to pay attention to the demand performance [3]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For rebar 2601, the short - term, medium - term, and intraday trends are oscillatory, oscillatory, and weakly oscillatory respectively. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is the weak market sentiment and steel prices searching for a bottom weakly [2]. 3.2 Market Driving Logic - The market sentiment is weak, and the ferrous metals are declining. The supply - demand pattern of rebar has changed little. The output of construction steel mills has been increasing, and the rebar output has reached a high for the year, while the inventory level is high, increasing the supply pressure [3]. - The demand for rebar has improved seasonally, and high - frequency demand indicators have rebounded, but it is still at a low level in the same period in recent years. The downstream industries have not improved, and the demand will weaken at the end of the peak season [3]. - In the situation of both supply and demand increasing, the fundamentals of rebar have not improved, and steel prices are still under pressure. The relatively positive factor is cost support, and the subsequent trend is expected to continue the weak bottom - searching state [3].