宝城期货螺纹钢早报（2025年11月7日）-20251107

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The steel price of rebar continues to be under pressure and is expected to continue the trend of oscillating to find the bottom, with the cost still providing support, and attention should be paid to the production situation of steel mills [3] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For rebar 2601, the short - term, medium - term, and intraday trends are oscillating, oscillating, and oscillating weakly respectively. It is recommended to pay attention to the pressure at the MA5 line, and the core logic is that the industrial contradictions are unresolved and the steel price is oscillating to find the bottom [2] 3.2 Market Driving Logic - The supply and demand of rebar have both weakened. The output has slightly declined, the inventory reduction is limited, and the supply pressure has not been alleviated. At the same time, the demand has weakened as expected, with high - frequency indicators falling and remaining at a low level in recent years. As the off - season approaches, the demand is likely to weaken, continuing to put pressure on the steel price. Overall, the industrial contradictions are unresolved under the situation of weak supply and demand, and the steel price is under pressure [3]