格林大华期货早盘提示：钢材-20251107

1. Report Industry Investment Rating - The report recommends a long position in steel products [1] 2. Core Viewpoints - On Thursday, rebar and hot-rolled coils closed higher, with rebar rising and hot-rolled coils falling during the night session. The supply of the five major steel products decreased by 2.1% week-on-week, total inventory dropped by 0.67%, and weekly consumption fell by 5.4%. The production of rebar and hot-rolled coils decreased this week, inventory of rebar decreased while that of hot-rolled coils increased, and the apparent demand for both declined. With blast furnace production cuts and maintenance in some areas, partial enterprise production cuts, and full losses in electric arc furnace steel, the supply of crude steel is expected to continue to shrink, while the demand side remains weak. The pressure level for the main rebar contract is 3230, and the support level is 3000. It is recommended to continue holding long positions around 3000 and stop loss if it effectively breaks below 3000 [1] 3. Summary by Relevant Catalogs Market Review - On Thursday, rebar and hot-rolled coils closed higher, with rebar rising and hot-rolled coils falling during the night session [1] Important Information - In October, the bond financing of the real estate industry was 51.24 billion yuan, a year-on-year increase of 76.9%. The new loans in October may be less than the same period last year, and the slowdown in government bond issuance may lead to a decline in social financing. The supply of the five major steel products this week was 8.5674 million tons, a week-on-week decrease of 185,500 tons, a decline of 2.1%; the total inventory was 15.0357 million tons, a week-on-week decrease of 101,900 tons, a decline of 0.67%; the weekly consumption was 8.6693 million tons, a decline of 5.4%, among which the consumption of building materials decreased by 7.2% month-on-month, and the consumption of plates decreased by 0.2% month-on-month [1] Market Logic - The production of rebar and hot-rolled coils decreased this week, inventory of rebar decreased while that of hot-rolled coils increased, and the apparent demand for both declined. With blast furnace production cuts and maintenance in Shanxi, Tangshan in Hebei and other places, partial enterprise production cuts, and full losses in electric arc furnace steel, the supply of crude steel is expected to continue to shrink, while the demand side remains weak. The pressure level for the main rebar contract is 3230, and the support level is 3000 [1] Trading Strategy - The 3000 level of rebar still has strong resilience. It is recommended to continue holding long positions around 3000 and stop loss if it effectively breaks below 3000 [1]