宝城期货螺纹钢早报（2025年11月11日）-20251111

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The short - term, medium - term, and intraday trends of rebar 2601 are expected to be oscillatory, oscillatory, and weakly oscillatory respectively. Attention should be paid to the pressure at the MA10 line. The industrial contradictions remain unresolved, and steel prices are expected to oscillate at a low level [1]. - Market sentiment has warmed up, and steel prices have stabilized in oscillation. However, under the situation of weak supply and demand, the fundamentals of rebar have not improved, and the upward driving force is not strong. It is expected that the trend will continue to oscillate at a low level, and attention should be paid to the production situation of steel mills [2]. Group 3: Summary According to Relevant Catalogs Variety View Reference - For rebar 2601, short - term trend is oscillatory, medium - term is oscillatory, and intraday is weakly oscillatory. The reference view is to pay attention to the pressure at the MA10 line, with the core logic being that industrial contradictions are unresolved and steel prices oscillate at a low level [1]. Market Driving Logic - Commodity sentiment has warmed up, and combined with production restriction disturbances, steel prices have stabilized in oscillation. However, the supply - demand pattern of rebar has changed little. Supply has shrunk but remains at a relatively high level this year, and inventory reduction is limited. Demand indicators have declined and are at a low level in the same period in recent years. With the approaching of the off - season, demand is likely to weaken, and steel prices continue to be under pressure. The fundamentals of rebar have not improved, and the upward driving force is weak, so it is expected to continue to oscillate at a low level [2].