Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoint of the Report The overall view is that the steel price of rebar 2601 will continue to search for the bottom in a volatile manner, with a short - term, medium - term outlook of oscillation and an intraday outlook of weak oscillation. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that the supply - demand pattern of rebar is weakly stable, with supply contraction having limited positive effects and demand being weak, while the relatively favorable factor is the low valuation. [1][2] 3. Summary by Relevant Catalogs Variety Viewpoint Reference - For rebar 2601, the short - term outlook is oscillation, the medium - term outlook is oscillation, and the intraday outlook is weakly oscillating. It is advised to pay attention to the pressure at the MA5 line, and the core logic is that the fundamentals are weakly stable and the steel price is searching for the bottom in a volatile manner. [1] Market Driving Logic - The supply - demand pattern of rebar is weakly stable. Rebar production has declined to a low level, but the inventory is high, so the positive effect on the supply side is not strong. Meanwhile, rebar demand continues to weaken, with high - frequency indicators remaining at low levels in recent years, and the downstream industries are performing poorly. Demand will continue to weaken seasonally, dragging down the steel price. With supply contraction having limited positive effects and demand being weak, the fundamentals have not improved, and the steel price remains under pressure. The relatively positive factor is the low valuation. It is expected that the steel price will continue to search for the bottom in a volatile manner, and attention should be paid to the production and sales data released by SteelHome today. [2]
宝城期货螺纹钢早报（2025年11月20日）-20251120
Bao Cheng Qi Huo·2025-11-20 01:50