宝城期货螺纹钢早报-20251124

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The report believes that the fundamentals of rebar have not improved, and the steel price will continue to be under pressure. It is expected to continue the trend of oscillating to find the bottom, and attention should be paid to the demand performance [1][2]. 3. Summary by Relevant Catalogs 3.1 Variety View Reference - For Rebar 2601, the short - term view is oscillating, the medium - term view is oscillating, and the intraday view is weakly oscillating. The overall view is weakly oscillating, with the core logic being that the fundamentals have not improved and the steel price is oscillating at a low level [1]. 3.2 Market Driving Logic - Over the weekend, the spot price of steel remained stable. The supply - demand pattern of rebar has not improved. Construction steel mills have resumed production, supply has increased again, and the high inventory pressure has not been relieved. Although the demand for rebar has improved, the sustainability is doubtful. The current performance of major downstream industries is weak, and the subsequent demand will decline seasonally, continuing to drag down the steel price [2].