宝城期货螺纹钢早报（2025年11月26日）-20251126

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The overall view of rebar 2601 is weak and volatile, with short - term, medium - term, and intraday trends showing a weak and volatile pattern, due to the weak and stable supply - demand pattern and low - level fluctuations of steel prices [1]. - The steel price is expected to continue the low - level volatile operation, as the fundamentals have no substantial improvement with increasing supply and seasonally weakening demand, despite short - term positive factors [2]. 3. Summary by Related Content 3.1 Variety Viewpoint Reference - For rebar 2601, the short - term, medium - term, and intraday trends are all weak and volatile, and the core logic is the weak and stable supply - demand pattern and low - level fluctuations of steel prices [1]. 3.2 Market Driving Logic - Both supply and demand of rebar have increased. Rebar production has rebounded from a low level, and inventory is relatively high, so the supply pressure remains. Meanwhile, rebar demand has improved, but its sustainability is questionable, and the main downstream industries are still weak, with demand likely to weaken seasonally [2]. - Short - term positive factors such as position transfer and low warehouse receipts support the low - level rebound of steel prices. However, due to the seasonal weakening of demand and increasing supply, the fundamentals have no substantial improvement, and the steel price is under pressure with limited upward driving force [2].