宝城期货螺纹钢早报（2025年11月27日）-20251127

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The steel price of rebar 2601 is expected to continue the low - level oscillatory operation, with a short - term, medium - term, and intraday view of oscillation, oscillation, and oscillation on the weak side respectively, and an overall view of oscillation on the weak side due to weak fundamentals [1]. 3. Summary by Related Contents 3.1 Variety View Reference - For rebar 2601, the short - term view is oscillation, the medium - term view is oscillation, the intraday view is oscillation on the weak side, and the overall view is oscillation on the weak side. The core logic is that the fundamentals are weak and the steel price is oscillating at a low level [1]. 3.2 Market Driving Logic - The supply - demand pattern of rebar has changed little. Construction steel mills have resumed production, leading to an increase in output and relatively high inventory, so supply pressure still exists. Meanwhile, the demand for rebar has improved with a month - on - month increase in high - frequency demand indicators, but the sustainability is questionable. The downstream industries are still weak, and demand is expected to decline seasonally, dragging down the steel price. Although the steel price has oscillated and rebounded recently, the demand is weakening and supply is increasing, putting pressure on the steel price. The relatively positive factor is the low valuation [2].