宝城期货螺纹钢早报（2025年12月1日）-20251201

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report 2. Core Viewpoint - The short - term, medium - term, and intraday views of rebar 2601 are all "shock - strong", with the core logic being that market sentiment has warmed up and steel prices have stabilized in shock [2] 3. Summary by Relevant Catalog 3.1 Variety Viewpoint Reference - For rebar 2601, the short - term view is "shock", the medium - term view is "shock", the intraday view is "shock - strong", and the overall view reference is "shock - strong". The core logic is that market sentiment has warmed up and steel prices have stabilized in shock. The calculation of price increase and decrease amplitude is based on specific rules [2] 3.2 Market Driving Logic - Futures prices have strengthened, driving the spot price of steel to rise over the weekend, but the trading volume is average. The supply - demand pattern of rebar has not changed much. The production of construction steel mills has weakened, and supply has shrunk again, but the profit of short - process steel mills has improved, and the sustainability of production cuts is not strong. Rebar demand is weakly stable. Weekly apparent demand has decreased slightly, and high - frequency daily trading volume has stabilized, both at low levels in recent years. Downstream industries have not improved, and subsequent demand will seasonally decline, dragging down steel prices. Although market sentiment has warmed up due to the approaching major meeting, driving steel prices to rebound from lows, the fundamentals have not improved substantially, the upward driving force is questionable, and the subsequent trend will continue to fluctuate. Attention should be paid to demand performance [3]