宝城期货螺纹钢早报-20251203

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The report believes that the steel price of rebar 2605 will show a weak and fluctuating trend in the short - term, medium - term, and intraday periods, and the overall view is weak and fluctuating due to the game between expectations and reality [2]. - The rebar market is in a situation of weak supply and demand. The production of construction steel mills is weakening, but the profit of short - process steel mills is improving, so the sustainability of production reduction is questionable. The demand is weakly stable and will seasonally decline. The approaching major meeting brings optimistic expectations, but the fundamentals have not improved, so the steel price is expected to continue to fluctuate, and the demand performance should be focused on [3]. Group 3: Summary by Related Catalogs Variety View Reference - For rebar 2605, the short - term, medium - term, and intraday trends are respectively fluctuating, fluctuating, and weakly fluctuating, with an overall view of weak fluctuation. The core logic is the game between expectations and reality, causing the steel price to fluctuate [2]. Market Driving Logic - The supply and demand of rebar have both weakened. The production of construction steel mills is weakening, but the profit of short - process steel mills is improving, and the sustainability of production reduction is uncertain. The demand is weakly stable and at a low level in the same period in recent years, and will seasonally decline. The approaching major meeting brings optimistic expectations, but the fundamentals have not improved, so the steel price is expected to continue to fluctuate, and attention should be paid to the demand performance [3]