宝城期货螺纹钢早报（2025年12月5日）-20251205

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term, medium - term, and intraday trends of rebar 2605 are all expected to be volatile, with an overall view of being weakly volatile. The core logic is the game between expectations and reality, and steel prices will continue to fluctuate [2]. - The supply and demand of rebar are both weak. The production of rebar has dropped significantly, and the supply has reached a low level, supporting steel prices, but the improvement of short - process steel mill profits needs to be tracked. The demand for rebar continues to weaken, and the downstream industry has not improved. Although the market sentiment is warm due to the approaching major meeting, the fundamentals of rebar have not been substantially improved, and the subsequent trend will continue to be volatile [3]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For rebar 2605, the short - term, medium - term, and intraday trends are respectively volatile, volatile, and weakly volatile, with an overall view of being weakly volatile. The core logic is the game between expectations and reality, and steel prices will continue to fluctuate. The calculation of the rise - fall range is based on the closing price of the night session (for varieties with night sessions) or the previous day's closing price (for varieties without night sessions) as the starting price and the day - session closing price as the ending price. The definitions of weak, weakly volatile, strongly volatile, and strong are based on the rise - fall percentage [2]. 3.2 Market Driving Logic - The supply and demand of rebar are both weak. The production of rebar has dropped significantly, and the supply has reached a low level, which supports steel prices. However, the improvement of short - process steel mill profits needs to be tracked. The demand for rebar continues to weaken, high - frequency indicators are running weakly at a low level, and the downstream industry has not improved, so the weak demand pattern remains unchanged, continuing to put pressure on steel prices. Due to the approaching major meeting, the market sentiment is warm, and steel prices have stabilized in a volatile manner. But the fundamentals of rebar have not been substantially improved, and the upward driving force is questionable. The subsequent trend will continue to be volatile, and the production situation of steel mills should be monitored [3]