螺纹钢周度数据（20260123）-20260123

Group 1: Report Overview - The report is a weekly futures research report on rebar dated January 23, 2026 [1] Group 2: Investment Rating - No investment rating is provided in the report Group 3: Core View - Rebar supply has rebounded to a high level, while demand is weak, leading to a continuous weakening of the fundamentals. The steel price is under pressure during the off - season. The futures price has fallen near the valley - electricity cost, increasing the downward resistance. It is expected to continue a low - level oscillating trend, and attention should be paid to inventory changes [12] Group 4: Data Summary Supply - The weekly rebar output is 199.55 tons, a week - on - week increase of 9.25 tons, and a month - to - date increase of 11.33 tons compared to the end of last month. The output is at a relatively high level, increasing the supply pressure [3] - The blast furnace capacity utilization rate is 85.51%, a week - on - week increase of 0.03 percentage points and a month - to - date increase of 0.25 percentage points compared to the end of last month [3] Demand - The apparent demand for rebar is 185.52 tons, a week - on - week decrease of 4.82 tons and a month - to - date decrease of 14.92 tons compared to the end of last month. It is at a low level in recent years [3] - The weekly average of steel union building materials transactions is 7.78, a week - on - week decrease of 1.41 and a month - to - date decrease of 1.84 compared to the end of last month. It is also at a low level in recent years [3] Inventory - The total rebar inventory is 452.10 tons, a week - on - week increase of 14.03 tons and a month - to - date increase of 30.07 tons compared to the end of last month. The inventory inflection point has reappeared [3] - The in - factory inventory is 148.98 tons, a week - on - week increase of 6.32 tons and a month - to - date increase of 9.61 tons compared to the end of last month [3] - The social inventory is 303.12 tons, a week - on - week increase of 7.71 tons and a month - to - date increase of 20.46 tons compared to the end of last month [3]