宝城期货螺纹钢早报（2026年1月26日）-20260126

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core View - The steel price of rebar 2605 is expected to maintain a low - level oscillating trend, with the short - term, medium - term, and intraday trends being oscillating, oscillating, and oscillating weakly respectively [2] - The industrial contradictions are accumulating, and the steel price is under pressure due to the imbalance between supply and demand [2][3] Group 3: Summary by Related Content Market Situation - The spot price of steel remained stable over the weekend, and the trading volume was weak. The supply - demand pattern of rebar was weakly stable [3] Supply - Construction steel mills are actively producing, and the rebar output has significantly rebounded to a relatively high level, increasing the supply pressure [3] Demand - The demand for rebar continues its seasonal weakness. High - frequency demand indicators have declined and are at the low level in recent years, and the downstream industries have not improved [3] Market Outlook - The steel price is expected to maintain a low - level oscillating trend. Attention should be paid to the inventory changes. The cost support and positive sentiment increase the downward resistance [3]