螺纹钢周度数据（20260130）-20260130

1. Report Title and Type - The report is titled "Rebar Weekly Data (20260130)" and is a futures research report [1] 2. Core View - The supply - demand pattern of rebar continues to weaken, with an expanding inventory increase. The production of construction steel mills stabilizes. The weekly rebar output increases slightly by 0.28 tons week - on - week, and the supply remains stable at a high level. However, considering the approaching Spring Festival and the successive shutdowns of short - process steel mills, the supply is expected to decrease. Meanwhile, the rebar demand continues to weaken, with the weekly apparent demand and high - frequency trading volume decreasing week - on - week and remaining at a low level compared to the same lunar period in recent years. The weak demand pattern in the off - season remains unchanged, dragging down steel prices. Overall, the supply is stable while the demand is weak, and the fundamentals continue to be weak. The steel prices in the off - season are under pressure. The relatively positive factors are the warm commodity sentiment and cost support. It is expected that steel prices will continue to fluctuate at a low level, and attention should be paid to inventory changes [13] 3. Data Summary Supply - The weekly output is 199.83 tons, a week - on - week increase of 0.28 tons, and a monthly increase of 11.61 tons compared to the end of last month. The output is 0.42 tons higher than the same period last year (lunar calendar). The blast furnace capacity utilization rate is 85.47%, a week - on - week decrease of 0.04 percentage points, a monthly increase of 0.21 percentage points, and 1.23 percentage points higher than the same period last year (lunar calendar) [3] Demand - The apparent demand is 176.40 tons, a week - on - week decrease of 9.12 tons, a monthly decrease of 24.04 tons compared to the end of last month, and a decrease of 13.65 tons compared to the same period last year (lunar calendar). The weekly average of steel union building materials transactions is 7.02, a week - on - week decrease of 0.76, a monthly decrease of 2.60, and a decrease of 1.50 compared to the same period last year (lunar calendar) [3] Inventory - The total inventory is 475.53 tons, a week - on - week increase of 23.43 tons, a monthly increase of 53.50 tons compared to the end of last month, and an increase of 57.68 tons compared to the same period last year (lunar calendar). The in - plant inventory is 149.13 tons, a week - on - week increase of 0.15 tons, a monthly increase of 9.76 tons, and an increase of 23.59 tons compared to the same period last year (lunar calendar). The social inventory is 326.40 tons, a week - on - week increase of 23.28 tons, a monthly increase of 43.74 tons, and an increase of 34.09 tons compared to the same period last year (lunar calendar) [3]