宝城期货螺纹钢早报（2026年2月10日）-20260210

Rating of the Industry Investment - No information provided Core Viewpoints of the Report - The short - term and intraday view of rebar 2605 is oscillating weakly, and the medium - term view is oscillating. It is recommended to pay attention to the pressure at the MA5 line. The core logic is the accumulation of industrial contradictions and the weak downward trend of steel prices [2]. - The supply - demand pattern of rebar has not changed much. The supply has shrunk due to the production cut of short - process steel mills near the holiday, but the high inventory level limits the pressure relief. The demand continues to weaken, and the fundamentals of rebar remain weak. The steel price in the off - season is still under pressure, and the cost support is a relative positive factor. It is expected to continue the oscillating and weak operation, and the inventory changes should be noted [3]. Summary According to Relevant Catalogs Variety Viewpoint Reference - For rebar 2605, the short - term view is oscillating weakly, the medium - term view is oscillating, and the intraday view is oscillating weakly. The view reference is to pay attention to the pressure at the MA5 line, and the core logic is the accumulation of industrial contradictions and the weak downward trend of steel prices [2]. Market Driving Logic - The supply - demand pattern of rebar has little change. The supply has shrunk as short - process steel mills cut production near the holiday, but the high inventory level limits the pressure relief. The demand continues to weaken, with high - frequency demand indicators declining and at the lowest level in the same lunar period in recent years. The downstream industries remain sluggish, and the weak demand pattern remains unchanged, dragging down the steel price. The fundamentals of rebar remain weak in the situation of weak supply and demand. The steel price in the off - season is under pressure, and the cost support is a positive factor. It is expected to continue the oscillating and weak operation, and attention should be paid to inventory changes [3].