宝城期货螺纹钢早报（2026年2月11日）-20260211

Report Summary of Baocheng Futures' Rebar Morning Report (February 11, 2026) 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The supply and demand pattern of rebar is weak. Although the supply has shrunk due to production cuts by construction steel mills, the high inventory level limits the positive effect. Meanwhile, the demand has also weakened, with high - frequency demand indicators declining and at the lowest level in the same lunar period in recent years. The steel price is under pressure and is expected to maintain an oscillating bottom - seeking trend, with cost support as a relative positive factor. Attention should be paid to inventory changes [2][3]. 3. Summary by Relevant Catalogs 3.1 Variety View Reference - For rebar 2605, the short - term view is oscillating and weakening, the medium - term view is oscillating, and the intraday view is also oscillating and weakening. It is recommended to pay attention to the pressure at the MA5 line. The core logic is the weak supply - demand pattern and the steel price oscillating at a low level [2]. 3.2 Market Driving Logic - The supply of rebar has contracted as construction steel mills have reduced production, with the weekly output of rebar decreasing month - on - month. However, the high inventory level limits the positive impact. The demand for rebar has also weakened, with high - frequency demand indicators dropping and being at the lowest level in the same lunar period in recent years. The weak demand pattern remains unchanged and continues to drag down the steel price. The steel price is under pressure, and the cost support is a positive factor. The steel price is expected to oscillate and seek the bottom, and attention should be paid to inventory changes [3].