宝城期货螺纹钢早报（2026年2月13日）-20260213

Group 1: Report Industrial Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term view on rebar 2605 is bias towards a weak oscillation, the medium - term view is oscillation, and the intraday view is also bias towards a weak oscillation. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that industrial contradictions are accumulating, and steel prices are under pressure [2]. - Before the Spring Festival, the supply and demand of rebar both weakened. Short - process steel mills significantly reduced production, and rebar output decreased significantly, slightly lower than the same period last lunar year. However, inventory was relatively high, so the positive effect on the supply side was limited. The demand for rebar also weakened, with high - frequency demand indicators declining and remaining at the lowest level in recent lunar years. Weak demand continued to drag down steel prices. The relative positives are the expected post - festival policy enhancement and cost support. The steel price is expected to continue the weak bottom - seeking trend, and attention should be paid to the inventory accumulation during the holiday [3]. Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - For rebar 2605, the short - term is "oscillation, weak", the medium - term is "oscillation", and the intraday is "oscillation, weak". The view is to pay attention to the pressure at the MA5 line, and the core logic is the accumulation of industrial contradictions and the pressure on steel prices [2]. Market Driving Logic - Before the Spring Festival, the supply and demand of rebar both weakened. Short - process steel mills cut production, output decreased, inventory was relatively high, and demand was weak. The steel price was under pressure, but there were positive factors such as policy expectations and cost support. It is expected to continue the weak bottom - seeking trend, and attention should be paid to inventory accumulation during the holiday [3]