宝城期货螺纹钢早报（2026年2月24日）-20260224

1. Report Industry Investment Rating - No relevant information is provided in the report. 2. Core View of the Report - The short - term and intraday view of rebar 2605 is "weak in oscillation", and the medium - term view is "oscillation". The report suggests paying attention to the pressure at the MA10 line. The core logic is that significant inventory accumulation during the holiday has put pressure on steel prices [2]. - In the situation of stable supply and weak demand, the industrial contradictions of rebar have continued to accumulate during the holiday, with a significant increase in inventory. The steel price continues to be under pressure. The relatively positive factors are policy expectations and cost support. It is expected that the trend will continue the weak bottom - seeking situation. Key attention should be paid to the inventory accumulation situation and the resumption rhythm of short - process steel mills after the holiday [3]. 3. Summary According to the Catalog Variety View Reference - For rebar 2605, the short - term view is "weak in oscillation", the medium - term view is "oscillation", and the intraday view is "weak in oscillation". The reference view is to pay attention to the pressure at the MA10 line, and the core logic is significant inventory accumulation during the holiday, which puts pressure on steel prices [2]. Market Driving Logic - During the holiday, spot trading stagnated, and prices remained stable. The industrial contradictions of rebar continued to accumulate, with a significant increase in inventory. The weekly output of rebar increased by 12,200 tons month - on - month, showing a slight recovery from a low level, and the inventory level was high, so the supply pressure was not relieved. Attention should be paid to the resumption of production of short - process steel mills after the holiday [3]. - Affected by the holiday, the demand for rebar was weak. High - frequency demand indicators were at a low level in the same period in recent years, and there was a time lag in recovery. The weak demand pattern remained unchanged, which continued to drag down steel prices. The relatively positive factor was the possible strengthening of policy expectations [3].