大越期货钢材早报-20260304

Report Industry Investment Rating - Not provided Core Viewpoints - For rebar, the demand shows no improvement, the inventory has started to rise from a low level, the purchasing willingness of traders remains weak, the real estate industry is still in a downward cycle, and the price is expected to fluctuate with a bearish bias [1]. - For hot - rolled coil, both supply and demand have weakened, the inventory has continued to decrease but increased recently, export is blocked, and the price is also expected to fluctuate with a bearish bias [2]. Summaries by Related Catalogs Spot and Basis - Rebar: The spot price is 3190 yuan/ton, and the basis is 116, which is bullish [1]. - Hot - rolled coil: The spot price is 3240 yuan/ton, and the basis is 21, which is bullish [2]. Profit and Cost - Not provided Capacity and Inventory - Rebar: The inventory in 35 major cities across the country is 567.76 tons, with a month - on - month increase and a year - on - year decrease, which is neutral [1]. - Hot - rolled coil: The inventory in 33 major cities across the country is 357.37 tons, with a month - on - month and year - on - year increase, which is bearish [2]. Rebar Demand and Downstream - The real estate market is still weak, demand has cooled down, and there are domestic capacity - reduction plans impacting the market [1]. Hot - rolled Coil Demand and Downstream - Supply and demand have both weakened, and export is blocked [2]. Macro - Not provided