宝城期货螺纹钢早报（2026年3月5日）-20260305

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The steel price of rebar 2605 is expected to fluctuate and stabilize in the short - term, with attention paid to the support at the MA5 line, due to the fermentation of policy expectations [2][3] Group 3: Summary by Related Catalog Variety View Reference - For rebar 2605, the short - term and medium - term trends are both "oscillating", and the intraday trend is "oscillating and slightly strong". The view is to pay attention to the support at the MA5 line, and the core logic is the fermentation of policy expectations and the steel price's oscillating stabilization [2] Market Driving Logic - The supply and demand sides of rebar have changed. The production of construction steel mills is weak, the rebar supply has declined to a low level, but the inventory is high. Short - process steel mills are resuming production, so the positive effect is not strong. The rebar demand continues to be weak, with high - frequency demand at a low level in the same period, and there is a time lag in downstream resumption of work. The weak pattern will continue, dragging down the steel price. The relatively positive factors are the enhanced policy expectations during major meetings, strong policy expectations, and cost support. Under the macro - logic, the steel price is expected to fluctuate and stabilize in the short - term, and attention should be paid to the production and sales data released by Steelhome today [3]