大越期货钢材早报-20260306

Report Industry Investment Rating - Not provided Core Viewpoints - For rebar, the demand is sluggish, inventory is rising from a low level, traders' purchasing willingness is still weak, the real estate industry is in a downward cycle, and there are plans for capacity reduction in the country, so it is expected to fluctuate, with attention on the 3020 support level [1] - For hot-rolled coil, the supply and demand have weakened, the inventory continues to decrease, exports are blocked, and domestic policies may play a role. It is affected by the macro - market sentiment and is expected to fluctuate, with attention on the 3200 key support level and the policy guidance of the Two Sessions [2] Summary by Relevant Catalogs Spot and Basis - Rebar: The spot price is not given, and the basis is 115, which is bullish [1] - Hot - rolled coil: The spot price is 3230 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 6.3775 billion tons, with a month - on - month and year - on - year increase, which is bearish [1] - Hot - rolled coil: The inventory in 33 major cities across the country is 3.8161 billion 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 is cooling, and the real estate industry is in a downward cycle [1] Hot - rolled Coil Demand and Downstream - The supply and demand are weak, and exports are blocked [2] Macro - Not provided