宝城期货螺纹钢早报（2026年3月16日）-20260316

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View The steel price of rebar is expected to continue the trend of stable oscillation, and attention should be paid to the demand performance. The cost support is acceptable, and the steel price has stabilized in oscillation. However, the improvement of the fundamentals is limited under the situation of both supply and demand increasing, and the steel price is still prone to pressure [2][3]. 3. Summary by Relevant Catalogs 3.1 Variety View Reference - For rebar 2605, the short - term and medium - term trends are both in oscillation, and the intraday trend is slightly stronger. It is recommended to pay attention to the support at the MA5 line. The core logic is that the cost support is acceptable, and the steel price has stabilized in oscillation [2]. 3.2 Market Driving Logic - Over the weekend, the spot price of steel remained stable, and the trading performance was weak. The supply - demand pattern of rebar has seasonally improved. The production of construction steel mills is active, the output of rebar has increased significantly, and the inventory level is high, so the supply pressure is increasing. - The demand for rebar has seasonally rebounded. The high - frequency indicators have increased month - on - month but are still at a relatively low level, and there is no substantial improvement in downstream industries. The subsequent improvement in demand is questionable. - In general, the supply of rebar has returned to a high level, and the demand has improved seasonally. The improvement of the fundamentals is limited under the situation of both supply and demand increasing. The steel price is still prone to pressure. The relatively positive factors are the cost support and the warm sentiment in the commodity market [3].