宝城期货螺纹钢早报-20260327

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoint The steel price of rebar is expected to continue to fluctuate. The fundamental situation is weakly stable, and the subsequent trend should be viewed with caution, focusing on the demand performance [2][3]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For rebar 2605, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a weak bias" respectively. It is recommended to pay attention to the support at the MA20 line. The core logic is that the fundamental situation is weakly stable, and the steel price continues to oscillate [2]. 3.2 Market Driving Logic - The supply - demand pattern of rebar has improved marginally. The production of construction steel mills is weakly stable, the rebar output has decreased month - on - month, and the supply has contracted again. However, the profit per ton of the variety is acceptable, so the sustainability of production reduction is questionable. - The demand for rebar continues to improve seasonally. The weekly apparent demand has increased month - on - month, but the high - frequency trading performance is average, and the downstream industries have not changed substantially, so the demand improvement space may be limited. - At present, the demand for rebar has improved, the supply is weakly stable, the fundamental situation shows seasonal improvement, and the cost still provides support. The steel price has returned to the upper edge of the oscillation range. However, the strength of demand improvement is questionable [3].