Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term view of Rebar 2510 is weakly oscillating, the medium - term view is oscillating, and the intraday view is also weakly oscillating. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that the industrial logic has returned and steel prices are under pressure [2]. - The supply and demand pattern of rebar is weakly stable. Supply is expected to increase as weekly production has rebounded and profit per ton is good. Demand has improved slightly mainly due to speculative demand, but the off - season weak demand persists, and steel prices are under pressure. With the market sentiment weakening and the steel market logic returning to the industrial side, steel prices will continue to oscillate, and attention should be paid to domestic and foreign macro - policies [3]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For Rebar 2510, short - term: weakly oscillating; medium - term: oscillating; intraday: weakly oscillating. The view is to focus on the pressure at the MA5 line, with the core logic being the return of industrial logic and steel price pressure. Specific calculation methods for price changes are also provided [2]. Market - driving Logic - The rebar supply and demand pattern is weakly stable. Supply is expected to rise as weekly production has increased and profit per ton is favorable. Demand improvement is mainly due to speculative demand, and the off - season weak demand remains unchanged, continuing to pressure steel prices. The market sentiment is weakening, the steel market logic has returned to the industrial side, and the steel price is under pressure. With low inventory, the real - world contradiction is not significant, and steel prices are expected to continue to oscillate. Attention should be paid to domestic and foreign macro - policies [3].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The short - term view of rebar 2510 is a rise, the medium - term view is oscillating on the strong side, and the intraday view is oscillating on the weak side. It is recommended to pay attention to the support at the MA5 line. The core logic is that strong raw materials boost the price of steel, causing it to oscillate higher [2]. - The rebar fundamentals continue the seasonal weakness. Although the steel price is prone to pressure in the off - season, positive expectations are fermenting, and the strong raw materials provide cost support. The market sentiment is warm, supporting the steel price to continue the oscillating upward trend. Attention should be paid to policy changes [3]. Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - For rebar 2510, the short - term trend is a rise, the medium - term is oscillating on the strong side, and the intraday is oscillating on the weak side. The reference is to focus on the MA5 line support, with the core logic of strong raw materials boosting steel prices [2]. Market Driving Logic - The strong performance of coking coal and coke boosts market sentiment, and the steel price continues the strong upward trend. However, the supply - demand pattern of rebar has not improved. The rebar output has decreased month - on - month, and the supply continues to shrink. But due to good profit per ton and the return of production from some varieties, the output will rise again, with limited positive effects. The rebar demand continues to be weakly stable. The weekly apparent demand has decreased month - on - month, and although high - frequency transactions have increased due to speculative demand, both are at the low levels in the same period in recent years, showing obvious off - season characteristics [3]. - Currently, the rebar fundamentals continue the seasonal weakness. The steel price is prone to pressure in the off - season, but positive expectations are fermenting, and the strong raw materials provide cost support. The market sentiment is warm, supporting the steel price to continue the oscillating upward trend. Attention should be paid to policy changes [3].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The supply - demand pattern of rebar is weakly stable, and steel prices will continue to fluctuate. For rebar 2510, it is expected to fluctuate in the short - and medium - term, and show a weakly fluctuating trend intraday. Attention should be paid to the support at the MA60 line [2][3]. 3) Summary by Related Catalogs Variety Viewpoint Reference - For rebar 2510, the short - term view is "fluctuation", the medium - term view is "fluctuation", and the intraday view is "weakly fluctuating". The reference opinion is to pay attention to the support at the MA60 line, with the core logic being the weakly stable supply - demand pattern and the continuation of steel price fluctuations [2]. Market Driving Logic - The supply - demand pattern of rebar continues to operate weakly and stably. Construction steel mills are continuously increasing production, and rebar output is rising, increasing supply pressure. Meanwhile, rebar demand remains seasonally weak, with a slight week - on - week increase in weekly performance, but high - frequency trading remains sluggish, both at the same - period low. The downstream industry has not improved, and the weak demand pattern remains unchanged. With supply rising and demand remaining weak, the fundamentals are weak, and steel prices in the off - season are still prone to pressure. The relatively positive factors are the low inventory level, small real - world contradictions, and the strong trend of raw materials. Under the game of long and short factors, steel prices maintain a fluctuating trend, and attention should be paid to the demand performance [3].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 6 月 30 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA5 一线支撑 | 原料表现偏强，钢价低位回升 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 周末钢材现货小幅提振，成交表现一般，相应的螺纹钢供需格局延续季节性弱势，建筑钢厂提 产，产量有所增加，供应重回年内相对高位。同时，螺纹需求季节性走弱，高频需求指标偏弱运 行，弱势需求将抑制钢价。总之，市场情绪回暖叠加原料端偏强，钢材期价震荡走高，但螺纹钢供 应在回升，而需求表 ...

Report Industry Investment Rating - Not provided Core View of the Report - The supply - demand pattern of rebar has changed little. Supply pressure is gradually increasing as production has been rising, while demand remains weak and stable. The fundamentals continue the seasonal weakness, and steel prices are under pressure. However, due to the non - appearance of the inventory turning point, the real - world contradictions are limited, and steel prices are expected to continue the volatile trend [2] Summary by Relevant Catalogs Supply - The weekly rebar production is 217.84 thousand tons, a week - on - week increase of 5.66 thousand tons. The blast furnace capacity utilization rate is 90.83%, a week - on - week increase of 0.04 percentage points. Compared with the same period last year, the production decreased by 26.92 thousand tons, and the capacity utilization rate increased by 1.70 percentage points [1] Demand - The apparent weekly demand for rebar is 219.91 thousand tons, a week - on - week increase of 0.72 thousand tons. The weekly average of steel union building materials transactions is 9.72 thousand tons, a week - on - week decrease of 0.02 thousand tons. Compared with the same period last year, the apparent demand decreased by 15.89 thousand tons, and the transaction volume decreased by 2.11 thousand tons [1] Inventory - The total rebar inventory is 549.00 thousand tons, a week - on - week decrease of 2.07 thousand tons. The in - plant inventory is 185.60 thousand tons, a week - on - week increase of 3.28 thousand tons. The social inventory is 363.40 thousand tons, a week - on - week decrease of 5.35 thousand tons. Compared with the same period last year, the total inventory decreased by 235.62 thousand tons, the in - plant inventory decreased by 20.78 thousand tons, and the social inventory decreased by 214.84 thousand tons [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term, medium - term, and intraday trends of rebar 2510 are expected to be volatile, volatile, and weakly volatile respectively. Attention should be paid to the pressure at the MA5 line. The fundamental situation shows seasonal weakness, and steel prices are under pressure [2]. - The supply - demand pattern of rebar is operating weakly. Supply has increased slightly while demand continues its seasonal weakness. The supply - demand situation has not improved. Steel prices are under pressure during the off - season. With relatively low inventory and minor real - world contradictions, the price trend is expected to remain in a volatile bottom - seeking state, and attention should be paid to the demand situation [3]. Group 3: Summary Based on Related Catalogs Variety Viewpoint Reference - For rebar 2510, the short - term, medium - term, and intraday trends are judged as volatile, volatile, and weakly volatile respectively. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is the fundamental seasonal weakness causing steel prices to be under pressure [2]. Market Driving Logic - The supply - demand pattern of rebar is weak. Construction steel mills have increased production, and rebar output has risen again, but the increase is not large. Demand remains weak, with the weekly apparent demand slightly decreasing and high - frequency transactions remaining sluggish. The supply - demand situation has not improved, and steel prices are under pressure during the off - season. The relatively low inventory means minor real - world contradictions, and the price is expected to be in a volatile bottom - seeking state, with demand performance being a key factor [3].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The short - term, medium - term, and intraday views of rebar 2510 are shock, shock, and shock - biased upward respectively. It is recommended to focus on the support at the MA5 line, with the core logic being that the real - world contradictions are limited and steel prices are stabilizing in a shock pattern [2]. 3. Summary by Relevant Catalogs 3.1 Variety View Reference - The short - term, medium - term, and intraday views of rebar 2510 are shock, shock, and shock - biased upward respectively. The reference suggestion is to focus on the support at the MA5 line, and the core logic is that the real - world contradictions are limited and steel prices are stabilizing in a shock pattern. The calculation of price changes and criteria for different trends are also explained [2]. 3.2 Market Driving Logic - Over the weekend, steel spot prices remained stable. The supply - demand pattern of rebar has seasonally weakened. Construction steel mills have increased production, with the weekly output of rebar slightly increasing but still at a relatively low level, and the supply change is not significant. Meanwhile, rebar demand has seasonally weakened, with weekly apparent demand weakly stable and high - frequency transactions being sluggish. The weak demand is pressuring steel prices. In general, rebar supply is rising while demand continues its seasonal weakness, the fundamentals have not improved, and steel prices are still under pressure. The relatively positive factor is the low inventory and limited real - world contradictions. The short - term trend will maintain a low - level shock pattern, and attention should be paid to the production situation of steel mills [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The supply - demand pattern of rebar continues its seasonal weakness. The weekly output of rebar has increased by 4610 tons week - on - week, still at a low level in the same period. Considering the good profit per ton of the variety, there is room for an increase in the future. The positive factor is the diversion of billets, and the supply runs relatively stably. Meanwhile, the demand for rebar continues its seasonal weakness, with a slight week - on - week decline in weekly performance and low - frequency transactions. The weak demand pattern remains unchanged, continuing to suppress steel prices. Currently, supply has rebounded again while demand is weak, and the fundamentals of rebar have not improved, continuing to put pressure on steel prices. The positive factor is the low - level reduction of inventory, with little real - world contradiction. In the short term, the price will continue to oscillate at a low level. Attention should be paid to the production situation of construction steel mills [2] 3. Summary by Relevant Categories Supply - The weekly output of rebar is 2121800 tons, with a week - on - week increase of 4610 tons, a month - on - month decrease of 133300 tons, and a year - on - year decrease of 183500 tons. The blast furnace capacity utilization rate is 90.79%, with a week - on - week increase of 0.21 percentage points, a month - on - month increase of 0.10 percentage points, and a year - on - year increase of 1.03 percentage points [1] Demand - The apparent demand for rebar is 2191900 tons, with a week - on - week decrease of 7800 tons, a month - on - month decrease of 294900 tons, and a year - on - year decrease of 165800 tons. The weekly average of steel union building materials transactions is 9740 tons, with a week - on - week decrease of 220 tons, a month - on - month decrease of 430 tons, and a year - on - year decrease of 1450 tons [1] Inventory - The total inventory of rebar is 5510700 tons, with a week - on - week decrease of 70100 tons, a month - on - month decrease of 299800 tons, and a year - on - year decrease of 2245900 tons. The in - plant inventory is 1823200 tons, with a week - on - week decrease of 5700 tons, a month - on - month decrease of 41400 tons, and a year - on - year decrease of 202500 tons. The social inventory is 3687500 tons, with a week - on - week decrease of 64400 tons, a month - on - month decrease of 258400 tons, and a year - on - year decrease of 2043400 tons [1]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 6 月 20 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏强 | 关注 MA5 一线支撑 | 基本面未改善，钢价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需格局延续季节性弱势，建筑钢厂有所提产，螺纹钢周产量环比微增，依旧处于相对 低位，关注后续持续性。与此同时，螺纹需求延续季节性走弱，周度表需弱稳运行，而高频成交表 现低迷，弱势需求仍将抑制钢价。目前来看，螺纹钢供应回升，而需求延续季节性弱势，基本面未 见好转，钢价仍将 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 6 月 19 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏强 | 关注 MA5 一线支撑 | 现实矛盾不大，钢价低位震荡 | 说明： 专业研究·创造价值 1 / 2 请务必阅读文末免责条款 观点参考 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需格局变化不大，建筑钢厂有所转产，螺纹产量持续下降并降至相对低位，供应压力 在缓解；不过，螺纹需求同样季节性走弱，周度表需环比减量，而高频成交表现低迷，继续抑制淡 季钢价。目前来看，螺纹钢供需双弱局面未 ...