Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The short - term view of Rebar 2510 is weak oscillation, the medium - term view is oscillation, and the intraday view is weak oscillation. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that the fundamental contradictions are accumulating, and steel prices are running weakly [2]. 3. Summary by Related Contents 3.1 Variety Viewpoint Reference - For Rebar 2510, short - term: weak oscillation; medium - term: oscillation; intraday: weak oscillation. The view is to focus on the pressure at the MA5 line, with the core logic of accumulated fundamental contradictions and weak steel price operation. The calculation of price change amplitude is based on the closing price of night trading (for varieties with night trading) or yesterday's closing price (for varieties without night trading) as the starting price and the closing price of the day's daytime session as the ending price. A decline of more than 1% is considered a fall, 0 - 1% a weak oscillation, a rise of 0 - 1% a strong oscillation, and a rise of more than 1% an increase. Strong/weak oscillation only applies to intraday views [2]. 3.2 Market Driving Logic - The fundamentals of rebar are weak. Construction steel mills are actively producing, and supply has continued to rise and is at a high level this year. Demand has weakened, with the weekly apparent demand decreasing month - on - month, high - frequency transactions being sluggish, and the seasonal weakening expectation remaining unchanged. Under the situation of strong supply and weak demand, the fundamental contradictions of rebar are accumulating, and steel prices will still be under pressure. Coupled with weak market sentiment, steel prices will maintain a weak operation trend. Attention should be paid to the production and sales data released by Steel Union today [3].