Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Report's Core View - The supply and demand of rebar have both weakened. The supply has contracted but remains at a relatively high level this year with high inventory and unrelieved supply pressure. The demand has also declined, with weekly apparent demand dropping and speculative demand being weak. In the situation of weak supply - demand, the industrial contradiction remains unsolved, inventory reduction is limited, and steel prices continue to be under pressure. However, the cost provides some support, and the subsequent trend is expected to continue the shock - bottoming pattern [3]. 3) Summary by Related Categories Supply - The weekly output of rebar is 208.54 tons, a week - on - week decrease of 4.05 tons. The blast furnace capacity utilization rate is 87.81%, a week - on - week decrease of 0.80 percentage points. The supply has contracted again but is still at a relatively high level this year [1]. Demand - The weekly apparent demand for rebar is 218.52 tons, a week - on - week decrease of 13.66 tons. The speculative demand is weak under the weak steel price, and both the apparent demand and speculative demand are at low levels in recent years. With the approaching off - season and no improvement in downstream, the demand is likely to continue to weaken [1][3]. Inventory - The total inventory of rebar is 592.54 tons, a week - on - week decrease of 9.98 tons. The in - plant inventory is 166.84 tons, a week - on - week decrease of 4.87 tons, and the social inventory is 425.70 tons, a week - on - week decrease of 5.11 tons. The inventory level is high, and the supply pressure is not relieved [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 10 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 偏弱 | 震荡 | 震荡 偏弱 | 关注 MA5 一线支撑 | 供需格局弱稳，钢价低位震荡 | 观点参考 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 螺纹钢供需格局弱稳运行，钢厂保板材供应为主，螺纹钢产量延续下降，供应有所收缩。相应 的需求表现同样不佳，高频指标偏弱运行，淡季特征有所显现。总之，供需双弱局面下螺纹基本面 表现偏弱，钢价继续承压，但低库存格局下现实矛盾相对有限，预计后续走势延续震荡寻底态势， ...