Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view of rebar 2510 is oscillatory, the medium - term view is downward, and the intraday view is weakly oscillatory. It is recommended to pay attention to the pressure at the MA10 line. The core logic is that the supply - demand pattern is weakly stable, and steel prices are oscillating at a low level [2] - The steel price is expected to continue the low - level oscillatory trend, and attention should be paid to the production and sales data released by Steel Union today [3] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For rebar 2510, the short - term is oscillatory, the medium - term is downward, and the intraday is weakly oscillatory. The view is to pay attention to the pressure at the MA10 line, with the core logic of a weakly stable supply - demand pattern and low - level oscillatory steel prices. There are also explanations for time - period definitions and calculation methods of price changes [2] Market Driving Logic - The strong rebound of coking coal boosts the market, and the ferrous metals rise collectively. The supply - demand pattern of rebar changes little. The weekly output decreases but remains at a relatively high level this year with weak sustainability, and the supply is expected to run stably. The weekly apparent demand rebounds slightly, while the high - frequency transactions are at a low level, and both are at low levels in the same period in recent years. There is still a high possibility of seasonal weakening in the future, and the demand side is weak, dragging down the fundamentals of rebar. The relatively positive factor is the low inventory, which gives elasticity to steel prices [3]

| 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 一线压力 | 需求预期走弱，钢价震荡寻底 | 说明： 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 5 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 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 螺纹钢供应高位平稳运行，而需求虽有所回升，但存季节性走弱预期，而高供应下一旦需求走 弱则产业矛盾易积累，届时钢价继续承压运行，相对利好则是库存低位，多空因素博弈下预计钢价 走势延续震荡寻底态势，关注需求表现情况。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / ...

◼ 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 | 弱预期迎修复，钢价震荡企稳 | 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 5 月 15 日） 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 螺纹钢供需两端有所变化，螺纹钢周产量环比下降，供应有所收缩；同时高频需求指标同样走 弱，且主要下游行业并未好转，后续仍将季节性走弱，供需双弱局面下螺纹基本面并未实质性改 善，钢价仍易承压，相对利好则是市场情绪偏暖，短期走势维持震荡企稳态势，关注今日钢联公布 的产销数据情况。 ...