本周天津方管市场还在小幅震荡。由于期螺震荡，周末市场成交较差，周初开市，天津方管商家小幅下行刺激出货。周中期，期螺 和钢坯价格反弹，钢厂也乘机上调出厂价格拉涨市场，可是市场成交疲软，市场涨价有心无力，天津方管市场价格只是出现了短暂的小幅上涨。而在周后期期螺和钢 坯再次恢复震荡后天津方管价格再次小幅回调。下游对高价接受程度大不如前，库存相对较低以及钢厂挺价暂时稳住局面。由于需求淡季已来临，工地采购量明显减少，大都按需采购，而下游对目前的高 价接受度普遍不高，低价成交还算可以，整体市场成交不如前期，市场悲观情绪开始蔓延。而之所以目前的价格能够挺住，主要还是天津的库存不高，据兰格钢铁网 24日统计数据显示，天津方管市场库存总量为20.03万吨，比上周增加0.66万吨。库存虽较上周有小幅增加，但整体市场库存量并不大，天津方管商 家大部分手里资源都不多，并不急于甩货，个别商家还存在惜售的情况，每天限量出货。另一方面，钢厂挺价意愿较明显，5月21日，河钢集团在5月中旬价格基 础上出台5月下旬方管产品销售价格政策：高线价格上调30元/吨：现HPB300材质Φ8-10mm高线销售价格为4830元/吨；三级螺纹钢(检 尺)基价上调30元/吨：HRB400E材质Φ18mm、22mm螺纹销售价格为4160元/吨；盘螺价格上调30元/吨：HRB400E抗震材质 Φ8-10mm打标盘螺销售价格为4360元/吨。这次结算价格大大高于目前京津地区的市场价格，在需求减弱、产量增加、中美贸易战等宏观环境不利的环境 下，钢厂还在主动上调结算价，可见钢厂对5月底的市场仍充满期待，对市场也真真切切的起到了挺价作用。

This week, the Tianjin Fangguan market is still shaking slightly. Due to the concussion of snails, the weekend market turnover is poor, opening early in the week, Tianjin local managers slightly downward to stimulate shipment. In the mid-week, the prices of snails and billets rebounded, and steel mills also took the opportunity to raise the ex-factory prices to boost the market. However, the market turnover was weak and the market was incapable of raising prices. The price of Tianjin square tube market rose only briefly and slightly. In the latter part of the week, after the concussion of snails and billets resumed again, the price of Tianjin square pipe was adjusted slightly again. Downstream acceptance of high prices is much worse than before, inventory is relatively low, and steel prices temporarily stabilized. As the demand off-season has come, the quantity of site purchasing has been significantly reduced, most of them are purchased on demand, while the downstream generally does not accept the current high price, low-price transactions are acceptable, the overall market turnover is not as good as the previous period, and the market pessimism began to spread. The main reason why the current price can hold up is that Tianjin's stock is not high. According to the statistics of 24 days of Langer Iron and Steel Network, the total stock of Tianjin square management market is 203,300 tons, an increase of 0.66 million tons over last week. Although stocks have increased slightly over the past week, the overall market stock is not large. Most Tianjin local managers have few resources and are not in a hurry to dump their goods. Individual merchants are still reluctant to sell and limit their daily delivery. On the other hand, the willingness of steel mill to bid is obvious. On May 21, Hegang Group promulgated the sales price policy of square tube products in late May on the basis of the price in mid-May: the high-line price increased by 30 yuan/ton: the current sales price of HPB300 material 8-10mm high-line is 4830 yuan/ton; the base price of third-grade thread steel (gauge) increased by 30 yuan/ton: HRB400E material 18mm, 22mm thread sales price is 4160 yuan/ton;;; The price of snails increased by 30 yuan/ton: HRB400E seismic material 8-10mm labeled disc snails sold at 4360 yuan/ton. The settlement price is much higher than the current market price in Beijing and Tianjin. Under the adverse macro-environment of weakening demand, increasing output and Sino-US trade war, steel mills are still actively raising the settlement price. It can be seen that steel mills are still full of expectations for the market at the end of May and play a real role in the market.

综合来看，目前市场仍处于频繁的震荡期，尤其是期货市场上蹿下跳，始终没有走出一波明显的趋势性行情，而现货市场相对较冷静，幅度并没有期货市场 那么强烈。目前市场心态已出现分歧，一部分资源少的商家对后市持观望态度，期货涨则小幅上调报价，期货跌则小幅跟跌，而另一部分对后市持悲观态度的商家则 期货涨报价不涨，期货跌则跟跌。对于下周行情，正赶上月底，会有部分商家资金需要回笼，落袋为安，而大厂协议户也会担心月底市场价格太高结算追补太少。因 此，预计下周天津方管市场将震荡下行。

Generally speaking, the current market is still in a period of frequent shocks, especially in the futures market, jumping up and down, and has never come out of a wave of obvious trend, while the spot market is relatively calm, the range is not as strong as the futures market. At present, the market mentality has been divergent. Some businessmen with less resources hold a wait-and-see attitude towards the future market, while futures prices rise slightly, while futures prices fall slightly, while others with a pessimistic attitude towards the future market do not rise, while futures prices fall slightly. For next week's market, just in time for the end of last month, there will be some business funds need to be returned to the cage, to be safe, and large-scale agreement owners will worry about the high market prices at the end of the month, settlement and recovery too little. Therefore, it is expected that the Tianjin Square Management Market will shake down next week.

价格方面，截至5月24日午间，天津市场上河北钢铁集团产HPB300Φ6.5-10mm高线价格为4680-4760 元，比上周价格涨20元；河北钢铁集团产Φ18-25mm三级抗震螺纹钢价格为4020-4080元，基本与上周价格持平；三级盘螺价格为4100元，比 上周价格跌20元。

In terms of price, as of noon on May 24, the price of HPB300 6.5-10mm high-speed line produced by Hebei Iron and Steel Group in Tianjin market was 4680-4760 yuan, up 20 yuan from last week's price; the price of 18-25mm three-stage aseismic threaded steel produced by Hebei Iron and Steel Group was 4020-4080 yuan, basically the same as last week's price; the price of third-stage threaded steel was 4100 yuan, down 20 yuan from last week's price.