本周广州方管市场价格弱势下降，方管市场成交前期正常放量出货略好后期偏差。本周期货、钢坯低位震荡下跌。周初随着期货震荡小 幅翻红，市场开始止跌企稳，且临近端午放假，下游有备货需求，故前期市场成交较好，库存正常放量，但价格还是缺乏上涨动力，方管厂家也心态谨慎，报价维稳以出 货放量为主。后期随着下游逐渐完成备货，市场假日氛围浓厚，成交乏力。截至到今日，昌黎普碳方坯3510降40，广州当地方管价格主流下调10-20 不等，小户几无成交。

This week, the price of Guangzhou Square Pipe Market declined, and the normal volume shipment of Square Pipe Market was slightly better than that of the later period. This week, futures, billet low volatility fell. At the beginning of the week, the futures market began to stop falling and stabilize, and near the Dragon Boat Festival holidays, there is a demand for backup goods downstream, so the early market turnover is good, inventory normal release, but the price is still lack of upward momentum, the managers are cautious, the quotation is maintained by the delivery volume. Later, with the downstream gradually completed stock, the market holiday atmosphere is strong, weak turnover. Up to today, Changli Pu carbon billet 3510 has fallen by 40, Guangzhou local tube price mainstream has fallen by 10-20, and small households have barely completed business.

本周广州市场方管去库速度略有好转；据5日统计数据显示，现广州方管市场库存总量118.11万吨，环比上周降7.32%，同比去年涨 2.58%。目前广州地区方管价格已处于全国洼地，下调空间有限，上涨又缺乏持续支撑动力；一方面受当日雨季需求释放受限影响，另一方面也缺乏利好支持； 市场对后市普遍不太看好，尽管部分钢厂尝试挺价拉涨但现货贸易商还是考虑到成交以稳为主，操作较为谨慎。并且进入六月份整个市场资金压力明显变大，大型企 业要在六月底前按照要求完成清理全部正常应付款项不允许再出现拖欠；金融机构六月面临相关审核也要保留足够的存款准备金以保证自身的流动性；地方政府又面 临六月份加大发债融资的压力。以上种种因素都加剧了市场资金偏紧压力，故市场也出现了关于央行六月份降准的预期。目前短期来看，方管现货市场还是上涨动力不 足，调整空间有限。综上所述，预计下周广州当地方管价格或小幅盘整偏弱运行。

This week, the speed of depot of Guangzhou market square management has improved slightly. According to 5-day statistics, the total inventory of Guangzhou square management market is 118.11 million tons, down 7.32% from last week, up 2.58% from last year. At present, Guangzhou's square tube prices are in the depression of the whole country, with limited space for reduction and lack of sustained support; on the one hand, they are affected by the limited release of demand in the rainy season on that day, on the other hand, they lack favorable support; on the other hand, the market is generally not optimistic about the future market, although some steel mills try to push up the price, but the spot traders still consider that the transaction is mainly stable and the operation is more cautious. In June, the pressure of funds in the whole market has obviously increased. Large enterprises are required to complete the liquidation of all normal payables before the end of June, and no further arrears are allowed. Financial institutions are facing relevant audits in June, and they need to retain sufficient deposit reserve to ensure their liquidity. Local governments are also facing the pressure of increasing debt issuance and financing in June. All of these factors have exacerbated the pressure of market capital tightening, so the market has also appeared on the central bank's lowering of the benchmark in June. At present, in the short term, the spot market is still lack of momentum to rise, and the adjustment space is limited. In summary, it is expected that the local management price or small consolidation will be weaker in Guangzhou next week.