在G20释放利好的带动下周末方管大涨，方管现货涨幅也较明显，周初开市，期螺再破前高，成功突破4100元整数关口，铁矿石再创新高，市场拉涨气 氛明显，部分方管厂家有封库现象，天津方管市场价格继续上涨。随后中美贸易谈判又生变故，唐山限产又有变动，方管价格快速下跌，期螺跳水，市场预期发生改变， 天津方管厂家信心开始动摇，前期压货的散户开始甩单套利，大户也开始下浮报价降低风险，天津方管市场价格震荡下行。

Driven by the good release of G20, the square tube market rose sharply at the weekend and the spot tube market increased more obviously. The market opened at the beginning of the week, and the snail broke again before breaking. It successfully broke through the 4,100 yuan integer barrier. Iron ore reached a new high again. The market atmosphere was obvious. Some merchants had the phenomenon of closing stores. The price of Tianjin square tube market continued to rise. Subsequently, the Sino-US trade negotiations changed again. Tangshan's production restriction changed again. Fangguan's price fell rapidly, snails dived, market expectations changed. Tianjin's Fangguan's confidence began to shake. Bulk retailers began to dump single arbitrage in the early period. Large retailers also began to lower the risk by floating quotation. Tianjin Fangguan's market price shocks down.

中美贸易和环保限产变脸快，钢市有点懵。上周末G20峰会中美领导人会晤结果超预期，双方重启贸易磋商，美方不再对中国新征关税，中国亦继续扩大 开放，对市场心态产生了明显的提振作用。随后周初唐山市政府又突然发布限产文件，唐山环保再度深化，丰润7月大气污染防治管控方案对天柱、新宝泰要确保烧 结机(球团)、高炉、转炉、石灰窑限产比例不低于50%，高炉扒炉停产。在市场中引起轩然大波，给持续低迷的现货市场再次注入一针强心剂，这两条刺激性的 消息带动了从上周末到本周初的期货，方管市场，天津方管市场也顺势大幅拉涨。可是，没两天这两个利好消息迅速变脸，由利好变成了利空，首先是有新闻报道 称，特朗普及其团队表示与中国贸易谈判分歧还很大，与5月谈判破裂时一样大，中美没有达成贸易和解的时间表。然后是唐山再次发文，公布了少部分企业7月可 不限产时间段，唐山整体理论限产量较之前测算有所减弱。这两大因素突然出现变数，对之前的市场信心打击非常大。

Sino-US trade and environmental restrictions are fast changing, and the steel market is a bit confused. Last weekend, the meeting between Chinese and American leaders at the G20 summit was more than expected. The two sides resumed trade negotiations. The United States no longer imposed new tariffs on China. China continued to expand its opening up, which had a significant boost to the market mentality. Later, Tangshan Municipal Government issued a production limit document suddenly at the beginning of Zhou Dynasty. Tangshan's environmental protection was deepened again. Fengrun July's air pollution control and control plan for Tianzhu and Xinbaotai should ensure that the production limit ratio of sintering machine (pellet), blast furnace, converter and lime kiln is not less than 50%, and the production of blast furnace pickling stops. In the market caused a great uproar, to continue the downturn of the spot market injected a shot of cardiotonic agent, these two stimulating news led to the futures from last weekend to the beginning of this week, the square tube market, Tianjin square tube market also boosted substantially. However, within two days, the two positive news quickly changed from positive to negative. First, there were news reports that Trump Popular's team said that there was still a big difference in trade negotiations with China, as big as when the talks broke down in May, and there was no timetable for China and the United States to reach a trade settlement. Then Tangshan sent another paper, announcing that a small number of enterprises can limit production in July, and the theoretical limit production of Tangshan as a whole has weakened compared with previous estimates. The sudden emergence of variables in these two factors has hit the previous market confidence very hard.

铁矿石背离方管价格走势，已被国家有关部委关注。本周初黑色系冰火两重天，期螺先涨后跌，重新打回4100元下方，而铁矿石却继续向上突破，到本 周中期，已打破5年半来新高点，直到周后期才有所回调。据中国证券网消息，中国钢铁工业协会副会长屈秀丽7月5日在上海召开的第四届中国钢铁金融衍生品国 际大会上表示，铁矿石与方管价格走势相背离，国家有关部委高度关注进口铁矿石价格的大幅上涨，正在调查了解价格大幅上涨的原因，将严厉打击乱涨价、价格垄 断等不规范行为。这一消息将对后期铁矿石价格形成冲击，而间接的也会影响方管价格。

The price trend of iron ore deviating from square control has been concerned by relevant ministries and commissions of the state. At the beginning of this week, the black ice-fire double day, snails first rose and then fell, hit back below 4100 yuan, while iron ore continued to break upward, by the middle of this week, has broken a new high in five and a half years, until the end of the week there was no callback. According to China Securities Network, Qu Xiuli, vice president of China Iron and Steel Industry Association, said at the 4th International Conference on Iron and Steel Financial Derivatives held in Shanghai on July 5 that the price trend of iron ore is different from that of square tubes. Relevant ministries and commissions of the state pay close attention to the sharp rise in the price of imported iron ore and are investigating and understanding that the price is very high. The reason for the rise will be to crack down on such irregular acts as unreasonable price increases and price monopolies. This news will have an impact on iron ore prices in the later period, and indirectly will also affect the Party-controlled prices.

综合来看，本周天津方管市场在中美贸易和环保的变化中震荡运行。目前由于前期过快的拉高价格导致与目前的需求脱节，市场已经出现有价无市的尴尬现 象，商家面对这种局面目前唯一的选择只能是降价促销降低风险。短期内市场可能会出现一波回调。因此，预计下周天津方管市场价格将震荡下行。

In a word, Tianjin Square Management Market has been shaking this week amid changes in Sino-US trade and environmental protection. At present, due to the high price in the early stage, which leads to the disconnection with the current demand, the market has already appeared the awkward phenomenon of no market for value. The only choice for the merchants facing this situation is to reduce the price and reduce the risk. There may be a pullback in the short term. Therefore, it is expected that Tianjin Fangguan's market price will fluctuate downward next week.

价格方面，截至7月5日午间，天津市场上河北钢铁集团产HPB300Φ6.5-10mm高线价格为4740-4880元， 比上周价格涨90元；河北钢铁集团产Φ18-25mm三级抗震螺纹钢价格为3940元，比上周价格涨10-40元；三级盘螺价格为4280元，比上周价格 涨50元。

In terms of price, as of noon on July 5, the price of HPB300 6.5-10mm high-line produced by Hebei Iron and Steel Group in Tianjin market was 4740-4880 yuan, up 90 yuan from last week's price; the price of 18-25mm three-stage aseismic thread steel produced by Hebei Iron and Steel Group was 3940 yuan, up 10-40 yuan from last week's price; the price of third-stage screw was 4280 yuan, up 50 yuan from last week's price. Yuan.