莱芜方管价格窄幅调整，市场方面，今期货持绿震荡，方管厂家心态偏弱，多让利出货为主。目前下游需求释放缓慢，本地库存有被动增加的趋势，然降后市场信心愈发不足。由于华北 行情不明朗，虽有环保加持但下游拿货显谨慎。宏观方面，北京时间8月1日凌晨2点，美联储宣布降息25个基点，这是2008年金融危机以来美联储的首次降 息行动。此次降息幅度小于总统特朗普此前公开呼吁的50个基点。美联储声明称此次降息原因包括企业投资“疲软”、通胀压力“持续较低”。经济动态不稳，市 场观望氛围浓。综合来看，预计短期内市场或窄幅震荡。

Laiwu Fangguan price narrow adjustment, the market, today's futures remain green shock, Fangguan manufacturers weak mentality, more profit-based delivery. At present, downstream demand releases slowly and local inventories increase passively. However, market confidence becomes more and more insufficient after the decline. Because the market in North China is not clear, although there is environmental protection support, but downstream pick-up is cautious. Macroscopically, at 2 a.m. Beijing time on August 1, the Federal Reserve announced a 25 basis point interest rate cut, the first rate cut by the Federal Reserve since the 2008 financial crisis. The rate cut was less than 50 basis points that President Trump had previously publicly called for. The Federal Reserve said in a statement that the interest rate cuts were due to "weak" corporate investment and "continued low inflation pressures". The economic dynamic is unstable and the market is full of wait-and-see atmosphere. Overall, we expect short-term market or narrow-range shocks. 方管价格方面：热轧方管2.5*（232-355）莱钢3890（吨价，下同），3.0*700泰钢3830，较上个交易日窄幅下跌10元/吨。

As for square pipe price, hot-rolled square pipe 2.5* (232-355) Laiwu Steel 3890 (ton price, the same below), 3.0*700 Taiyuan Steel 3830, a narrow decline of 10 yuan/ton compared with the previous trading day.