本周天津方管市场表现欠佳。周初受期货下行影响，个别钢厂资源下调20元左右，其他资源暂稳，整体来看市场以观望为主，价格变化相对不大。出货方 面，由于需求尚未恢复，下游询价氛围清淡，成交偏低。据了解，多数方管厂家出货普遍在100-200吨，个别成交达300吨左右。虽成交不佳，但本地现货市场 情绪较为平稳。周中期，唐山出台限产政策，且限产力度低于7月，不过，在美降息等利好的支持下钢坯回升，期货回暖，价格继续持稳。周后期，期货再次弱势运 行，虽市场报价没有明显下调，但方管厂家出货存在优惠操作，价格亦没有前两日坚挺。另外，昨日午后唐山钢坯下跌30元，使得市场心态动摇。因此今日方管厂家在以去 库存为主的前提下，方管价格下调10-30元，目前主流规格主流报价在3830-3840元左右，中铁、唐钢等资源略低于包承等资源。且在价格下行的刺激 下，今日终端采购意愿更低，成交更为寥寥。库存方面，近期本地市场新资源到货不多，据兰格网统计，本周天津方管库存在9.8万吨左右，继续呈下量趋势，但 下降幅度较小。短期来看，鉴于市场对8月市场期待仍存，但利好亦时有释放，因此市场利空交织，走势难预测，下周天津方管市场价格或震荡运行。

This week, Tianjin's Fangguan market did not perform well. Influenced by the downward trend of futures in early Zhou Dynasty, the resources of individual steel mills were reduced by about 20 yuan, while other resources were temporarily stable. On the whole, the market was mainly wait-and-see, and the price changes were relatively small. On the delivery side, as the demand has not yet recovered, the downstream inquiry atmosphere is light and the turnover is low. It is understood that the majority of square pipe manufacturers generally ship 100-200 tons, with individual turnover of about 300 tons. Despite poor turnover, sentiment in the local spot market is relatively stable. In mid-week, Tangshan introduced a policy of production restriction, and the capacity of production restriction was lower than July. However, with the support of interest rate cuts in the United States, billet rebounded, futures picked up and prices remained stable. At the end of the week, futures are running weakly again. Although the market quotation has not been significantly reduced, there are preferential operations in the delivery of goods by the manufacturers, and the prices have not been firm in the previous two days. In addition, Tangshan billet fell 30 yuan in the afternoon yesterday, which made the market mood shake. Therefore, on the premise of de-stocking, the price of Square Pipe has been reduced by 10-30 yuan. At present, the mainstream price of Square Pipe is about 3830-3840 yuan, while the resources of China Railway and Tangshan Iron and Steel are slightly lower than those of contracting. Stimulated by the downward price, terminal purchasing willingness is lower and transaction is scarce today. In terms of inventory, there are not many new resources arriving in the local market recently. According to the statistics of Lange Net, Tianjin Square Management Inventory is about 98,000 tons this week, which continues to show a downward trend, but the decline is small. In the short term, in view of the market expectations for August are still there, but the good news is also released from time to time, so the market is intertwined with bad news, and the trend is difficult to predict. Tianjin will regulate the market price or shock operation next week. 方管价格方面，截至8月2日，天津市5.5mm×1500mm*C包钢市场价格在3820元(吨价，下同)，唐钢市场价格在3800元，中铁市场价格在3800元。较上周同期跌30-50元。

As for square pipe price, as of August 2, Tianjin Baotou Steel's market price of 5.5mm * 1500mm * C is 3820 yuan (ton price, the same below), Tangshan Steel's market price is 3800 yuan, and China Railway's market price is 3800 yuan. It is 30-50 yuan lower than the same period last week.