本周天津方管市场回归到供需基本面，高库存低成交拖累市场。上周末钢坯回落，期螺震荡下跌，市场成交低迷。周初开市，先是小幅下跌，随后便有大户 大幅下调报价刺激出货，市场价格下跌明显。周中期，期螺和钢坯价格有所修复，但由于铁矿石价格暴跌，市场信心不足，商家在行动方面显得蹑手蹑脚，观望情绪 升温。直到周后期，期螺再度翻绿，市场成交持续低迷，一些库存积压较大的商家为了尽快出货降低库存风险，大幅下调报价，天津方管市场价格再次大幅下跌。

This week, Tianjin Square Management Market returned to the supply and demand fundamentals, high inventory and low turnover dragged down the market. Last weekend, steel billet fell, snail concussion fell, and market turnover was low. At the beginning of the week, there was a slight decline, followed by a large reduction in quotations to stimulate shipments, market prices fell significantly. In the middle of the week, the prices of snails and billets were repaired, but due to the sharp fall in iron ore prices and the lack of market confidence, businessmen appeared to be tiptoeing and watching the mood rise. Until the end of the week, the snails turned green again, and the market turnover continued to be low. In order to reduce the inventory risk as soon as possible, some businessmen with large stock backlog cut their quotation sharply, and the market price of Tianjin Square Pipe dropped sharply again. 需求端迟迟不见改观，市场库存压力巨大，市场情绪悲观预期加剧。本周迎来立秋节气，而高温多雨的季节似乎比往年有所延长，导致需求端的季节转换迟 迟不能兑现，市场成交低迷。而近日有消息传出，今年北京市将举办建国70周年庆典，从八月二十日至十月十日，六环内禁止一切货车通行，八月二十日戒严，九 月一日核心区将全面停工，周边地区工地也会受影响，这个停工的消息也打破了市场之前大家在等待的后期需求好转的预期。另一方面，市场库存压力非常大，据兰 格钢铁网9日统计数据显示，天津方管市场库存总量为24.12万吨，比上周增加2.84万吨。不管是库存总量还是库存累积速度都远远超过了去年同期， 更是创下了近四年同期新高。

Demand has been slow to improve, market inventory pressure is enormous, market sentiment pessimistic expectations intensified. The Autumn Festival is coming this week, and the hot and rainy season seems to be longer than in previous years, leading to the late seasonal change of demand side and the sluggish market turnover. Recently, it has been reported that Beijing will hold the celebration of the 70th anniversary of the founding of the People's Republic of China this year. From August 20 to October 10, all trucks in the Sixth Ring Road will be banned. On August 20, martial law will be imposed. On September 1, the core area will be completely shut down, and the surrounding areas will also be affected. The news of the shutdown also broke the market before everyone. Expectations of improved demand at a later stage of waiting. On the other hand, the market inventory pressure is very high. According to the statistics of Langer Iron and Steel Network 9, the total inventory of Tianjin Square Management Market is 2412,000 tons, an increase of 28,400 tons over last week. Whether the total inventory or the accumulative speed of inventory is much faster than the same period last year, and it has reached a new high in the same period in recent four years.

利空消息有增无减，资本市场承压。首先是人民币破七，8月5日，在岸人民币对美元汇率跳空低开，日内最高挫逾1000点，跌破7.0大关。与此同 时，离岸人民币对美元同样跌破7.0关口，受此影响，市场悲观预期加剧，黑色系主流品种跌幅扩大，铁矿石更是上演跌停板。随后，美国财政部正式将中国列为 汇率操纵国，是1994年以来首次，而商务部6日凌晨又发表消息称，中国相关企业暂停新的美国农产品采购。受此影响，美股暴跌，全球股市承压，大宗商品市 场亦受到影响。

The negative news has increased, and the capital market is under pressure. First, the renminbi broke through July. On August 5, the onshore exchange rate of the renminbi against the US dollar jumped to a low level, dropping more than 1,000 points in the day, breaking the 7.0 mark. At the same time, the offshore RMB also fell below the 7.0 barrier against the US dollar. Affected by this, the market pessimistic expectations intensified, the decline of black mainstream varieties expanded, and iron ore also staged a drop stop. Subsequently, the U.S. Treasury formally listed China as a currency manipulator for the first time since 1994, while the Ministry of Commerce announced in the early morning of June 6 that Chinese companies had suspended new U.S. agricultural purchases. As a result, U.S. stocks fell sharply, global stock markets were under pressure, and commodity markets were also affected.

综合来看，本周天津方管市场不管是基本面还是消息面都是利空占主导，市场信心严重不足。短期来看，需求很难恢复，而市场库存仍将进一步加大，低价 出货仍是市场主流，不过经过本周价格深跌，下行空间进一步缩小，再加上利空经过消化也会有所缓和。因此，预计下周天津方管市场将震荡偏弱运行。

In a word, Tianjin's square management market this week is dominated by bad luck in both basic and news aspects, and market confidence is seriously inadequate. In the short term, demand will be difficult to recover, and market inventory will continue to increase further, low-price shipments are still the mainstream of the market, but after this week's deep price drop, downward space will be further reduced, coupled with the digestion of the bearish will also ease. Therefore, it is expected that the Tianjin Square Management Market will shake weakly next week.

方管价格方面，截至8月9日午间，天津市场上河北钢铁集团产HPB300Φ6.5-10mm高线价格为4660-4800元， 比上周价格跌70元；河北钢铁集团产Φ18-25mm三级抗震螺纹钢价格为3640-3680元，比上周价格跌120-140元；三级抗震盘螺价格为 4100元，比上周价格跌100-120元。

As for square pipe price, as of noon on August 9, Hebei Iron and Steel Group's HPB300 6.5-10mm high-speed line price in Tianjin market was 4660-4800 yuan, 70 yuan lower than last week's price; Hebei Iron and Steel Group's price of 18-25mm three-stage aseismic threaded steel was 3640-3680 yuan, 120-140 yuan lower than last week's price; and the price of three-stage aseismic screw was 4100 yuan. It's 100-120 yuan lower than last week's price.