本周天津方管市场在基本面依旧缺失、消息面利好和利空交替的作用下震荡偏弱运行。随着台风“利奇马”从上周末到本周初在北方地区肆虐，天津方管商 家的心里也被刮得凉凉，连日的成交不畅，面对积压的库存，方管厂家只能继续降价，可仍换不来成交好转，周初开市，天津方管市场依旧延续上周的跌势。周中期， “利奇马”走了，环保风暴来袭，期盘反弹，市场出现小部分抄底操作，天津方管市场价格出现久违的反弹。周后期，市场成交再次转弱，再加上受美债收益率倒挂 以及中美贸易分歧再次激化影响，期螺再次回头，天津方管市场价格回落。

This week, the Tianjin Square Management Market is still lacking in fundamentals, good news and short-term alternation. With Typhoon "Lichma" raging in the northern region from last weekend to early this week, Tianjin Fangman's heart was also blew cool, day after day's business was not smooth, facing the backlog of inventory, businesses can only continue to reduce prices, but still can not change for a better deal. The market opened in early Zhou, Tianjin Fangman's market continued last week's decline. In mid-week, the "Lichma" went away, the environmental storm came, the futures market rebounded, a small part of the market bottom-copying operations, Tianjin square tube market prices appeared a long-term rebound. Late in the week, market transactions weakened again, coupled with the upside-down yield of US Treasury bonds and the intensification of Sino-US trade divergence, futures snails turned around again, and Tianjin Fangguan market prices fell. 基本面依旧缺失，高库存低成交压得商家赔钱也得卖。本周需求端仍旧低迷，市场成交差，天津方管大户每日成交量仅200-500吨。而钢厂到货正 常，各家库存也不见明显减少，据兰格钢铁网16日统计数据显示，天津方管市场库存总量为23.89万吨，比上周减少0.23万吨。虽有少量减少，但总 库存量仍是前三年同期库存的近翻倍，商家库存压力非常大。

Fundamentals are still missing, and high inventories and low turnover force businesses to lose money and sell. Demand side is still depressed this week, the market turnover is poor, Tianjin Fangguan big households daily turnover is only 200-500 tons. The steel factory arrived normally, and the stock of each company did not decrease significantly. According to the statistics of Langer Iron and Steel Network on the 16th, the total stock of Tianjin square pipe market was 238,900 tons, which was 0.23 million tons less than last week. Although there is a small reduction, the total inventory is still nearly doubled in the same period of the previous three years, and the pressure of merchants'inventory is very high.

本周消息面利好和利空交替，市场情绪反复。环保方面出现了连续性的限产消息风暴，先是山西钢厂检修减产过后，山东钢厂市场信息会议，六家钢厂集体 限产40万吨，维护价格稳定，然后是唐山丰润区8月15日发布关于8月份大气污染管控要求的通知文件，要求各停产企业于8月16日零时开始落实停产措施， 并于8月17日上午开始，结合供电部门对停产企业实施摘表断电。而中美贸易纠纷也没闲着，先是8月13日美国将推迟对部分中国商品的关税加征直至12月 15日，其余部分从9月1日起加征10%关税，中美贸易见“缓和”，可是没过两天，8月15日，针对美国贸易代表办公室宣布将对约3000亿美元自华进口 商品加征10%关税，国务院关税税则委员会有关负责人表示，美方此举严重违背中美两国元首阿根廷会晤共识和大阪会晤共识，背离了磋商解决分歧的正确轨道。 中方将不得不采取必要的反制措施。中美贸易纠纷又由缓和变为了紧张。

This week's news turned out to be positive and bearish, with market sentiment repeating. In the aspect of environmental protection, there has been a continuous news storm of production limitation. First, after the overhaul and production reduction of Shanxi Steel Works, Shandong Steel Works Market Information Conference, six steel mills collectively limited production by 400,000 tons to maintain price stability. Then, on August 15, Fengrun District of Tangshan issued a notification document on the requirements of air pollution control in August, requiring all enterprises to stop production. Starting at 0:00 on August 16, the shutdown measures were implemented. Starting on the morning of August 17, the power supply department combined with the power supply department implemented the power cut-off measures for the shutdown enterprises. China-US trade disputes are not idle either. First, on August 13, the United States will postpone the imposition of tariffs on some Chinese goods until December 15, and the rest will impose 10% tariffs from September 1. The Sino-US trade will be "moderated", but within two days, on August 15, the United States Trade Representative Office announced that it will enter China for about $300 billion. Export goods are subject to a 10% tariff increase. Relevant officials of the Tariff and Tax Commission of the State Council said that the move seriously violated the consensus of the Argentine and Osaka meetings of the heads of state of China and the United States, and deviated from the correct track of resolving differences through consultation. China will have to take the necessary counter-measures. Sino-US trade disputes have changed from easing to tension.

综合来看，本周虽有环保利好，但基本面缺失仍制约着市场价格前行。对于下周市场，虽有随着70周年临近，环保仍不会放松，钢厂也会实质性的减产检 修，但是现在需求短期回暖的可能性也不大，再加上9月1号开始必定会有不少工地面临被迫性停工，因此，成交弱的局面短期难以改变，而目前这么大的市场库 存，面对市场成交这么差，库存消化得有段时间。因此，短期基本面弱的局面仍不会改变，价格在消息面的利好刺激反弹之后没有基本面支撑，仍将出现快速的回落 的尴尬行情，预计下周天津方管市场价格将继续震荡偏弱运行。

Generally speaking, although this week is good for environmental protection, the lack of fundamentals still restricts market prices. For next week's market, although with the approaching of the 70th anniversary, environmental protection will not relax, and steel mills will substantially reduce production and maintenance, but now the possibility of short-term demand warming is not great, coupled with September 1 will inevitably have many construction sites facing forced shutdown, therefore, the situation of weak turnover is difficult to change in the short term, and now this is the case. With such a large market inventory, facing such a poor market turnover, the inventory will be digested for a period of time. Therefore, the situation of weak short-term fundamentals will remain unchanged. Prices are not supported by the fundamentals after the rebound stimulated by good news. There will still be an embarrassing situation of rapid decline. It is expected that Tianjin Fangguan market prices will continue to oscillate weakly next week.

价格方面，截至8月16日午间，天津市场上河北钢铁集团产HPB300Φ6.5-10mm高线价格为4620-4760 元，比上周价格跌40元；河北钢铁集团产Φ18-25mm三级抗震螺纹钢价格为3620-3670元，比上周价格跌10-30元；三级抗震盘螺价格为 4080元，与上周价格持平。

In terms of price, as of noon on August 16, the price of HPB300 6.5-10mm high-speed line produced by Hebei Iron and Steel Group in Tianjin market was 4620-4760 yuan, 40 yuan lower than last week's price; the price of grade 18-25mm three-stage aseismic thread steel produced by Hebei Iron and Steel Group was 3630-3670 yuan, 10-30 yuan lower than last week's price; and the price of grade three-stage aseismic plate screw was 4080 yuan, compared with last week's price. Prices are flat.