本周北京方管市场价格弱势下跌。截至8月30日，北京市螺线沙龙批量成交指导价 格：Φ8-10mm高线为4520元(吨价，下同)，比上周同期下跌80元。河北钢铁集团产Φ12mm三级抗震螺纹钢为3730元，比上周同期下跌70 元；Φ25mm三级螺钢为3600元，比上周同期下跌60元。近期中美贸易战加剧、房地产利率新政以及唐山限产不及预期是市场加速下滑的主要影响因素。期货市场震荡调整为主，钢坯价格先跌后小幅反弹。北京建 材市场价格弱势下跌为主，天气转晴，月末资金压力的影响下，方管厂家低价积极出货为主，而下游采购力度不强，市场大户日成交量在200-3000吨。近期钢厂 到货不多，北京方管库存维持下降趋势。

This week, Beijing Fangguan's market prices fell weakly. As of August 30, Beijing Spiral Salon bulk trading guidance price: 8-10mm high line is 4520 yuan (ton price, the same below), down 80 yuan from the same period last week. Hebei Iron and Steel Group produced 12mm three-stage aseismic threaded steel for 3730 yuan, down 70 yuan from the same period last week; 25mm three-stage screw steel for 3600 yuan, down 60 yuan from the same period last week. The recent intensification of Sino-US trade war, the new real estate interest rate policy and the unexpected production restriction in Tangshan are the main factors affecting the accelerated decline of the market. Futures market shocks are mainly adjusted, billet prices fell first and then rebounded slightly. Influenced by the pressure of funds at the end of the month and the weather clearing up, the price of building materials market in Beijing is mainly weak, while the purchasing power downstream is not strong. The daily turnover of large market households is 200-3000 tons. In recent years, steel mills have not received much goods, and Beijing square tube inventory has maintained a downward trend. 宏观方面，风险事件不断，中美贸易战加剧、房地产利率新政以及唐山限产不及预期等，市场弱势走低。在国内外宏观因素支撑较弱的情况下，市场供需端 的变化对市场影响增大，在未来限产再度放松的情况下，来自供给端的预期再度破灭，叠加需求端短期内难以有压倒性的反转，市场情绪产生波动，资本市场风险偏 好发生改变，整体市场呈现连续下破的行情。

On the macro level, with the increasing risk incidents, the intensification of the Sino-US trade war, the new real estate interest rate policy and the unexpected production restriction in Tangshan, the market is weak. In the case of weak support from macro-factors at home and abroad, changes in the supply and demand side of the market have an increasing impact on the market. In the case of further relaxation of production restrictions, expectations from the supply side are once again shattered, it is difficult to overwhelmingly reverse the overlapping demand side in the short term, market sentiment fluctuates, and capital market risk preferences change. The overall market showed a continuous decline.

目前来看，整体市场正在呈现震荡筑底的态势，在利空出尽的情况下，市场在没有连续大的利空情况下，持续调整的空间已然不是很大，甚至可能会出现反 弹的行情，月末资金回笼压力解除后，月初钢厂到货不多的情况下，市场有反弹的预期，预计下周北京方管市场价格将小幅波动的态势。

At present, the overall market is showing a shocky bottom-building situation. In the absence of a continuous large shortfall, the market has not much room for continuous adjustment, or even a rebound in the market. After the end of the month, the pressure of fund return is relieved, and the steel mill arrives at the beginning of the month with a small amount of goods. The market is expected to rebound. It is expected that the price of Beijing Square Management Market will fluctuate slightly next week.