本周上海方管市场价格下跌为主，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。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。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。本周上海方管库存41.16万吨：较前期整体库存增加0.49万吨：线材4.31万吨，螺纹钢36.85万吨。目前来看：本周成交受阻，叠加盘面低 迷，多数方管厂家心态转弱，为降风险，出货成交为主，回笼资金减小压力。综上所述，预计下周上海方管市场价格或窄幅调整。

This week, Shanghai's market prices fell mainly. The recent intensification of the 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. Affected by the financial pressure at the end of the month, the manufacturers in charge of the party actively deliver goods at low prices, while the downstream purchasing efforts are not strong. 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. This week Shanghai square pipe inventory 411.6 million tons: an increase of 0.49 million tons over the previous overall inventory: 43.1 million tons of wire rods, 368.5 million tons of threaded steel. At present: this week's transaction is blocked, the overlapping disk is depressed, the majority of square tube manufacturers'mentality is weakening, in order to reduce risk, delivery is the main transaction, withdrawal funds reduce pressure. To sum up, it is expected that Shanghai Square will adjust its market price or narrow range next week. 方管价格方面，截至8月30日九江产Φ8-10mm高线市场价格为3810元，较上周价格价格下跌90元；永、沙钢产 Φ16-25mm三级螺纹钢市场价格为3600元，较上周价格下跌90元；中天产Φ16-25mm三级螺纹钢市场价格为3590元，较上周价格下跌90 元；中天产Φ8-10mm三级盘螺市场价格为3870元，较上周价格下跌90元。

As for square pipe price, the market price of 8-10mm high-speed line in Jiujiang as of August 30 was 3810 yuan, down 90 yuan from last week's price; the market price of 16-25mm threaded steel in Yongshan and Shagang was 3600 yuan, down 90 yuan from last week's price; the market price of 16-25mm threaded steel in middle-day production was 3590 yuan, down 90 yuan from last week's price. Zhongtianshan 8-10mm three-stage snail market price is 3870 yuan, 90 yuan lower than last week's price.