方管市场价格继续偏弱。本周来看，国内方管市场价格继续趋弱，且均价跌幅略有扩大。本周期货市场整体表现疲弱下行，受此影响现货市场表现同样低迷。据了解，周初由于铁矿石期货 大幅涨停，期螺期卷欲拉涨上扬，但现货市场实际需求放缓，促使期螺期卷意外下滑，现货成交状况一般。随后基本面各类消息出台，央行重启逆回购；杭钢股份筹 划重大资产重组，南钢股份重组有进展；河北武安大气污染应急减排措施发布通知烧结晚间全部停产；28日天津市生态环境局召开2019年度打好污染防治攻坚 战发布会，透露对保留的4家钢铁企业进行深度治理。消息炒作欲再次推动期货拉涨，但无奈败兴回落。据国家统计局发布数据显示，4月全国方管产量为 283.4万吨，创历史新高。且5月津冀鲁豫方管厂以及全国百家中小高炉开工率基本仍居高位，据兰格网统计，本周津冀鲁豫方管厂日产方管产量6.6万 吨，产能利用率96%，周比增2个百分点。

Market prices continue to be weak. This week, domestic market prices continue to weaken, and the average price decline has expanded slightly. The overall performance of the futures market was weak this week, which affected the performance of the spot market. It is understood that early in the week, due to the sharp rise and stop of iron ore futures, snail futures are expected to rise, but the actual demand of the spot market slowed down, prompting the unexpected decline of snail futures, and the situation of spot transactions is general. Subsequently, various basic information was released, the central bank restarted reverse repurchase; Hangzhou Iron and Steel Co. planned major asset restructuring, and Nangang Co. restructuring made progress; Hebei Wuan Air Pollution Emergency Emission Reduction Measures issued a notice that all sintering was stopped at night; Tianjin Eco-environment Bureau held a conference on the 28th to tackle the key battles of pollution prevention and control in 2019, revealing that the four retained iron and steel enterprises should be treated in depth. 。 News speculation wants to push futures up again, but it has no choice but to fall back. According to data released by the National Bureau of Statistics, in April, the national production of square tubes reached a record high of 2.834 million tons. And in May, the start-up rate of Jinji-Shandong-Henan Fangfang Pipe Plant and 100 small and medium-sized blast furnaces in China is still at a high level. According to the statistics of Lange Net, this week's output of Tianjin-Hebei-Shandong-Henan Fangfang Pipe Plant is 66,000 tons per day, the productivity utilization rate is 96%, and the weekly ratio is increased by 2 percentage points.

全国百家中小钢企高炉开工率81.19%，降0.35%；有84座高炉检修，增1座。可见，后期若开工不降，产 能继续扩张，随着淡季来临，供大于求的局面或加剧，对市场价格影响不利，因此需警惕产能扩张的风险。另外，本周全国29个重点城市方管库存99.59万 吨，周增2.85万吨，库存略有回升，价格抗跌力度较上周减小。综合来看，板材需求弱于长材，板材下游需求汽车，机械等行业指数下降，迫使需求端走弱，而 后期虽有限产支撑，但不确定因素太多，价格承压。今日来看，国内主导城市邯郸、唐山、天津、江阴、乐从方管主流价格分别运行在3830、3890、 3850、3860、4170元左右，报价均小幅下跌，且南北价差收缩，流动性不强。再有，今日5月份钢铁流通业PMI总指数发布为48.7%，环比回落 2.8个百分点。故后市而言，国内方管价格或有承压下行可能。

The operation rate of blast furnaces in 100 small and medium-sized steel enterprises in China is 81.19%, down by 0.35%. 84 blast furnaces have been overhauled and one more has been added. It can be seen that if construction does not decline in the latter period, capacity will continue to expand. With the coming of the off-season, the situation of oversupply or aggravation will adversely affect market prices, so we need to be vigilant against the risk of capacity expansion. In addition, the square tube inventory of 29 key cities in China increased by 28.5 million tons this week, with a slight rebound in inventory and a decrease in price resistance compared with last week. Generally speaking, the demand for sheet metal is weaker than that for long steel, and the downstream demand for automobiles, machinery and other industries has declined, forcing the demand side to weaken, while the latter is supported by limited production, but there are too many uncertainties and price pressures. Today, the mainstream prices of Handan, Tangshan, Tianjin, Jiangyin and Lecong square tubes in the leading cities in China are running around 3830, 3890, 3850, 3860 and 4170 yuan respectively. The quotations are all slightly declining, and the price gap between North and South is shrinking and the liquidity is not strong. Moreover, in May today, the total PMI index of iron and steel circulation industry was released at 48.7%, down 2.8 percentage points annually. Therefore, for the future market, domestic prices may fall under pressure.

价格方面：截至5月31日，国内重点城市20mm方管均价3996元(吨价，下同)，较上个交易日下跌5元，较上周同期下跌34元，较上月同期下跌86元。

Price: As of May 31, the average square tube price of 20mm in key cities in China was 3996 yuan (ton price, the same below), which was 5 yuan lower than the previous trading day, 34 yuan lower than the same period last week and 86 yuan lower than the same period last month.