本周天津方管市场小幅震荡偏弱运行。受上周末唐山钢坯价格上涨以及周初开市期螺震荡上涨影响，周初开市，天津方管市场价格跟随小幅上调。随后几 日，天津方管市场到货增加，期螺震荡下行，终端采购犹豫，日采购量缩减，不过好在环保限产支撑，市场低价成交尚可，高位成交困难，天津方管市场价格小幅震 荡偏弱。限产利好虽有支撑，但效应有限，库存累计超预期，市场看涨心态承压。7月20日，唐山市政府发布《关于7月下旬全市大气污染防治加严管控措施的通 知》，据兰格钢铁研究中心跟踪监测，相较于此前的停限产要求，新文件的停限产企业和设备数量比例均再度提高，政策力度加大。另一方面，政策也在排查、督导 等多方面加强管控，强调问责并加大处罚和曝光。而6月25日，多省工业和信息化部、发展改革、生态环境主管部门又联合发文，为贯彻落实《国务院关于印发打 赢蓝天保卫战三年行动计划的通知》，加快推动重点区域改善环境空气质量，打赢蓝天保卫战，对京津冀及周边地区要严禁新增铸造产能。虽然这些限产消息对后市 产量有明显影响，对目前的市场价格有一定支撑，但效果并不明显，主要还是因为目前的需求持续走弱以及市场库存压力比较大有关系，首先是需求方面，随着高温 天气以及近几日价格的小幅回调，终端观望态度增强，工地日采购量压缩，市场成交有所减弱。而市场库存方面，本周市场到货增加，据兰格钢铁网26日统计数据 显示，天津方管市场库存总量为20.13万吨，比上周增加1.51万吨。库存累计超市场预期，商家对后期可能面临的库存压力比较担忧。

This week, the Tianjin Square Management Market was running weakly due to minor shocks. Affected by the rising price of Tangshan billet last weekend and the concussion in the opening period at the beginning of the week, the price of Tianjin square pipe market increased slightly at the beginning of the week. In the following days, Tianjin Square Management Market increased the arrival of goods, the concussion downward, terminal purchasing hesitated, daily purchasing volume reduced, but fortunately in the support of environmental protection and production restriction, low-price market transactions are still acceptable, high-level transactions are difficult, Tianjin Square Management market price fluctuation is weak. Limited production profit has support, but the effect is limited, inventory accumulation exceeds expectations, the market bullish mentality pressure. On July 20, the Tangshan Municipal Government issued the Notice on Stricter Control Measures for Air Pollution Prevention and Control in the City in the Late July. According to the follow-up monitoring by Langer Iron and Steel Research Center, compared with the previous stop-and-stop requirements, the number of enterprises and equipment in the new document has increased again, and the policy has been strengthened. On the other hand, the policy also strengthens control in investigation, supervision and other aspects, emphasizing accountability and increasing punishment and exposure. On June 25, the Ministry of Industry and Information Technology, the Ministry of Development and Reform, and the competent departments of ecological environment jointly issued a joint paper to implement the Circular of the State Council on the Issue of the Three-Year Action Plan for Winning the Blue Sky Defense War, and to accelerate the promotion of improving environmental air quality in key areas and winning the Blue Sky Defense War, and to fight against Beijing, Tianjin, Hebei and surrounding areas. It is strictly forbidden to increase casting capacity. Although these restrictions have a significant impact on future production and support the current market price, the effect is not obvious. The main reason is that the current demand continues to weaken and the market inventory pressure is relatively large. First, the demand side, with the high temperature weather and the price of recent days a small rebound, finally. End-to-end wait-and-see attitude has been strengthened, daily purchasing volume of construction sites has been reduced, and market turnover has been weakened. In terms of market inventory, market arrivals increased this week. According to statistics from Langer Iron and Steel Network on the 26th, Tianjin Square Management Market has a total inventory of 213,000 tons, an increase of 151,000 tons over last week. Storage accumulated supermarket market expectations, the merchants may be faced with later inventory pressure is more worried. 综合来看，本周天津方管市场多空力量仍较激烈，商家操作仍左右为难。虽有环保利好，但碍于目前的库存以及市场成交弱等压力仍不能保持太乐观。对于 后市，笔者认为8月份仍可期，虽然库存压力短期内仍将加大，但从消息面上仍将出现利好，首先建国70周年大庆在即，环保限产势必不会放松，甚至会继续加 强。再有7月底的中美贸易磋商仍是利好的可能性大。因此，预计下周天津方管市场将小幅震荡上行。

Overall, this week, Tianjin's market management is still more intense, business operations are still in a dilemma. Despite the environmental benefits, we can not remain too optimistic due to the current inventory and weak market turnover pressure. For the future market, I think August is still expected, although the inventory pressure will increase in the short term, but there will still be good news. First of all, the 70th anniversary of the founding of the People's Republic of China is approaching, the environmental production restriction will not relax, or even continue to strengthen. The Sino-US trade negotiations at the end of July are still likely to be positive. Therefore, it is expected that the Tianjin Square Management Market will rise slightly next week.

价格方面，截至7月26日午间，天津市场上河北钢铁集团产HPB300Φ6.5-10mm高线价格为4770-4910 元，比上周价格涨10元；河北钢铁集团产Φ18-25mm三级抗震螺纹钢价格为3920-3950元，比上周价格跌30-40元；三级抗震盘螺价格为 4300-4340元，与上周价格基本持平。

In terms of price, as of noon on July 26, the price of HPB300 6.5-10mm high-speed line produced by Hebei Iron and Steel Group in Tianjin market was 4770-4910 yuan, 10 yuan higher than last week's price; the price of grade 18-25mm three-stage anti-seismic thread steel produced by Hebei Iron and Steel Group was 3920-3950 yuan, 30-40 yuan lower than last week's price; and the price of grade III anti-seismic plate screw was 4300-4340 yuan, with the same price as last week's. Prices were basically flat last week.