本周杭州方管市场价格大幅下跌，本周一期货呈大幅下跌态势，全天下跌63点至3877，市场低价资源频现，成交清淡，周二周三期螺基本稳定，但受高温天气影响，下游需求较弱，现 货价格基本稳定，周四早盘成交清淡，盘中受期螺跌幅扩大影响，部分方管厂家为求出货，报价混乱杀跌，低价资源频现，低位成交并未出现好转迹象。周五受周四夜盘 影响，价格大幅下跌30-50，低价资源频出，低位成交尚可，方管厂家认为正值需求淡季库存压力较大，方管厂家期待值不高，普遍以降库存操作为主。

This week, Hangzhou Fangguan market prices fell sharply. On Monday, futures fell by 63 points to 3877 all over the world. Low-price resources in the market were frequent and trading was light. On Tuesday and Wednesday, snails were basically stable. However, due to the high temperature, downstream demand was weak and spot prices were basically stable. On Thursday, early trading was light and mid-trading was weak. The impact of snail declines has been widened. In order to get delivery, some square managers have made confused quotations, and low-price resources are frequent. There is no sign of improvement in low-level transactions. Affected by Thursday night market, prices fell by 30-50 sharply, low-price resources came out frequently, and low-level transactions were still acceptable. Square managers believed that inventory pressure was high in the off-season of positive demand, and Square managers'expectations were not high, which generally focused on inventory reduction. 消息面上，北京时间8月1日凌晨2点美联储如约降息，宣布降息25个基点，将联邦基金利率目标区间下调至2.00%-2.25%，这是美国10年 以来的首次降息。此次降息幅度符合市场预期，但这只是开始，未来可能会再次降息。另外限产方面，唐山8月限产释放放松迹象后，武安邯郸限产果然也是只限烧 结不限高炉，放松意图显而易见，由此联想到后续可能会更松。

On the news, the Federal Reserve cut interest rates at 2:00 a.m. Beijing time on August 1, announcing a 25 basis point cut, lowering the target range of the federal funds rate to 2.00% - 2.25%, the first rate cut in 10 years in the United States. The rate cut is in line with market expectations, but it's only the beginning and may be cut again in the future. In addition, after the release of signs of relaxation of production restriction in Tangshan in August, the production restriction in Handan, Wu'an, was indeed limited to sintering of unlimited blast furnaces. The intention of relaxation was obvious, which might be more relaxed in the future.

库存方面：本周杭州方管库存83.3万吨：较前期整体库存增加0.88万吨：线材4万吨，螺纹钢79.3万吨

Inventory: Hangzhou square pipe inventory 833,000 tons this week: 0.88 million tons more than the previous overall inventory: 40,000 tons of wire rod, 793,000 tons of screw steel

目前方管市场处于淡季，市场在消息面利空集中爆发的氛围下悲观气氛浓厚，贸易商心态较为谨慎，多以降低库存操作，以求减小风险。综上所述，预计下周杭州方管市场价格或震荡调整。

At present, the square management market is in the off-season, the market is pessimistic in the atmosphere of the concentrated outbreak of bad news, and traders are more cautious in order to reduce inventory operations in order to reduce risk. To sum up, it is expected that next week Hangzhou will adjust its market price or shock.

方管价格方面，截至8月2日，杭州方管批量成交指导价格：沙钢 Φ8-10mm高线为4230元,比上周同期下跌80元，中天Φ12mm三级螺纹钢为4030元，比上周同期下跌120元；中天Φ25mm三级螺钢为 3870元，比上涨同期下跌120元。永钢Φ8-10mm三级盘螺为4220，比上涨同期下跌80元。

As for square pipe price, as of August 2, Hangzhou square pipe volume trading guidance price: Shagang 8-10mm high line is 4230 yuan, 80 yuan lower than the same period last week, Zhongtian_12 mm three-stage threaded steel is 4030 yuan lower than the same period last week, 120 yuan lower than the same period last week; Zhongtian_25 mm three-stage screw steel is 3870 yuan, down 120 yuan from the same period of increase. Yonggang 8-10mm three-stage snail is 4220, down 80 yuan from the same period of increase.