本周天津方管市場還在小幅震蕩。由于期螺震蕩，周末市場成交較差，周初開市，天津方管商家小幅下行刺激出貨。周中期，期螺 和鋼坯價格反彈，鋼廠也乘機上調出廠價格拉漲市場，可是市場成交疲軟，市場漲價有心無力，天津方管市場價格只是出現了短暫的小幅上漲。而在周后期期螺和鋼 坯再次恢復震蕩后天津方管價格再次小幅回調。下游對高價接受程度大不如前，庫存相對較低以及鋼廠挺價暫時穩住局面。由于需求淡季已來臨，工地采購量明顯減少，大都按需采購，而下游對目前的高 價接受度普遍不高，低價成交還算可以，整體市場成交不如前期，市場悲觀情緒開始蔓延。而之所以目前的價格能夠挺住，主要還是天津的庫存不高，據蘭格鋼鐵網 24日統計數據顯示，天津方管市場庫存總量為20.03萬噸，比上周增加0.66萬噸。庫存雖較上周有小幅增加，但整體市場庫存量并不大，天津方管商 家大部分手里資源都不多，并不急于甩貨，個別商家還存在惜售的情況，每天限量出貨。另一方面，鋼廠挺價意愿較明顯，5月21日，河鋼集團在5月中旬價格基 礎上出臺5月下旬方管產品銷售價格政策：高線價格上調30元/噸：現HPB300材質Φ8-10mm高線銷售價格為4830元/噸；三級螺紋鋼(檢 尺)基價上調30元/噸：HRB400E材質Φ18mm、22mm螺紋銷售價格為4160元/噸；盤螺價格上調30元/噸：HRB400E抗震材質 Φ8-10mm打標盤螺銷售價格為4360元/噸。這次結算價格大大高于目前京津地區的市場價格，在需求減弱、產量增加、中美貿易戰等宏觀環境不利的環境 下，鋼廠還在主動上調結算價，可見鋼廠對5月底的市場仍充滿期待，對市場也真真切切的起到了挺價作用。

This week, the Tianjin Fangguan market is still shaking slightly. Due to the concussion of snails, the weekend market turnover is poor, opening early in the week, Tianjin local managers slightly downward to stimulate shipment. In the mid-week, the prices of snails and billets rebounded, and steel mills also took the opportunity to raise the ex-factory prices to boost the market. However, the market turnover was weak and the market was incapable of raising prices. The price of Tianjin square tube market rose only briefly and slightly. In the latter part of the week, after the concussion of snails and billets resumed again, the price of Tianjin square pipe was adjusted slightly again. Downstream acceptance of high prices is much worse than before, inventory is relatively low, and steel prices temporarily stabilized. As the demand off-season has come, the quantity of site purchasing has been significantly reduced, most of them are purchased on demand, while the downstream generally does not accept the current high price, low-price transactions are acceptable, the overall market turnover is not as good as the previous period, and the market pessimism began to spread. The main reason why the current price can hold up is that Tianjin's stock is not high. According to the statistics of 24 days of Langer Iron and Steel Network, the total stock of Tianjin square management market is 203,300 tons, an increase of 0.66 million tons over last week. Although stocks have increased slightly over the past week, the overall market stock is not large. Most Tianjin local managers have few resources and are not in a hurry to dump their goods. Individual merchants are still reluctant to sell and limit their daily delivery. On the other hand, the willingness of steel mill to bid is obvious. On May 21, Hegang Group promulgated the sales price policy of square tube products in late May on the basis of the price in mid-May: the high-line price increased by 30 yuan/ton: the current sales price of HPB300 material 8-10mm high-line is 4830 yuan/ton; the base price of third-grade thread steel (gauge) increased by 30 yuan/ton: HRB400E material 18mm, 22mm thread sales price is 4160 yuan/ton;;; The price of snails increased by 30 yuan/ton: HRB400E seismic material 8-10mm labeled disc snails sold at 4360 yuan/ton. The settlement price is much higher than the current market price in Beijing and Tianjin. Under the adverse macro-environment of weakening demand, increasing output and Sino-US trade war, steel mills are still actively raising the settlement price. It can be seen that steel mills are still full of expectations for the market at the end of May and play a real role in the market.

綜合來看，目前市場仍處于頻繁的震蕩期，尤其是期貨市場上躥下跳，始終沒有走出一波明顯的趨勢性行情，而現貨市場相對較冷靜，幅度并沒有期貨市場 那么強烈。目前市場心態已出現分歧，一部分資源少的商家對后市持觀望態度，期貨漲則小幅上調報價，期貨跌則小幅跟跌，而另一部分對后市持悲觀態度的商家則 期貨漲報價不漲，期貨跌則跟跌。對于下周行情，正趕上月底，會有部分商家資金需要回籠，落袋為安，而大廠協議戶也會擔心月底市場價格太高結算追補太少。因 此，預計下周天津方管市場將震蕩下行。

Generally speaking, the current market is still in a period of frequent shocks, especially in the futures market, jumping up and down, and has never come out of a wave of obvious trend, while the spot market is relatively calm, the range is not as strong as the futures market. At present, the market mentality has been divergent. Some businessmen with less resources hold a wait-and-see attitude towards the future market, while futures prices rise slightly, while futures prices fall slightly, while others with a pessimistic attitude towards the future market do not rise, while futures prices fall slightly. For next week's market, just in time for the end of last month, there will be some business funds need to be returned to the cage, to be safe, and large-scale agreement owners will worry about the high market prices at the end of the month, settlement and recovery too little. Therefore, it is expected that the Tianjin Square Management Market will shake down next week.

價格方面，截至5月24日午間，天津市場上河北鋼鐵集團產HPB300Φ6.5-10mm高線價格為4680-4760 元，比上周價格漲20元；河北鋼鐵集團產Φ18-25mm三級抗震螺紋鋼價格為4020-4080元，基本與上周價格持平；三級盤螺價格為4100元，比 上周價格跌20元。

In terms of price, as of noon on May 24, the price of HPB300 6.5-10mm high-speed line produced by Hebei Iron and Steel Group in Tianjin market was 4680-4760 yuan, up 20 yuan from last week's price; the price of 18-25mm three-stage aseismic threaded steel produced by Hebei Iron and Steel Group was 4020-4080 yuan, basically the same as last week's price; the price of third-stage threaded steel was 4100 yuan, down 20 yuan from last week's price.