本周廣州方管市場價格弱勢下降，方管市場成交前期正常放量出貨略好后期偏差。本周期貨、鋼坯低位震蕩下跌。周初隨著期貨震蕩小 幅翻紅，市場開始止跌企穩，且臨近端午放假，下游有備貨需求，故前期市場成交較好，庫存正常放量，但價格還是缺乏上漲動力，方管廠家也心態謹慎，報價維穩以出 貨放量為主。后期隨著下游逐漸完成備貨，市場假日氛圍濃厚，成交乏力。截至到今日，昌黎普碳方坯3510降40，廣州當地方管價格主流下調10-20 不等，小戶幾無成交。

This week, the price of Guangzhou Square Pipe Market declined, and the normal volume shipment of Square Pipe Market was slightly better than that of the later period. This week, futures, billet low volatility fell. At the beginning of the week, the futures market began to stop falling and stabilize, and near the Dragon Boat Festival holidays, there is a demand for backup goods downstream, so the early market turnover is good, inventory normal release, but the price is still lack of upward momentum, the managers are cautious, the quotation is maintained by the delivery volume. Later, with the downstream gradually completed stock, the market holiday atmosphere is strong, weak turnover. Up to today, Changli Pu carbon billet 3510 has fallen by 40, Guangzhou local tube price mainstream has fallen by 10-20, and small households have barely completed business.

本周廣州市場方管去庫速度略有好轉；據5日統計數據顯示，現廣州方管市場庫存總量118.11萬噸，環比上周降7.32%，同比去年漲 2.58%。目前廣州地區方管價格已處于全國洼地，下調空間有限，上漲又缺乏持續支撐動力；一方面受當日雨季需求釋放受限影響，另一方面也缺乏利好支持； 市場對后市普遍不太看好，盡管部分鋼廠嘗試挺價拉漲但現貨貿易商還是考慮到成交以穩為主，操作較為謹慎。并且進入六月份整個市場資金壓力明顯變大，大型企 業要在六月底前按照要求完成清理全部正常應付款項不允許再出現拖欠；金融機構六月面臨相關審核也要保留足夠的存款準備金以保證自身的流動性；地方政府又面 臨六月份加大發債融資的壓力。以上種種因素都加劇了市場資金偏緊壓力，故市場也出現了關于央行六月份降準的預期。目前短期來看，方管現貨市場還是上漲動力不 足，調整空間有限。綜上所述，預計下周廣州當地方管價格或小幅盤整偏弱運行。

This week, the speed of depot of Guangzhou market square management has improved slightly. According to 5-day statistics, the total inventory of Guangzhou square management market is 118.11 million tons, down 7.32% from last week, up 2.58% from last year. At present, Guangzhou's square tube prices are in the depression of the whole country, with limited space for reduction and lack of sustained support; on the one hand, they are affected by the limited release of demand in the rainy season on that day, on the other hand, they lack favorable support; on the other hand, the market is generally not optimistic about the future market, although some steel mills try to push up the price, but the spot traders still consider that the transaction is mainly stable and the operation is more cautious. In June, the pressure of funds in the whole market has obviously increased. Large enterprises are required to complete the liquidation of all normal payables before the end of June, and no further arrears are allowed. Financial institutions are facing relevant audits in June, and they need to retain sufficient deposit reserve to ensure their liquidity. Local governments are also facing the pressure of increasing debt issuance and financing in June. All of these factors have exacerbated the pressure of market capital tightening, so the market has also appeared on the central bank's lowering of the benchmark in June. At present, in the short term, the spot market is still lack of momentum to rise, and the adjustment space is limited. In summary, it is expected that the local management price or small consolidation will be weaker in Guangzhou next week.