在G20釋放利好的帶動下周末方管大漲，方管現貨漲幅也較明顯，周初開市，期螺再破前高，成功突破4100元整數關口，鐵礦石再創新高，市場拉漲氣 氛明顯，部分方管廠家有封庫現象，天津方管市場價格繼續上漲。隨后中美貿易談判又生變故，唐山限產又有變動，方管價格快速下跌，期螺跳水，市場預期發生改變， 天津方管廠家信心開始動搖，前期壓貨的散戶開始甩單套利，大戶也開始下浮報價降低風險，天津方管市場價格震蕩下行。

Driven by the good release of G20, the square tube market rose sharply at the weekend and the spot tube market increased more obviously. The market opened at the beginning of the week, and the snail broke again before breaking. It successfully broke through the 4,100 yuan integer barrier. Iron ore reached a new high again. The market atmosphere was obvious. Some merchants had the phenomenon of closing stores. The price of Tianjin square tube market continued to rise. Subsequently, the Sino-US trade negotiations changed again. Tangshan's production restriction changed again. Fangguan's price fell rapidly, snails dived, market expectations changed. Tianjin's Fangguan's confidence began to shake. Bulk retailers began to dump single arbitrage in the early period. Large retailers also began to lower the risk by floating quotation. Tianjin Fangguan's market price shocks down.

中美貿易和環保限產變臉快，鋼市有點懵。上周末G20峰會中美領導人會晤結果超預期，雙方重啟貿易磋商，美方不再對中國新征關稅，中國亦繼續擴大 開放，對市場心態產生了明顯的提振作用。隨后周初唐山市政府又突然發布限產文件，唐山環保再度深化，豐潤7月大氣污染防治管控方案對天柱、新寶泰要確保燒 結機(球團)、高爐、轉爐、石灰窯限產比例不低于50%，高爐扒爐停產。在市場中引起軒然大波，給持續低迷的現貨市場再次注入一針強心劑，這兩條刺激性的 消息帶動了從上周末到本周初的期貨，方管市場，天津方管市場也順勢大幅拉漲?？墒?，沒兩天這兩個利好消息迅速變臉，由利好變成了利空，首先是有新聞報道 稱，特朗普及其團隊表示與中國貿易談判分歧還很大，與5月談判破裂時一樣大，中美沒有達成貿易和解的時間表。然后是唐山再次發文，公布了少部分企業7月可 不限產時間段，唐山整體理論限產量較之前測算有所減弱。這兩大因素突然出現變數，對之前的市場信心打擊非常大。

Sino-US trade and environmental restrictions are fast changing, and the steel market is a bit confused. Last weekend, the meeting between Chinese and American leaders at the G20 summit was more than expected. The two sides resumed trade negotiations. The United States no longer imposed new tariffs on China. China continued to expand its opening up, which had a significant boost to the market mentality. Later, Tangshan Municipal Government issued a production limit document suddenly at the beginning of Zhou Dynasty. Tangshan's environmental protection was deepened again. Fengrun July's air pollution control and control plan for Tianzhu and Xinbaotai should ensure that the production limit ratio of sintering machine (pellet), blast furnace, converter and lime kiln is not less than 50%, and the production of blast furnace pickling stops. In the market caused a great uproar, to continue the downturn of the spot market injected a shot of cardiotonic agent, these two stimulating news led to the futures from last weekend to the beginning of this week, the square tube market, Tianjin square tube market also boosted substantially. However, within two days, the two positive news quickly changed from positive to negative. First, there were news reports that Trump Popular's team said that there was still a big difference in trade negotiations with China, as big as when the talks broke down in May, and there was no timetable for China and the United States to reach a trade settlement. Then Tangshan sent another paper, announcing that a small number of enterprises can limit production in July, and the theoretical limit production of Tangshan as a whole has weakened compared with previous estimates. The sudden emergence of variables in these two factors has hit the previous market confidence very hard.

鐵礦石背離方管價格走勢，已被國家有關部委關注。本周初黑色系冰火兩重天，期螺先漲后跌，重新打回4100元下方，而鐵礦石卻繼續向上突破，到本 周中期，已打破5年半來新高點，直到周后期才有所回調。據中國證券網消息，中國鋼鐵工業協會副會長屈秀麗7月5日在上海召開的第四屆中國鋼鐵金融衍生品國 際大會上表示，鐵礦石與方管價格走勢相背離，國家有關部委高度關注進口鐵礦石價格的大幅上漲，正在調查了解價格大幅上漲的原因，將嚴厲打擊亂漲價、價格壟 斷等不規范行為。這一消息將對后期鐵礦石價格形成沖擊，而間接的也會影響方管價格。

The price trend of iron ore deviating from square control has been concerned by relevant ministries and commissions of the state. At the beginning of this week, the black ice-fire double day, snails first rose and then fell, hit back below 4100 yuan, while iron ore continued to break upward, by the middle of this week, has broken a new high in five and a half years, until the end of the week there was no callback. According to China Securities Network, Qu Xiuli, vice president of China Iron and Steel Industry Association, said at the 4th International Conference on Iron and Steel Financial Derivatives held in Shanghai on July 5 that the price trend of iron ore is different from that of square tubes. Relevant ministries and commissions of the state pay close attention to the sharp rise in the price of imported iron ore and are investigating and understanding that the price is very high. The reason for the rise will be to crack down on such irregular acts as unreasonable price increases and price monopolies. This news will have an impact on iron ore prices in the later period, and indirectly will also affect the Party-controlled prices.

綜合來看，本周天津方管市場在中美貿易和環保的變化中震蕩運行。目前由于前期過快的拉高價格導致與目前的需求脫節，市場已經出現有價無市的尷尬現 象，商家面對這種局面目前唯一的選擇只能是降價促銷降低風險。短期內市場可能會出現一波回調。因此，預計下周天津方管市場價格將震蕩下行。

In a word, Tianjin Square Management Market has been shaking this week amid changes in Sino-US trade and environmental protection. At present, due to the high price in the early stage, which leads to the disconnection with the current demand, the market has already appeared the awkward phenomenon of no market for value. The only choice for the merchants facing this situation is to reduce the price and reduce the risk. There may be a pullback in the short term. Therefore, it is expected that Tianjin Fangguan's market price will fluctuate downward next week.

價格方面，截至7月5日午間，天津市場上河北鋼鐵集團產HPB300Φ6.5-10mm高線價格為4740-4880元， 比上周價格漲90元；河北鋼鐵集團產Φ18-25mm三級抗震螺紋鋼價格為3940元，比上周價格漲10-40元；三級盤螺價格為4280元，比上周價格 漲50元。

In terms of price, as of noon on July 5, the price of HPB300 6.5-10mm high-line produced by Hebei Iron and Steel Group in Tianjin market was 4740-4880 yuan, up 90 yuan from last week's price; the price of 18-25mm three-stage aseismic thread steel produced by Hebei Iron and Steel Group was 3940 yuan, up 10-40 yuan from last week's price; the price of third-stage screw was 4280 yuan, up 50 yuan from last week's price. Yuan.