本周上海方管市場價格下跌為主，近期中美貿易戰加劇、房地產利率新政以及唐山限產不及預期是市場加速下滑的主要影響因 素。期貨市場震蕩調整為主，鋼坯價格先跌后小幅反彈。月末資金壓力的影響下，方管廠家低價積極出貨為主，而下游采購力度不強。宏觀方面，風險事件不斷，中美貿 易戰加劇、房地產利率新政以及唐山限產不及預期等，市場弱勢走低。在國內外宏觀因素支撐較弱的情況下，市場供需端的變化對市場影響增大，在未來限產再度放 松的情況下，來自供給端的預期再度破滅，疊加需求端短期內難以有壓倒性的反轉，市場情緒產生波動，資本市場風險偏好發生改變，整體市場呈現連續下破的行 情。本周上海方管庫存41.16萬噸：較前期整體庫存增加0.49萬噸：線材4.31萬噸，螺紋鋼36.85萬噸。目前來看：本周成交受阻，疊加盤面低 迷，多數方管廠家心態轉弱，為降風險，出貨成交為主，回籠資金減小壓力。綜上所述，預計下周上海方管市場價格或窄幅調整。

This week, Shanghai's market prices fell mainly. The recent intensification of the Sino-US trade war, the new real estate interest rate policy and the unexpected production restriction in Tangshan are the main factors affecting the accelerated decline of the market. Futures market shocks are mainly adjusted, billet prices fell first and then rebounded slightly. Affected by the financial pressure at the end of the month, the manufacturers in charge of the party actively deliver goods at low prices, while the downstream purchasing efforts are not strong. On the macro level, with the increasing risk incidents, the intensification of the Sino-US trade war, the new real estate interest rate policy and the unexpected production restriction in Tangshan, the market is weak. In the case of weak support from macro-factors at home and abroad, changes in the supply and demand side of the market have an increasing impact on the market. In the case of further relaxation of production restrictions, expectations from the supply side are once again shattered, it is difficult to overwhelmingly reverse the overlapping demand side in the short term, market sentiment fluctuates, and capital market risk preferences change. The overall market showed a continuous decline. This week Shanghai square pipe inventory 411.6 million tons: an increase of 0.49 million tons over the previous overall inventory: 43.1 million tons of wire rods, 368.5 million tons of threaded steel. At present: this week's transaction is blocked, the overlapping disk is depressed, the majority of square tube manufacturers'mentality is weakening, in order to reduce risk, delivery is the main transaction, withdrawal funds reduce pressure. To sum up, it is expected that Shanghai Square will adjust its market price or narrow range next week. 方管價格方面，截至8月30日九江產Φ8-10mm高線市場價格為3810元，較上周價格價格下跌90元；永、沙鋼產 Φ16-25mm三級螺紋鋼市場價格為3600元，較上周價格下跌90元；中天產Φ16-25mm三級螺紋鋼市場價格為3590元，較上周價格下跌90 元；中天產Φ8-10mm三級盤螺市場價格為3870元，較上周價格下跌90元。

As for square pipe price, the market price of 8-10mm high-speed line in Jiujiang as of August 30 was 3810 yuan, down 90 yuan from last week's price; the market price of 16-25mm threaded steel in Yongshan and Shagang was 3600 yuan, down 90 yuan from last week's price; the market price of 16-25mm threaded steel in middle-day production was 3590 yuan, down 90 yuan from last week's price. Zhongtianshan 8-10mm three-stage snail market price is 3870 yuan, 90 yuan lower than last week's price.