方管

二月份国内方管价格探涨后趋稳消化库存为主

2月份，国内方管市开市便毫不犹豫喜迎“开门红”，方管市场由管坯、管厂到市场渐次传递。本波上涨潮，管坯价格上调100元左右，管厂上调50-100元，主导地区多上涨50元，个别地区涨100元，其中上海、无锡、天津、北京、沧州等地区中等热轧管报价在4700-4800元之间。另，河南凤宝、汇丰自节后上调方管出厂价格100-150元，尤其对于219-325系列价格有带动作用，烟宝、鲁宝上调3月份方管价格200元，亦对大口径管的“常稳将军”进一步助力。不过本轮上涨势头来的快走的也快，市场回归供需基本面。其中，巴西尾矿事故影响低于预期，铁矿石应声而下，国内现货钢市进入震荡下行趋势。然后，终端需求启动还待时日，钢厂及社会库存攀升，尤其节前囤货商家随着价格下行而急于让利套现，偶有钢厂试探性上调出厂价格，期货持续上行，但现货市场主要操作仍是多出货为主。而方管厂基本保持平，尤其随着开工率上升，库存带来压力，管坯和方坯价差600元左右，风险加剧，均制约方管市场价格拉涨，消化库存为主。整个2月份，方管市场走势多处于涨跌两难的胶着状态而显得漫长，不过底部价格得以夯实。
In February, when the domestic steel market opened, it did not hesitate to welcome the "red door", and the square tube market was gradually transferred from billet and factory to market. In the current upsurge, the price of pipe blanks has been raised by about 100 yuan, pipe mills by 50-100 yuan, leading areas by more than 50 yuan, and individual areas by 100 yuan, including Shanghai, Wuxi, Tianjin, Beijing, Cangzhou and other areas of medium-sized hot-rolled pipes quoted between 4700-4800 yuan. In addition, Henan Fengbao and HSBC have raised the ex-factory price of square tubes by 100-150 yuan since the restraint, especially for 219-325 series. Yanbao and Lubao have raised the price of square tubes by 200 yuan in March, which is also helpful to the "General Chang Wen" of large-caliber tubes. However, this round of rising momentum is also fast moving, the market returns to the supply and demand fundamentals. Among them, the impact of Brazilian tailings accident is lower than expected, iron ore came down, domestic spot steel market entered a downward trend of shock. Then, the terminal demand is still waiting for time to start, steel mills and social stocks are rising, especially the pre-season hoarders are eager to cash in with the price down, occasionally steel mills tentatively raise the ex-factory price, futures continue to rise, but the main operation of the spot market is still more shipments. However, square pipe factories are basically flat. Especially with the increase of start-up rate, stock pressure, the price difference between billet and billet is about 600 yuan, and the risk is increasing. All these restrict the price of square pipe market to rise, and digest inventory mainly. Throughout February, the market tended to stick to the dilemma of rising and falling, but the bottom price was consolidated. 据监测数据显示，截至2月28日，全国重点城市108*4.5mm均价5028元，比上月同期上涨28元。
According to monitoring data, as of February 28, the average price of 108*4.5mm in key cities in China was 5028 yuan, up 28 yuan from the same period last month.

二、管坯、方坯价差大
2. Big price difference between tube billet and square billet

2月底，唐山方坯报价3480元，山东鲁丽、江鑫钢厂出厂价格分别4000元、4050元。方坯和管坯价差扩至520-570元，而2月中旬两者价差达600余吨，远超合理价差250元。月底管坯钢厂年前订单基本发完，年后无协议钢厂订单多是零散订单为主，钢厂面临新订单压力。不过鉴于年前管厂囤货不多，多数是15天左右，长者达一月，而随着管厂开工率攀升，管坯消化加入加速阶段，采购管坯无疑会同步上升。
At the end of February, Tangshan billet quoted 3480 yuan, while Shandong Luli and Jiangxin Steel Co., Ltd. ex-factory prices were 4000 yuan and 4050 yuan respectively. The price difference between square billet and tube billet increased to 520-570 yuan, while in mid-February the price difference between the two reached more than 600 tons, far exceeding the reasonable price difference of 250 yuan. At the end of this month, orders for billet mills were basically completed before the end of the year, and for non-agreement mills after the end of the year, orders for billet mills were mostly scattered orders, and steel mills were facing new orders pressure. However, in view of the fact that there were not many stockpiles in the previous year, most of them lasted for about 15 days, and the elderly lasted for one month. With the increase of the start-up rate of the pipe plant, the digestion of the billets and the acceleration of the process, the purchase of billets will undoubtedly rise simultaneously.