Following PTA futures, it has developed into the “star” variety in the chemical sector in my country’s futures market. Later, my country’s polyester futures sector welcomed a “new member”.
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At 9:00 on October 12, at the short fiber futures listing event of Zhengzhou Commodity Exchange (hereinafter referred to as “Zhengzhou Commercial Exchange”), Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission, Together with Dai Bohua, Vice Governor of Henan Province, they sounded the gong for the listing of polyester staple fiber futures.
On the morning of the listing of polyester staple fiber futures, the Zhengzhou Commodity Exchange also held a polyester staple fiber industry seminar.
What is the overall development of my country’s polyester staple fiber market in recent years? In this year’s special market environment, although the performance of the polyester staple fiber market is not as good as that of the same period last year, why is it still better than expected? What are the operational difficulties and pain points that industrial enterprises face at the current stage? On the basis that PTA futures have matured and are highly correlated with current prices, what impact will polyester staple fiber futures have on polyester staple fiber companies and related companies in the polyester industry chain after they are launched? How should industrial enterprises make better use of futures tools to comprehensively manage business risks?
In response to these hot topics, experts from Hengyi Petrochemical Co., Ltd., Sinopec Yizheng Chemical Fiber Co., Ltd., Sanfangxiang Group Co., Ltd., Jiangyin Hongkai Chemical Fiber Co., Ltd., Fujian Relevant representatives from many domestic leading polyester staple fiber companies such as Provincial Jinlun High Fiber Co., Ltd. and Jiangsu Huaxi Village Co., Ltd. Special Fiber Factory, as well as representatives from relevant traders and futures companies, conducted in-depth discussions at the seminar .
Active market trading on the first day of listing boosted market confidence
On the first day of listing of polyester staple fiber futures, the overall market operation was stable and trading was active. Disk data showed that as of the close of the day, all five listed short fiber futures contracts were at their daily limit. Among them, the main PF105 contract traded 51,327 lots and the open interest was 19,362 lots, showing high activity on the first day of listing.
As for the reason for the “good start”, the reporter learned that during the “National Day” holiday that just passed, the sales of polyester staple fiber products generally improved, corporate inventories dropped, and all aspects of data showed consistent Sexually beneficial.
On October 9, after the Zhengzhou Commercial Exchange announced that the benchmark price of short fiber futures contracts was 5,400 yuan/ton, the spot market price continued to rise over the following weekend, and the market was generally optimistic about the recent market price of short fiber.
“The price rise at the opening fully reflects the positive information of recent industrial chain data, the bullish sentiment has been fully reflected, and the price discovery function has been brought into play.” Pang Chunyan, an analyst at SDIC Anxin Futures, explained that the first time the stock was listed In Japan, many short fiber manufacturers and traders participate in the market, and the hedging needs of enterprises are more urgent.
It is understood that on the first day of listing of polyester staple fiber futures, including Xiamen International Trade Group Co., Ltd. (hereinafter referred to as “Xiamen International Trade”), China Base Ningbo Co., Ltd. (polyester staple fiber futures “China Base Ningbo” “”), Ningbo Hengyi Industrial and many other upstream and downstream industrial enterprises actively participated in the transaction. The first winners of customer transactions in the short fiber futures industry were China Base Ningbo and Xiamen Qirun Industrial Co., Ltd.
From the current perspective, the companies participating in short fiber futures are mainly traders and large PTA-polyester integrated companies. They are familiar with the futures market and have flexible investment operations.
“As a circulation enterprise, we operate many varieties and large scales. Without good derivatives tools, we will face great risk pressure, and companies need to use futures management tools for hedging and Protection.” said Cai Yingbin, general manager of the supply chain division of Xiamen International Trade Group.
Dong Li, general manager of China Base Ningbo Polyester Division, said that risk management has brought great support to the development of enterprises. “This year, the company focuses on the expansion of the downstream polyester finished product trading market in the polyester segment. As the first futures variety of chemical fiber products, polyester staple fiber provides a good hedging tool for the company’s industrial chain expansion. Therefore, upon listing, We will actively participate in it.”
Industrial enterprises actively embrace new tools to achieve comprehensive benefits from the “two fronts”
The industrial enterprises participating in the seminar generally believed that in the current overall economic operating environment that is still under pressure, polyester staple fiber futures saw active trading on the first day of listing, and its performance was a “good start” , which has activated the market atmosphere to a certain extent, boosted market confidence for polyester industry enterprises as a whole, and will benefit the entire industry chain.
Many years of market experience have made Zhu Shaowei, general manager of operations of Fujian New Jingwei New Fiber Technology Industrial Co., Ltd., deeply aware of the difficulties of business operation. “When the supply and demand side of business is relatively good, customers tend to buy in large quantities when prices are low, and stop and wait and see when prices are high. The performance of each short fiber enterprise throughout the year is mediocre, and it is difficult to do well. .”
“The degree of participation in futures will determine the success of this company. Whether the efficiency will reach a higher level. Making full use of the futures platform can improve corporate efficiency. We hope that the good experience of PTA futures can be used for reference in the short fiber field, so that short fiber companies can also benefit simultaneously.” Zhu Shaowei He said that now that futures are available, it provides a new sales channel for short fiber companies and a new pricing reference. In particular, short fiber futures are listed when downstream demand has recovered relatively well, and the price after the opening is A very good signal.
“As a producer and user of short fiber, I am really happy to see the launch of short fiber futures.” The relevant person in charge of Hengyi Petrochemical Co., Ltd. said that judging from the effect of using PTA futures , which plays a huge role in the stable production and operation of enterprises. “Judging from the semi-annual profit announcements of listed companies, the effect of our use of futures is much better than that of our polyester counterparts. This is the real value that futures brings to our company.” He said.
In the opinion of the above-mentioned person in charge, physical manufacturing companies have two worries in spot operations. One is that the price will not be high, and the other is that the goods will not be sold. The two major functions of futures price discovery and hedging actually solve the pain points of enterprises.
“For companies that need to replenish their inventory in the future, buying futures is cheaper than buying spot directly. Overall, with a certain price advantage and an improvement in the fundamentals of downstream orders, there is a need to replenish stocks. Companies with inventory needs have the opportunity to buy and maintain value.” Pang Chunyan said that the main purpose of downstream companies participating in the transaction is to hedge, reduce the cost of raw material procurement, and increase raw material stocking in a timely manner when orders improve.
The polyester industry chain forms a “futures sector” to help companies better manage business risks
” The trading activity of short fiber futures on the first day far exceeded market expectations. The market liquidity is good and the types of participating customers are diverse.” Dai Yumin, general manager of the olefins business unit of Yuanda Energy and Chemical Co., Ltd. said that the listing of short fiber futures has been completed The channel between polyester chain raw materials and products realizes product interaction between TA and PF, giving industrial customers more opportunities to use futures tools. In the later period, as market participation becomes more extensive, the participation in the upstream and downstream of the industry chain will become deeper and more professional.
The relevant person in charge of Zhengzhou Commodity Exchange said at the short fiber industry seminar that the listing of short fiber futures is of great significance to building the futures sector of the entire polyester industry chain. After PTA futures was listed on the market, after 14 years of careful cultivation, it has a solid foundation. It can now be said to be “deep-rooted and luxuriant”. On this good basis, ZCE started from the actual needs of industrial enterprises, laid out and constructed the entire polyester futures variety sector from point to line, and then to the surface, constantly improved the varieties of the polyester sector, and better served the entire polyester futures sector. industrial chain.
Industry insiders pointed out that my country’s chemical fiber production and consumption are the first in the world. With the help of polyester industry chain futures, the entire industry has the ability and confidence to build a global polyester product pricing center. The rich polyester futures sector will improve the overall level of serving the polyester industry, and more comprehensive risk management tools will protect the polyester industry and enhance the overall influence of my country’s polyester industry in the global polyester market.
“We hope that through the leadership of short fiber futures, we can push the industry to a new level of development in the mutual promotion of domestic and international dual cycles.” Cai Yingbin said. </p
