August 22, by the Dalian Commodity Exchange (hereinafter referred to as "big business"), China Coal Industry Association, China Coking Industry Association, SteelHome website hosted the "2019 China Coal and Coke Industry Conference" held in Shenzhen. With the theme of "concentration, integration and development", the conference focuses on the development, reform and risk management of the coal char industry, in order to promote the futures market to serve the real economy and promote the integration of industry and capital.
A reporter from the China Securities Journal learned at the meeting that coking coal and coke futures have gradually matured after many years of development, and relevant enterprises can manage risks by participating in new models and new tools such as over-the-counter options and base trade. At the same time, on the basis of enriching and optimizing derivatives, the firm will continue to innovate and expand the model of derivatives to serve the real economy and serve the development of coal char industry in depth.
Industrial chain risk aversion tools continue to upgrade
In his speech at the meeting, Wang Fenghai, general manager of Dabang, said that in recent years, the uncertain and unstable factors affecting the operation of coking coal and coke prices have obviously increased, the spot prices of coking coal and coke have increased, and enterprises are facing great challenges in their stable operation. The demand for using the futures market to manage risks is increasing.
The coal coke steel industry is one of the key areas of the real economy served by the big commercial institute. In order to serve the risk aversion of coal and coke enterprises, Dazhang launched coke futures in 2011, followed by coking coal futures and iron ore futures in 2013, which provided corresponding risk management tools for upstream and downstream industrial enterprises and formed a more complete risk aversion chain of ironmaking raw materials. According to Li Hua, deputy director of the Industrial Development Department, after years of development, Dashang has become the largest coal futures market in the world.
After years of operation, the above varieties are also becoming more and more mature. Wang Fenghai said that the coking coal coke futures market has sufficient liquidity and the structure of participants has been continuously optimized. From January to July this year, Dashang Coking Coal and Coke Futures achieved a turnover of 49.27 million hands, a turnover of 8.3 trillion yuan, and an average daily position of 310000 hands. The proportion of positions held by unit customers reached 37 per cent, an increase of 2 percentage points over the same period last year, and the number of customers per unit reached 6400. In the first half of this year, coke and coking coal futures ranked ninth and 17th respectively in the ranking of global energy futures trading volume in the first half of this year.
Chen Wei, a senior expert at Dabang, said that since the beginning of this year, the trading of coking coal and coke futures markets has been active, the position of corporate customers has reached a new level compared with the same period last year, the market structure has been further optimized, and the main delivery area has gradually shifted with the change in the flow of spot trade.
In the service industry enterprise personalized risk management demand, the firm has also launched the commodity swap business, has carried out 27 businesses, a total of nearly 300 million yuan in nominal principal. Based on coking coal and coke futures, the institute has developed eight commodity indexes to provide diversified risk management and asset allocation services for industrial enterprises and institutional customers.
Products keep up with innovation
After cultivating the market, Dashang is also adjusting the quality standard of coking coal futures contract in time according to the development and change of spot market, further improving the representativeness of futures price and continuously optimizing the contract rule system. Improve the quality of market operation and the risk aversion efficiency of industrial enterprises.
Wang Fenghai said: in the next step, the institute will continue to do a good job in front-line supervision, speed up the landing of the rolling delivery system for coking coal and coke, study and adjust the quality standards of coke contracts, continue to improve the quality of market operation, and constantly consolidate the achievements of pluralistic and open development. At the same time, we will speed up the listing of scrap steel, gas coal futures and iron ore, coking coal and coke options, further enrich the system of risk aversion products and tools, and constantly enrich the connotation of diversified and open markets. In addition, we should deepen the construction of the over-the-counter market, launch the online basis trading platform, thoroughly implement the enterprise risk management plan, and promote the application of commodity swaps, commodity indexes, and base trade. We will promote the market price discovery and risk management functions of big trading houses to better integrate into the industrial system, and constantly enhance the influence of futures prices and the ability to serve the real economy.
With regard to the rolling delivery system, which is more concerned by the market, Chen Wei said that Dashang will study and launch a rolling delivery system for coking coal and coke varieties in order to promote the circulation of warehouse receipts, expand the source of delivery, and adjust the place of coke delivery according to the trade flow direction. This rolling delivery mode, that is, during the period from the first trading day of the delivery month to the previous trading day of the last trading day, the seller's customer who holds the standard warehouse receipt and the one-way selling position in the delivery month takes the initiative, and the exchange organizes the matching parties to complete the delivery at the specified time.
"for the real economy, the more diverse the variety of futures listed, the wider the field of the service industry. The richer the variety of the industrial chain, the higher the efficiency of risk management of industrial enterprises. "Li Hua also mentioned that Dashang will continue to strengthen the research and development of new tools and varieties in the future in order to expand the areas of service to the real economy. The firm will also strengthen cooperation with futures companies, banks, brokers and other financial institutions to serve the real economy through a variety of channels and models, and provide comprehensive risk management services for enterprises.
Source: SMM News
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