Today, 95 percent of PTA producers and more than 80 percent of polyester enterprises have participated in futures. Domestic polyester industry enterprises represented by Hengli Petrochemical (600346), Yisheng petrochemical and so on rapidly grow bigger and stronger, has an obvious international competitive advantage; Internationally, more and more overseas industrial enterprises, such as BP, Glencore and Mercuria, also participate in the use of PTA futures. At the same time, the futures industry continues to improve and develop, deeply cultivate the polyester industry, enrich derivatives, innovate service models, build a "moat" of the polyester industry, and help the high-quality development of the chemical fiber industry.
The best "TA" is frequently praised by the industry
PTA futures is one of the earliest listed chemical futures varieties in China. In recent years, the base price model has accelerated to mature. At present, more than 95 percent of the circulating goods in PTA market are priced in the way of "futures plus basis". Affected by the market environment, polyester industry enterprises participate in futures to a very high degree.
By the end of 2021, China's PTA production capacity has increased by 7 times compared with 2006 when PTA futures were listed, and the number of PTA futures positions has also increased from 100,000 to 2 million. According to ZCE data, in 2021, the positions held by PTA and short fiber legal person customers accounted for 70.52 percent and 61.80 percent respectively, increasing by 23.39 percent and 96.07 percent year-on-year. Futures market participants are also more diversified, with upstream and downstream enterprises of the industrial chain actively participating.
Струва си да се спомене, че докато ентусиазмът на полиестерната индустрия е голям, функцията на PTA фючърсите също е широко призната от пазара.
"For Hengli Petrochemical, PTA futures can be used as a sales tool. Active participation in PTA futures can help enterprises lock in long-term processing profits, make PTA sales more flexible, and avoid systemic risks. At present, the company mainly sells PTA futures point price, and uses futures for cooperative hedging, locking processing profits and avoiding risks." Heng li petrochemical related person in charge told reporters.
In 2021, PTA, MEG and other varieties have entered the stage of industrial integration and upgrading. In the production cycle, the industry reshuffle accelerated, backward capacity is constantly eliminated, is bound to compress the processing fee space. "In order to ensure normal operation, as far as possible to reduce losses, in the market changes, PTA enterprises seize the opportunity to sell PTA and buy raw materials operation, lock processing fees. Hedge at low processing fee level to avoid loss caused by low processing fee and affect the normal operation of production equipment. In case of downstream demand deteriorates and crude oil or upstream raw materials fall sharply in price, hedging can be avoided through cooperation with large trading companies." Said the relevant person in charge.
Според международната търговия (600755) petrochemical co., LTD., генерален мениджър на xiamen de-wei liu въвеждане, през 2021 г. близо 90 процента от предприятията във веригата на полиестерната промишленост ще участват активно във фючърси, някои са добри в изучаващо предприятие комбинира суровини PTA фючърсни цени и етилен гликол чрез заключване на режима на обработка на годишния договор на продажбите, сътрудничеството на производителите и крайните клиенти по-стабилно и гъвкаво.
Futures market of polyester industry chain, in his opinion, the most positive impact is embodied in the industrial chain enterprises through effective price expectations anticipation process cost, strengthen product sold forward, to organize production, objectively downstream transmission, the management risk up completely changed before 2020 "refining factory profits abroad, domestic PTA and the downstream enterprises struggle" of the situation.
"Polyester factories use hedging to lock the processing profits, avoid the loss of raw material price decline, and effectively adjust the operating rate. Especially in the fourth quarter of 2021, when the PTA and MEG spot fell sharply, the combination of the period now played the role of cutting peak pinggu, reversing the polyester industry before 2018 often appeared 1 months of loss of half a year of profit passive situation." In addition, the large participation of supply chain companies and traders in the futures market has also played an objective role in balancing and regulating warehousing and optimizing logistics in east and south China, Liu said.
Liu dewei said that when production capacity across the industrial chain increased by nearly 7 per cent, inventory across the industrial chain increased by only 2 per cent, which is a good example. The reduction of capital occupation and financial cost of the whole industry chain further stabilizes the leading position of China's polyester industry chain in the world.
Кондензираща сила за производството на химически влакна, за да допринесе за бъдещата сила
With the development of futures market, futures management institutions continue to design effective "futures solutions" for enterprises, and many risk management companies have transformed into new industrial service providers that provide comprehensive solutions, and contribute "futures power" by serving industrial enterprises through post-pricing, rights and other modes.
Reporters learned that, as a service subject, Yong 'an capital in 2021 polyester plate performance growth, among them, staple fiber is the biggest bright spot. In 2021, the trade volume of yong On Capital staple fiber grew rapidly, increasing by 5 times compared with 2020.
"When the epidemic broke out in some parts of Zhejiang at the end of 2021, Wing on Capital did a good job in ensuring supply for downstream factories, and helped staple factories lock in relatively high processing fees during the easing of the epidemic, stabilizing the profits and production of staple factories throughout the year." Wing on capital staple period now manager fei said, but because of the issue now after some price mode, wing on capital can advance to the polyester plant materials such as PTA, MEG, affects the outbreak logistics, polyester factory already save raw materials, and in the process of raw material prices dropped because the outbreak of midpoints, further reduce your costs, After the price of raw materials drops, the procurement cost of downstream factories is reduced in the form of secondary point price, which plays the role of industrial "lubricant".
Разбираемо е, че през последните години, повлияно от смущенията на макро факторите и въздействието на големи колебания в цените на суровините, търсенето на предприятия от хедж полиестер се е увеличило. За да отговори на тези нужди, Wing on Capital направи допълнителни иновации в модела на обслужване.
Фей Янг каза пред репортери, че на базата на традиционния бизнес модел като спот цена, пощенска цена и цена за заключване, Wing on Capital иновативно стартира нов бизнес модел като заключване на таксите за обработка на предприятието и включването на правилната търговия, което допълнително стабилизира печалбите на предприятия или пуснете предприятията чрез формата на опции в замяна на абсолютен никакъв риск с фиксирани роялти. Тези нови бизнес модели могат допълнително да насърчат стабилното функциониране на полиестерните предприятия.
Бъдещите институции имат за цел да обслужват реалната икономика, да вземат изследователската способност за ядро и да стимулират развитието на цялостен бизнес. Сред тях, полиестерната индустрия за дневни вятърни фючърси показва характеристиките на специализация, информация.
"At present, the polyester industry chain presents an integrated development pattern, and the research demand of upstream crude oil, naphtha, PX and other raw materials from polyester industry customers is increasing. In order to better serve the entity enterprises, our institute provides horizontal and vertical research services for polyester industry customers, and builds a set of information industrial data system to provide efficient information services for industrial customers' raw material inventory and inventory management." Liu Siqi, an analyst of Tianfeng Futures, told reporters that in 2021, the scale of customer rights and interests of Tianfeng futures will increase by 71 percent year on year, the number of customers of PTA and staple fiber industry will increase, and the proportion of PTA futures business will increase.
In recent years, the exchange has also been working intensively on how to better serve polyester industry enterprises: By closely tracking the spot market, fully understand the needs of industrial customers in a timely manner, timely modification of the rules and systems, expand the delivery brand and region, really realize the "think enterprise think, urgent enterprise urgent, solution enterprise difficult", get through the delivery link obstacles, ensure smooth delivery, play a special role in a special period; We continue to enrich industrial chain varieties, provide diversified risk management tool portfolio for upstream and downstream enterprises of polyester and textile industrial chain, and provide warehouse receipt financing and other supporting services.
"Next, nan Yang will increase PTA and PX upstream and downstream, bottle flakes, filament futures varieties such as research and development strength, rich production chain enterprise financial hedging tools, power, open the domestic circulation continued to carry out industry service and market cultivation, support with risk management needs of enterprise use futures tools in the form of direct or indirect stable production and management, power guarantee for steady price." Zheng Commercial institute responsible person said.
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