In order to better meet the risk management needs of enterprises in the polyester industry chain, give full play to the “agglomeration effect” of the futures sector, and enhance the ability to serve the polyester industry, on April 23, the “Polyester Variety Industry Symposium” was hosted by Zhengzhou Commercial Institute “Held in Hangzhou. Leading enterprises in the polyester industry actively offer advice and suggestions, discuss the research and development of new varieties, and jointly promote the healthy development of the polyester industry.
The reporter learned that as the earliest futures product listed in the polyester industry chain, PTA futures has been cultivated and developed for 15 years. The market has been running smoothly, and its price discovery and hedging functions have been effectively performed. It has become one of the most mature varieties in the futures market. The stable operation of PTA futures provides transparent future price signals for upstream and downstream enterprises in the industrial chain, and together with short fiber futures, it builds an all-round and multi-level hedging system.
“It is precisely because of the futures tools that many PTA companies were saved from danger in the first half of last year.” Representatives of participating companies said that in the first quarter of last year, affected by the new coronavirus epidemic, the mismatch between the upstream and downstream industries caused a shortage of PTA spot goods. Market inventories are high, and manufacturing companies are facing greater sales pressure. At this time, some companies use the risk management function of the futures market to convert spot inventory into futures warehouse receipts and sell them in far months, which not only solves the inventory problem but also effectively alleviates financial pressure.
In fact, not only PTA futures, but also short fiber futures have provided authoritative price references for polyester companies after their listing, and corporate attention and participation have continued to increase.
The price of the polyester industry chain fluctuates greatly, and companies have obvious hedging needs. The reporter learned that the risk management tools for polyester raw materials are relatively mature, but the risk management tools for polyester products (except polyester staple fiber) are still lacking. Not only that, when texturing, weaving and other factories downstream in the industrial chain receive orders, they still face the dilemma of being unable to lock in the cost of raw materials.
CCF statistics show that as of the end of 2020, domestic polyester production was 52.78 million tons, of which filament production was 31.16 million tons, accounting for about 60%, and short fiber production was 6.7 million tons, accounting for 13%. %.
“Short fiber only accounts for a small part of the huge polyester market. The currently listed futures varieties are difficult to meet the hedging needs of the huge polyester industry chain.” said Pang Chunyan, analyst at SDIC Essence Futures.
“In the entire chemical fiber industry, polyester filament is the largest variety. If related futures products can be launched, it will benefit more companies in the industry chain.” Senior analysis from Zhejiang Huarui Information Co., Ltd. Shi Yuan Yuan told reporters that upstream filament products and other products have corresponding futures tools, and companies have become more mature in participating in hedging and other operations. The currently listed filament futures have a good market foundation and are relatively well accepted by industrial enterprises.
In this regard, Zhang Sixi, general manager of the market management department of Xinfengming Group Co., Ltd., also told reporters that PTA futures on the supply side are already very mature products, and many companies on the demand side have also adopted PTA futures. Price serves as an important basis for purchasing. Filament yarn accounts for a high proportion of polyester, has a large market capacity, high industrial concentration, large inventory fluctuations, and a lack of corresponding risk management tools. The listing of long silk futures is the general trend.
“At present, futures products have been launched in the industry chain from upstream raw materials to downstream short fiber. If filament futures can be launched, then the futures market can serve polyester companies in more dimensions and help Relevant enterprises should do a good job in risk management,” Zhang Sixi said.
“We very much hope to launch filament futures as soon as possible. Polyester factories pursue stable profits, which is the most important guarantee for enterprise development. After filament futures are listed, on the one hand, we can lock in finished products through the futures market The risk of falling prices ensures production profits; on the other hand, spot sales can also be realized through futures delivery to broaden sales channels.” said Hong Biao, general manager of Tiansheng Chemical Fiber.
The relevant person in charge of Zhengzhou Commodity Exchange said at the meeting that the current high-quality development of my country’s economy has put forward higher requirements for the futures market. Zhengzhou Commodity Exchange will actively respond to the needs of real enterprises and continuously improve the functions of existing products. While improving efficiency, we will do a solid job in research and development of new polyester varieties. In the next step, Zhengzhou Commodity Exchange will vigorously promote the research and development of filament, bottle flakes, PX and other industrial chain varieties, create a polyester industry chain futures sector, further expand the depth and breadth of service industry chain, and strive to provide polyester industry chain enterprises with More diversified risk management services contribute to the high-quality development of the real economy. </p
