China Stock 中国证券

“Whether in February or March, steel futures launch will be the iron nails because this has been written into the newly released State Department’s’ State of 30 ‘China.” The former China Futures Industry Association, is China Agricultural University futures and financial derivatives Research Center Director Chang-qing excitedly told reporters.

It is reported that the formal listing of steel futures trading hours will be placed on after the Spring Festival, the first batch of listed species may be the wire.

“transactions in the spot active steel There are three, namely, pad volume, rebar and wire rod.” Yangtze Shanghai Futures chief analyst Yan wide explained to reporters, “pad volume commonly used in automotive manufacturing, steel popular argument is reinforced, and wire used for real estate construction, is the largest steel consumption species, accounting for about 50%. “

available at a press conference to amend a contract proposal the emergence of steel wire and two species of note futures contract design standards. Both the same number of standards, including: trading unit for every 50 tons of hand, the biggest daily price fluctuation limit of no more than the previous settlement price ± 4%, the minimum trading margin of 6% of the value of the contract, the transaction fee does not exceed 2/10000 transaction amount (including the risk of reserve).

“Shanghai pricing”

In fact, steel futures as early as three years ago to launch the voice.

“market demand, but at that time several major domestic steel producers are unlikely to agree, because this may affect the pricing of steel.” futures companies told a reporter, “steel futures launch, not on a period or the Commission the final say, but also to seek the industry agree that the examination and approval procedures are complex.”

Insiders pointed out that the pricing of iron and steel enterprises the right to speak, is growing decline, “wire is a very market-oriented varieties of steel in the steel spot electronic transactions are very active.”

Yan Road width of this analysis, “China’s steel market dispersity smaller, even a few Large steel mills also have regional characteristics, iron and steel enterprises do not have the full right to speak of pricing, so pricing should be left to the market to do. “” and in the United States, steel is a sunset industry, industry monopoly great degree, This is also a steel futures in the United States the reasons for the missing. “

in the world, the introduction of steel futures trading only three countries. In March 2004, India Multi Commodity Exchange (Multi Commodity Exchange, MCX) launched the world’s first steel futures. MCX steel futures contracts fall into two categories: steel plate and steel futures futures article. In addition, Japan’s steel futures and the London Metal Exchange (London Metal Exchange) on April 28 this year launched steel billet futures trading.

futures varieties but these are very weak influence. Shanghai to launch steel futures, is expected to strengthen China’s steel pricing influence.

“China to launch steel futures significance, not only is to provide a hedging varieties, but more importantly, when our iron and steel enterprises with foreign iron ore giant negotiations, with a fully based on the price. through market-oriented domestic steel prices, the talks only when it is clear that in the end we know what the price of iron ore imports. Perhaps this is to establish a new international economic and trade order and an opportunity. “Chang-qing said. Steel prices difficulties

price risk

In fact, the absence of futures and other derivative products, in steel prices on a roller coaster-like red fall, related businesses have been unable to eat enough suffered hedge risk.

China Iron and Steel Association statistics show that in July 2008 on the middle of the domestic market, the composite steel price index reached 162.26 points, the highest of the year, the relative end of last year, up 30%. Entered in August, steel started to decline rapidly from a high level to about 11 in mid and late, or up to 37%. From late November till now, steel prices remain low overall oscillation pattern.

“We are lucky, no reversal in steel prices before the inventory disposed of, otherwise they will be miserable.” Shandong Taishan Iron & Steel Group International Trade Corporation chief talked about the high steel prices this year, the trend also a lingering fear, “but the industry as a whole will inevitably suffer.”

It is reported that in August there were 12 large and medium-sized steel enterprises losses in September to reach 23, 10 at the end, China Iron and Steel Industry Association released data show that the country’s loss-making large and medium-sized iron and steel enterprises face more than 60%. A considerable number of steel enterprises in order to overhaul the name of the production, the majority of small-scale private enterprises directly shutting down, closing down. People in the industry believe that the introduction of steel futures can not only make the iron and steel industry to some extent, to circumvent the risk of economic fluctuations, but also allows the upstream and downstream industry chain of related businesses have benefited.2008-12-23

上海力争枕戈待旦钢材期货定价

“在2月或3月不论，钢材期货的推出将是钢铁，因为这已经成为新发布的国务院的’30′中国国家的书面钉子。”前中国期货业协会，是中国农业大学期货与金融衍生品研究中心主任常清激动地告诉记者。

据报道，对钢材期货的交易时间正式上市的将是春节后，上市第一批物种可能是电线。

“在钢材现货交易活跃的有三种，即板卷，钢筋和线材。”上海长江期货的首席分析师严宽向记者解释说，“垫量通常在汽车制造，钢铁流行的说法是采用加强，房地产建筑用线，是全球最大的钢材消费品种，约占50％左右。”

在记者招待会上提供修改合同的建议的钢丝和两个值得注意的期货合约的设计标准，物种的出现。无论是标准相同，其中包括：为每手交易单位50吨，每日价格最大的不超过上一结算价格波动限制更多的± 4％，是6的合同价值％的最低交易保证金，交易费用不超过万分之二交易金额（包括储备金的危险）。

“上海价格”

事实上，钢材期货早在三年前启动的声音。

“市场需求，但当时国内几家大钢铁生产商不大可能同意，因为这可能会影响钢的价格。”期货公司告诉记者，“在一个时期或委员会的最后决定权钢材期货的推出，，而且还寻求业界同意，审批程序复杂。”

业内人士指出，对钢铁企业的定价话语权，是日益减少，“线是一个非常市场化的钢铁现货电子交易非常活跃的钢材品种。”

严道宽度这一分析，“中国钢铁市场的分散性小，甚至一些大钢厂也有区域特色，钢铁企业没有充分的话语权的定价，定价应离开市场的事情。“”，并在美国，钢铁是一个夕阳产业，行业垄断，很大程度上，这也是在美国一家钢铁期货寻找失踪的理由。“

在世界上的钢铁贸易，只有三个国家期货。 2004年3月，印度多种商品交易所（多种商品交易所，器MCX）推出了世界上第一个钢铁期货。 MCX射频钢材期货合约分为两类：钢板和钢条期货期货。此外，日本的钢铁期货和今年4月28日伦敦金属交易所（伦敦金属交易所）推出钢坯期货交易。

期货品种，但这些都是非常微弱的影响。上海推出钢材期货，预计将加强中国钢铁价格的影响。

“中国钢材期货推出的意义，不仅是提供一个避险品种，但更重要的是，当我们的铁和与外国铁矿石巨头的谈判钢铁企业，一个完全基于价格。通过市场面向国内钢材价格，只有在会谈很清楚，最后我们知道的铁矿石进口价格。也许这是建立新的国际经济和贸易秩序，一个机会。“长清说。钢材价格的困难

价格风险

事实上，期货和其他衍生产品的情况下，钢铁价格在坐过山车一样红下降，相关行业一直未能受到足够吃对冲风险。

中国钢铁工业协会统计显示，2008年7月在国内市场中，钢材综合价格指数达到162.26点，今年最高，相对去年年底增长30％ 。 8输入，钢铁开始迅速下降，从一个高层次约11月中，下旬，或高达37％。从11月下旬至今，钢材价格仍然偏低整体振荡格局。

“我们很幸运，没有逆转之前，钢材价格出售清单，否则会很惨。”山东泰山钢铁集团国际贸易公司总裁兼谈高钢材价格今年，这一趋势也心有余悸，“但整个行业将不可避免地受到损害。”

据报道，在8月有12个大，中型钢铁企业在9月亏损将达到23，在最后10，中国钢铁工业协会公布的数据显示，该国的亏损大中小型钢铁企业面临超过60％。钢铁企业的一个很大的数目，以改革的产品名称，小规模的民营企业直接关闭，关闭多数。业内人士认为，钢材期货的推出，不仅可以使钢铁工业在一定程度上规避经济波动的风险，但也允许其他行业的上下游产业链受益。2008-12-23