PTA: Yisheng Petrochemical Is Turning Profit Into Profit By "Point Price Mode".

In the futures market, PTA is another important paction.

As raw material for downstream polyester industry, the price of PTA has been affecting the nerves of various enterprises in the domestic polyester industry chain.

Especially since the second half of 2014, the price of PTA has gone down unilaterally. The current price has dropped sharply from 7300 yuan / ton in early 2014 to 4400 yuan / ton in early 2015, which has dropped to 40%, which makes PTA enterprises face huge difficulties in operation.

Serious excess capacity is an important reason for its price decline.

In 2014, China's new PTA capacity of 10 million 200 thousand tons, an increase of 30% compared to 2013, corresponding to that is 32 million 680 thousand tons of polyester production in China, and it is estimated that China's PTA capacity surplus is about 14 million tons in 2014.

Against this background, the futures market as "value discovery and risk aversion" has attracted more and more attention from enterprises. The market volume has increased significantly, and the average daily turnover has risen to 1 million 810 thousand hands / days from the previous 518 thousand hands / days.

In the use of futures, the "Yisheng mode" is a classic case of PTA futures selected by Zheng Shang.

The characteristics of Yisheng group mode are: one is to skillfully use PTA futures price point price in daily trade; the two is to lock the raw material PX price in the spot market, and to lock PTA PTA price in the futures market, so as to achieve stable profits.

For Yisheng petrochemical, the most practical achievement is that in the current PTA industry with overcapacity and heavy pressure on the whole industry, enterprises will turn the profit into a profit by means of "point price".

Zhejiang Yisheng Petrochemical Co., Ltd. marketing center, Ji Feng, Yisheng Petrochemical daily capacity of nearly 30 thousand tons, a day price fell 100 yuan / ton, the loss to the enterprise is 3 million yuan.

Especially in the second half of 2014, in the process of PTA prices falling unilaterally, business operations are more difficult.

In order to change the dilemma, the enterprise launched the "point price mode" operation. First, it sold 10 thousand tons of operation on the PTA forward contract with a price of 5100 yuan / ton, and the spot price in the last two weeks actually fell. At this time, the downstream enterprises began to bargain for the replenishment of the warehouse. In consultation with Yisheng petrochemical, the contract price of 10 thousand yuan was signed at the price of 5000 yuan / ton of 100 yuan / ton of the futures price. The contract was quickly concluded based on the "spot price" of the futures market, while the Yisheng Petrochemical futures Department bought a flat price in the futures market with 4900 yuan / ton, and a "spot price mode" was successfully completed.

Ji Feng pointed out that in general, PTA enterprises use futures market.

"Function" can play the following roles: first, to avoid the risk of price fluctuation; two, to reduce the pressure of enterprise operation; and the three is to carry out enterprise inventory management (virtual inventory).

"Because many downstream polyester enterprises are in the PTA consumption season, there will be a shortage of stocking or the failure to buy goods, resulting in the risk of rice without cooking.

Therefore, buying stock in futures market and establishing virtual inventory become a good way to understand the problem.

Ji Feng said.

In addition, from

Industry chain, as the upstream raw material of PTA, the main raw material of PX is crude oil.

Since the second half of 2014, the "Ukraine geopolitics" and other factors have caused huge fluctuations in crude oil prices.

The PTA futures market will often have such sentiment before, and the risk of overnight positions is too great, especially at the end of 2014 of the crude oil slump. The price of petrochemical products can be described as "one night price".

All of them are faced with "difficult problems".

To solve this risk, the Zhengzhou commodity futures exchange launched the PTA night trading in December 12, 2014.

Ji Feng pointed out: "after the launch of PTA night trading, not only the volume of turnover has increased, but also the number of empty jumping has been greatly reduced, and the linkage between PTA futures and external crude oil futures has been more closely linked, the price curve has been smoother and the market operation mechanism has been improved very well.

At the same time, most of the world's only listed PTA futures, the participation of overseas institutions is also increasing on the night plate, and the internal and external arbitrage is also gradually warming up.