The Continuous Production Capacity Of PTA Production Line Is Gradually Surplus.

At present, every link of PTA industry chain is realized by combining its advantages with current advantages. Hedging, warehouse receipt trading, spot price trading and warehouse receipt swap become the "shining point" in the business mode of enterprises.

Visited several PTA industrial chain enterprises in Fujian and Jiangsu, Zhejiang and Shanghai areas, and made in-depth understanding and investigation on the positive changes in the market.

"In the PTA market, there are both warehouse receipt repurchase and a little price paction. Everyone talks about business and talks about the basis directly."

Talking to reporters about futures, Zou Jinlong, the founder of the Beijing chemical industry group, is most impressed by the fact that since PTA futures are available,

The scale of trade has increased substantially in recent years, which is something that we never dared to think about before.

There are a few market participants who share the same feelings with Zou Jinlong.

When the PTA market enters a bear market environment, the difficult living environment forces the overall business model of the industry to be constantly adjusted.

Under this situation, futures tools provide the possibility of business pformation for the upstream and downstream parties of the PTA industry.

Of course, the development of anything is not achieved overnight. There will be a process of quantitative change to qualitative change.

In recent 10 years, PTA futures have not gone smoothly and have gone through many twists and turns.

According to reporters, from the initial spot enterprises do not understand, exclude, and now understand, accept and participate in it, PTA futures development has gone through a complex process.

Through nearly a week's visit to Fujian and the PTA industry chain related enterprises in Jiangsu, Zhejiang and Shanghai, the futures Daily reporter found that today's PTA industry chain is using futures as a fish in water.

Hedging, basis trading, warehouse receipt trading, spot price trading and warehouse receipt swap have been applied by many enterprises, and the industry chain is playing a leading role in the two industries.

"Previous market PTA futures pricing and participation in futures enthusiasm is not high, now the whole industry chain is basically referring to futures pricing, long-term point price model is also basically linked to futures prices."

The responsible person of Yihui Resources Holdings Limited told reporters.

Yisheng petrochemical marketing company official also admitted that some PTA factories had concerns about futures, and in fact, they were reasonable.

"At that time, the PTA market was in short supply, and the sale price was determined by the contract settlement price of several large production enterprises.

After PTA futures are listed, futures prices are obviously closer to market supply and demand.

Gradually become the core of the market pricing, and the original pricing mechanism is under attack, and the production enterprises will naturally be somewhat out of tune.

He said, but with the continuous production of PTA line

Production capacity is gradually surplus.

The change of market structure urges the industry chain enterprises to re recognize futures, control risk of price fluctuation through futures hedging, and lock in profits in every link in time.

At present, most PTA enterprises have futures business departments, which integrate production, marketing and decision-making, and decide their own production and marketing strategies according to the change of futures prices.

"Even the biggest suppliers in the market use futures to assist in production and sales. I think this is a gradual maturity of PTA futures."

The industry believes that with the continuous development of the market, the market parties to PTA futures participation and recognition continues to improve.

With the improvement of market participation, in recent two years, futures warehouse receipts with market "reservoir" function began to be sought after by the market, which has become a highlight of PTA futures.

At present, PTA futures use general warehouse receipts, that is, the buyer can get the warehouse receipt and hold the same passbook as bank passbook.

It is understood that since 2014, the volume of PTA futures warehouse receipt has gradually increased.

In 2014, the warehouse receipt reached a maximum of 400 thousand tons and reached 800 thousand tons in 2015, so far this year is the highest in 960 thousand tons.

In recent years, PTA futures warehouse receipts continued to increase, Wang Guangqian, an analyst at Soochow futures, explained that after 2014, the rapid expansion of domestic PTA capacity was temporarily suspended, and the profits of PTA industry chain were squeezed.

The market expects that the PTA industry will usher in a cyclical reversal of the business cycle, so the PTA price often presents a long-term premium structure.

"Under this market structure, PTA futures have better guidelines for the market, and the number of industrial hedging and arbitrage firms is increasing. Correspondingly, the PTA futures warehouse receipts continue to flow into the state."