"Reservoir" Relieving High Storage Pressure PTA Plant And Polyester Plant Revenue

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, Soochow futures analyst Wang Guangqian explained that after 2014, the rapid expansion of domestic PTA capacity temporarily ended.

Profits of the industrial chain are 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.

"In this market structure, PTA futures have a good guide to the market, and the industrial hedging and arbitrage are increasing gradually, and the corresponding PTA futures receipts are inflow in a continuous flow."

In addition, the high volume of warehouse receipts is closely related to overcapacity in the PTA industry, after all.

It's the basis of warehouse receipt.

"The large quantity of futures warehouse receipts is actually the willingness to express the goods in the form of warehouse receipts."

Chen Luwen, assistant general manager of Xiamen Xiangyu logistics and commodity derivatives division, told the futures Daily reporter that in the past few years, the overall overcapacity of the PTA industry could be regulated by the operating rate, but due to the excess capacity, there would still be some safety stocks in the way inventory or production enterprises.

At that time, there were no futures tools, and the market was more concerned about stock wharfs or factory warehouses, most of which were hidden stocks.

In the case of excess capacity, the most worried thing about the upstream and downstream industry chain is the security of cargo rights.

After PTA futures are listed, the safety stock held by the upstream and downstream industry chain is mostly expressed in the form of futures warehouse receipts.

On the whole, since the beginning of 2015, PTA social inventory has been in a downward channel, which reflects that the proportion of explicit inventory in PTA inventory becomes higher and higher.

Reporters also learned that the increase in futures warehouse receipts is mainly from the PTA factory.

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"The same is true of PTA factories. When there is a large amount of inventory, it is absolutely unacceptable to sell at a low price, but the market price tends to continue downward.

Therefore, we gradually learned to manage stock with futures tools.

One insider, who declined to be named, bluntly said that because the safety of the warehouse receipt is guaranteed, and there are public data disclosure every day, which is more pparent than the invisible inventory. As long as the company is in stock, it is willing to register it as warehouse receipt.

Xie Haisu, deputy general manager of the Trade Department of Xiamen China World Trade Center group, said that the dominance of social inventories has brought convenience to the production, operation and decision-making of the upper, middle and lower reaches, and the efficiency of inventory realisation and procurement has also been greatly improved.

"Traders focus more on fundamental changes, and inventory dominance makes them more directly aware of production and demand.

The more authentic the industry chain data and the higher the pparency, the greater the help to traders. "

Zou Jinlong said.

Chen Luwen also said that for spot enterprises, procurement can take stock or warehouse receipt.

Getting goods through warehouse receipt not only reduces the inventory cost of enterprises, but also facilitates the production enterprises to pick up goods nearby, and saves time and logistics costs. Naturally, more cash will be stored in the form of warehouse receipts.