What Impact Will Polyester Staple Fiber Futures Bring To Polyester Industry Chain After Listing

At 9:00 on October 12, polyester staple fiber futures were officially listed in Zhengzhou Commodity Exchange. After PTA futures had developed into a "Star" variety in China's futures market, China's Polyester futures plate ushered in a "new member".

Based on the mature operation of PTA futures and high correlation of futures price, what impact will be brought to polyester staple fiber enterprises and polyester industry chain related enterprises after the listing of polyester staple fiber futures? How should industrial enterprises better use futures tools to comprehensively manage enterprise management risks?

Active trading on the first day of listing and "a good start" boost market confidence

Short fiber futures market is active and stable. Disk data showed that as of the end of the day, all 5 short fiber futures listed contracts were closed at the limit. Among them, the main pf105 contracts were 51327 and the positions were 19362, showing the characteristics of high activity on the first day of listing.

As for the reasons for the "good start", the reporter learned that the sales of polyester staple fiber products were generally good during the "11" long holiday, and the enterprise inventory decreased, and the data from all aspects showed good consistency.

On October 9, the benchmark listing price of staple fiber futures contract was 5400 yuan / ton, followed by the weekend, the spot market price continued to rise, the market generally optimistic about the short-term market price of staple fiber. On the first day of listing, many staple fiber manufacturers and traders participated in the market, and the hedging demand of enterprises was more urgent.

It is understood that on the first day of polyester staple fiber futures listing, a large number of upstream and downstream industrial enterprises, including Xiamen International Trade Group Co., Ltd., Zhongji Ningbo Co., Ltd., and Ningbo Hengyi Industrial Co., Ltd., actively participated in the transaction. The winner of the first order of short fiber futures industry clients is China base Ningbo and Xiamen qirun Industrial Co., Ltd.

From the present point of view, the enterprises participating in staple fiber futures are mainly traders and PTA polyester integrated large enterprises. They are familiar with the futures market and have flexible investment operation.

"As a circulation type enterprise, we operate a variety of large-scale enterprises. If there is no good derivative instrument, it will face great risk pressure, and enterprises need to use futures management tools to hedge and protect Xiamen International Trade Group supply chain business general manager Cai Yingbin said.

Dong Li, general manager of Zhongji Ningbo polyester business unit, said that risk management has brought greater support for the development of enterprises. This year, polyester companies focus on the downstream market. As a kind of hedging tool for short fiber companies, it is a good tool for us to actively participate in the polyester industry

Industrial enterprises actively embrace new tools and seek comprehensive benefits from "two lines" in the future

In the current overall economic operation environment which is still under heavy pressure, the transaction of polyester staple fiber futures was active on the first day of listing. Its "good start" performance has, to a certain extent, activated the market atmosphere, boosted market confidence for polyester industry enterprises as a whole, and would benefit the whole industry chain.

Physical production enterprises have two worries in spot operation. One is that the price is not high, and the other is that the goods can not be sold. The two major functions of futures price discovery and hedging actually solve the enterprise's pain point.

"For enterprises with demand for replenishment in the future, the cost of buying futures is lower than buying spot directly. On the whole, in the case of a certain price advantage and the improvement of downstream orders, enterprises with replenishment demand have the opportunity to buy and maintain value. " Pang Chunyan said that the main purpose of downstream enterprises to participate in the transaction is to hedge, reduce the cost of raw materials procurement, and timely increase the preparation of raw materials when orders improve.

Polyester industry chain forms "futures plate" to help enterprises better manage business risks

"The trading activity on the first day of short fiber futures far exceeded market expectations, the liquidity of the market was good, and the types of customers involved were diversified." Dai Yumin, general manager of olefin Business Department of Yuanda Energy Chemical Co., Ltd., said that the listing of staple fiber futures has connected the channels between polyester chain raw materials and products, realized the product interaction between TA and PF, and made industrial customers have more opportunities to use futures tools. In the later stage, with the more extensive market participation, the participation of the upstream and downstream of the industrial chain will be more in-depth and more professional.

The relevant person in charge of Zhengshang Stock Exchange said that the listing of staple fiber futures is of great significance to build the futures plate of the whole polyester industry chain. PTA futures after listing, after 14 years of careful cultivation, has a solid foundation, can be said to be "deep roots and leaves". Based on this good foundation, from the actual needs of industrial enterprises, Zhengshang Institute arranges and constructs the whole polyester futures varieties plate from point to line and then to surface, continuously improves the varieties of polyester plate, and better serves the whole polyester industry chain.

Industry insiders pointed out that China's chemical fiber production and consumption are the first in the world. With the help of polyester industry chain futures, the whole industry has the ability and confidence to build a global polyester product pricing center. It will enhance the overall level of polyester industry risk management in China's polyester industry.

"It is expected that through the leading of staple fiber futures, the industry will be pushed to a new height in the mutual promotion of domestic and international double circulation." Cai Yingbin said.