Plastic futures are gradually being valued by petrochemical companies
Plastic futures are gradually being valued by petrochemical companies
In the east China area of research, the futures daily reporter discovery, has always been to futures not too "cold" part of the petrochemical production enterprises now attention of futures is generally improved, even some state-owned enterprises to participate in the city to his life.
It is understood that the current plastic industry chain from upstream to downstream, the futures participation of traders is highest. Many large and medium-sized trading companies have established futures departments, and in addition to hedging their hedges in appropriate time, they have also done a modest amount of speculative trading and have become more and more influential in plastic futures. But plastic production companies have not played a major role in the futures market, especially the state-owned enterprises.
The participation of plastic futures is such a differentiation, which is related to the characteristics of petrochemical production enterprises. "Petrochemical production enterprises generally have large scale and high barriers to entry." Gao chunmin, general manager of China international futures (blog, weibo) Beijing industry center, said the spot market price formation mechanism is very different from the futures price, sometimes even contradictory. "Of course, the current market capacity of domestic chemical futures varieties is too small and the variety is not rich enough, which is also an objective condition for the inconvenience of some large petrochemical enterprises." He said.
In addition, most of the petrochemical enterprises belong to state-owned enterprises, and there are unified sales companies, and the constraints of various mechanisms are one of the reasons why their futures participation is not high. "In fact, when the asphalt futures were listed last year, we had submitted applications to the higher authorities to participate in futures, but for a variety of reasons, it was still not approved." The head of a petrochemical company in eastern China says that although there is no direct participation in futures, futures prices have played an important role in business decision-making.
"For the time being, petrochemical companies generally attach importance to futures prices, especially in east China, where they are more marketable, with more advanced concepts and easier access to futures." "Gao said.
According to the head of the above-mentioned enterprises, the international crude oil market prices have fluctuated greatly this year, and the oil of the company depends on the import. The sharp decline of crude oil prices has brought great business pressure to the enterprises, which is still losing money. "If we can use futures tools to lock raw materials or product prices in three or six months in advance, we can reduce losses and help smooth operations." The head admits that companies now have such a large warehouse space and hope to be a delivery warehouse for futures, which is also beneficial for enterprises if they participate in futures.
In this survey, the reporter learned that the current price of plastic futures not only affects traders and end users, but also plays a guiding role in the operation and decision-making of petrochemical enterprises. Many petrochemical companies have actively promoted the formation of the futures mechanism of enterprises, ready to participate in futures market in the appropriate time in the future.
"In the future, with the admission of state-owned petrochemical enterprises, there will be great changes in plastic futures and spot market. As the futures market has matured further, industry and futures have become more closely connected and believe that the market function of plastic futures will be more developed. Zhu mingyuan, assistant director of the east China securities futures research institute.
