As the first futures product in the polyester industry chain, PTA futures have been listed on the ZCE on December 18, 2006. The market function has been continuously exerted. Industrial enterprises have continuously improved their awareness and ability to use futures tools to manage risks. Today, the polyester industry chain has ushered in a new risk management tool-staple fiber futures, which will be listed for trading on October 12. From now on, this newspaper will launch a series of reports on the "Polyester Chain of Staple Fiber Futures and PTA", so stay tuned.
In the context of major changes in supply and demand, sharp fluctuations in oil prices, and the global new crown pneumonia epidemic, the polyester industry chain is experiencing the "cold winter market" in recent years. Many industrial companies expect the polyester industry chain to have complete upstream and downstream futures. Variety hedging system to further meet the risk management needs of industry chain enterprises and improve the level of futures services in the polyester industry.
Since the beginning of this year, affected by the epidemic, global textile demand has fluctuated greatly. As a major textile and garment exporting country, the shrinking of overseas orders has brought greater pressure to Chinese textile companies, terminal textile exports have been blocked, and the polyester industry has also been hit hard.
Longzhong Information analyst Xiang Hongjiao told the Futures Daily reporter that after the year, weaving companies and spinning companies have continued to accumulate inventory of finished products, and have experienced many holidays. The average operating rate of downstream companies is 10-20% lower than last year. Polyester filament, as the largest textile raw material, also performed in a downturn. Since July, the profit of filament has continued to lose money, with the highest loss exceeding 500 yuan/ton.
"This year, the polyester industry has experienced an unprecedented difficult situation." Zhu Shaowei, general manager of the trade division of Fujian Jingwei New Fiber Technology Industrial Co., Ltd. (Jingwei New Fiber), said bluntly. Affected by the epidemic, the prices of polyester products fell sharply by 2000 from February to March. Above RMB/ton, polyester filament has been in a loss state since April.
In the opinion of the relevant person in charge of Jiangsu Huaxi Village Co., Ltd., this year the entire polyester downstream textile industry is facing greater operating pressure: product exports are blocked, and the inventory of polyester and downstream products has been running at a high level. "For industrial enterprises, the opportunities are small and the risks are great." The person in charge said.
"Due to the continuous decline of polyester prices and the repeated lows, and the lack of corresponding hedging tools, many buyers are still hoarding goods unilaterally and waiting for the market to rise." Xiang Hongjiao said, among them, continuous losses caused by misjudgments in the market were more frequent. Many, especially for downstream consumer companies overwhelmed.
The reporter learned that the upstream of polyester companies are PTA companies with a high degree of industry concentration, and the downstream is facing the weaving companies that are scattered and most sensitive to the market. They are in the transition from chemical to industrial products, regardless of cost or sales. Both ends face greater risks.
It is gratifying that in recent years, polyester companies have gradually increased their anti-risk awareness. "Nowadays, PTA/MEG futures point price trading, PTA options, and futures hedging applications are quite mature. Polyester factories have better control measures to deal with the risk of price fluctuations, but the hedging chain is not complete, especially product price fluctuations. Risks cannot be effectively hedged and need to be improved urgently." Zhu Shaowei said.
As a staple fiber manufacturer, Jingwei New Fiber has been looking forward to the listing of staple fiber futures for a long time. "In the past, we often faced customers with impulse purchases during sales. It only takes 1-2 days per month to sell out the products of the month, but customers are only willing to purchase at low prices. Sales at high prices are very limited. What is passive is that when prices fall after a sharp rise, customers basically choose to wait and see, which causes staple fiber factories to accumulate a large number of stocks and loses in the high price range of raw materials.” Zhu Shaowei said, “For us, product risk management is very important. tool."
PTA futures have been in operation for many years, with high market participation. PTA upstream and downstream companies, including polyester companies, have a strong acceptance of futures. Because of this, polyester companies are increasingly calling for risk management and hedging channels for listed polyester product futures.
According to the reporter's understanding, in the entire polyester industry chain, the upstream industry is highly concentrated, and the downstream is relatively scattered, and the bargaining power gradually decreases as the industry concentration decreases.
Judging from the changes in the profit situation of all links in the polyester industry chain in the first half of the year, the profit level of the PTA industry is relatively high. As the futures market escorts behind, the inventory of PTA factories can be effectively adjusted and released with the help of the futures market to maintain a better operating condition.
"The listing of staple fiber futures will make the polyester industry chain futures variety system more perfect, which is conducive to better production and operation of polyester companies and avoid market risks. At the same time, it can also attract some staple fiber consumer companies to directly participate and expand futures The market serves the breadth of the polyester industry." Hongye Futures analyst Zhang Yongge said that after staple fiber futures are listed, relevant companies can also carry out arbitrage operations for raw material PTA/MEG and polyester products to strengthen the ability of futures to serve the polyester industry. .
In the opinion of Cinda Futures analyst Han Bingbing, the launch of staple fiber futures is not only conducive to the sales and inventory management of staple fiber manufacturers, but also to the purchase and stocking of raw materials for staple fiber downstream companies, and guarantees the steady operation and risk management of upstream and downstream companies. convoy.
In the eyes of the relevant person in charge of the aforementioned enterprises, the listing of staple fiber futures is a supplement and improvement to the hedging tools of the polyester industry chain. Whether it is for short fiber companies or downstream users, only a certain related futures product can be used for judgment and reference. In the future, short fiber futures can be directly used for hedging operations, and the complete hedging chain is more convenient for companies Various ways of risk management. "It is hoped that the role of futures can be fully reflected in all links of the polyester industry chain, effectively promoting the healthy and stable development of the industry, and helping relevant companies improve their risk management capabilities. This is also the true significance of the listing of staple fiber futures."
