On the whole, the revision of delivery standards has expanded the deliverable resources by relaxing the deliverable indicators; By modifying the ash content of the warehouse, the intermediate links of the warehouse such as screening are reduced, the environmental pressure of the warehouse is reduced, and the space of the delivery warehouse is saved. In addition, the standard bottom line of low-quality coke is improved, the probability of receiving "bad goods" after delivery is effectively controlled, and the liquidity of coke warehouse receipts is improved.
The comparison of revised coke delivery standards is as follows:
Compared with the old indicators, the new indicators are generally loose. Especially, the main indexes such as ash content, sulfur content, strength after reaction and reactivity are more suitable for the mainstream coke in the market at present.
It is understood that the formulation of coke delivery standards mainly considers coke circulation products in the current trade market. At the beginning of the listing of coke futures in early years, coke trade was concentrated in Tianjin Port and other port areas, mainly for export. Therefore, the standard setting of coke delivery products is more biased towards exporting coke. However, with the gradual emergence of domestic trade atmosphere, especially the rise of spot trade, ports in Shandong and Tangshan have become the main trading areas of coke. The coke in this area is more inclined to domestic trade, so the circulation of coke is mainly quasi-first-class coke, that is, "13, 0.7, 30, 60" coke on the market at present.
After the revision of the coke delivery standard, it is equivalent to changing the coke standard for vehicle trading from the previous export supply to the mainstream domestic supply in the market.
In this delivery standard, the moisture content of coke was changed from ≤5% to "dry basis pricing, with moisture as the weight deduction index". At the time of physical delivery, the measured moisture is deducted and rounded to one decimal place (for example, the measured moisture is 6.32%, and 6.3% is deducted). "
This transformation meets the requirements of environmental protection in the later stage of coke. According to the requirements of environmental protection, coking enterprises should gradually eliminate wet coke quenching technology and switch to dry coke quenching technology. At present, the proportion of CDQ output of coke enterprises in Hebei, Shandong and other major coke producing areas has gradually expanded and gradually become the mainstream. With the improvement of environmental protection requirements in the later period, the proportion of CDQ in focal spots will continue to increase. Therefore, the revision of this index also takes into account the development requirements of CDQ in the later period to some extent. However, it should be noted that at present, coke dry quenching in coking enterprises often has a certain dry base premium besides converted water. This aspect is not reflected in the delivery standard; At the same time, due to environmental requirements, most factories and warehouses in the port area also restrict the storage of CDQ.
In the new standard, the standard post-reaction intensity (CSR) has been relaxed from ≥62 to [60%, 65%]. However, considering the current mainstream coke varieties in the port, according to the existing delivery sources, the delivery probability of late delivery products close to CSR60 is higher.
In terms of particle size, the proportion of coke > 25 mm in the original standard is storage ≥95.0, storage ≥93.0, and the proportion of coke > 25 mm ~ 40 mm ≤32%. This avoids the appearance of coke conveying products, which are nicknamed "big coke particles" because of their small overall particle size, and improves the quality of coke conveying products. At the same time, this requirement can also limit the blending of low ash, low sulfur and low strength coke particles to a certain extent, and improve the quality.
In addition, the foam content of coke is also relaxed to a certain extent, and the storage is less than or equal to 7. In the past, due to the requirement of coke foam, the goods needed to be further screened after being delivered to the site, which increased the delivery cost and occupied a lot of delivery warehouse space. After reducing the requirements for coke foam, some goods can be directly made into warehouse receipts, which alleviates the occupation of the site delivery warehouse and reduces the delivery cost.
In addition, the index of coke substitutes has also been revised.
In terms of reactivity, this improvement improves the reactivity strength. From the lowest CSR55 to 58 and above, the situation of "bad goods" will also be avoided to some extent.
In terms of sulfur content, the new standard limits the maximum sulfur content to 0.75%. In the range of [0.65%, 0.70%], if the previous increase of 0.0 1% and the deduction of 3% are revised to 0.65 as the benchmark, the previous decrease of 0.0 1% will lead to an increase of 3%. To a certain extent, the requirement for sulfur content is reduced, which basically conforms to the increasingly tense trend of domestic high-quality low-sulfur main coking coal. However, the new standard restricts the coke with sulfur content of 0.75-0.8% from leaving the factory and improves the quality bottom line of coke products.
In terms of post-reaction strength CSR and reactivity CRI of substitutes, CSR≥65% and CRI≤25% are newly set and the price is increased by 50, which basically corresponds to the first-class coke in the market. CSR[58%, 60%] or CRI [30%, 32%] deduction 40 roughly corresponds to the secondary coke in the market.
Generally speaking, although the new delivery index obviously reduces the requirements for standard products, it is the mainstream supply of the market, and the quantity of deliverable coke has increased greatly; At the same time, the requirements for coke foam are relaxed, which theoretically reduces the cost of the delivery party and is beneficial to the seller. However, the new standard also restricts the entry of some low-quality deliverables in terms of particle size, post-reaction strength and sulfur content. For the buyer, the probability of receiving the so-called "rotten goods" is also reduced, and the handling and circulation of warehouse receipts are more convenient.
In the following table, we will compare the current mainstream goods sources according to the old and new standards:
1. Hong Kong Zhunyi, A 13, S0.7, CRI30, CSR60, 7 water and 7 foam, 2800 yuan/ton.
Remarks: In the old bid, coke foam can be sold separately after screening, and some funds will be withdrawn, so it will not be considered for the time being.
2. Tangshan factory warehouse, A 13, S0.7, CRI30, CSR60, 7 water and 7 foam, 2400 yuan/ton.
Judging from the current price, after the implementation of the new standard, the price of standard warehouse receipts has not changed much, mostly within tens of yuan/ton. At the same time, when the new contract is used for warehouse receipt, some goods can save the cost of screening and warehouse dumping, ranging from 10 to 15 yuan/ton.
In addition, 220 1 contracts implement new standards, which have limited impact on existing contracts. However, considering the customers who have transferred 2 109 and 220 1 contracts, some indicators may be different due to the revision of indicator standards, which makes the transfer more difficult.