According to reports, the stainless steel futures target to be listed in the last issue is 300 series austenitic stainless steel, and the delivery brand requirements are national standard 06Cr 19Ni 10 or Japanese standard SUS304, which are mainly used in household appliances, tableware, kitchen utensils, water heaters, boilers, food machinery and other products.
Shanghai Futures Exchange Stainless Steel Futures Contract (Draft)
(Draft for Comment)
Trading variety
stainless steel
Trading unit
5 tons/hand
Quotation unit
Yuan (RMB)/ton
Minimum variable price
5 yuan/ton
Price limit range
The settlement price of the previous trading day was 4%
Contract month
1-65438+ February
trading hour
9: 00 am-165438+ 0: 30 am, 65438+0:30-3:00 pm and other trading hours specified by the exchange.
last trading day
Contract month 15 (in case of postponement of national legal holidays, the exchange may adjust and notify the last trading day such as the Spring Festival month).
delivery date
Five consecutive working days after the last trading day.
Delivery grade
The standard product is 304 austenitic stainless steel cold-rolled coil, with a thickness of 2.0mm, a width of 12 19mm, a surface treatment type of 2B, and an edge state of trimming.
The thickness of the substitute delivery can be 0.5mm, 0.6mm, 0.7mm, 0.8mm,1.0mm,1.2mm,1.5mm, 3.0mm, and the width can be1000mm,/.
The quality meets the requirements of GB/T3280-20 15 Cold Rolled Stainless Steel Plate and Strip 06Cr 10, or the quality meets the requirements of JISG 4305: 20 12 Cold Rolled Stainless Steel Plate and Strip.
place of delivery
Designated delivery place of the exchange
Minimum trading margin
5% of the contract value
Mode of delivery
Actual delivery
Delivery unit
60 tons
Event code
sage
Listed exchange
Shanghai Futures Exchange
According to the announcement in the last issue, the stainless steel futures trading code is ss, the trading unit is 5 tons/lot, and the minimum price change is 5 yuan/ton. The minimum trading margin is 5% of the contract value, and the price limit is 4% of the settlement price of the previous trading day.
In terms of trading hours, the draft contract stipulates 9:00- 1 1:30 in the morning, 1:30-3:00 in the afternoon and other trading hours stipulated by the exchange. Stainless steel futures will cooperate with night continuous trading (commonly known as "night trading").
The World's First Stainless Steel Futures
Stainless steel is the most important steel product in China's special steel industry, which is widely used in building decoration, transportation, aerospace, petrochemical industry, energy generation, food processing, environmental protection and medical treatment. In 20 18, the output of stainless steel in China reached 267 10000 tons, making it the largest stainless steel producer and consumer in the world and occupying an important position in the world stainless steel market.
At present, the pricing system of stainless steel market at home and abroad is complex, and foreign stainless steel manufacturers often use alloy surcharge for pricing, that is, stainless steel price = base price+alloy surcharge. There are many pricing methods for stainless steel in China. According to the inventory situation, raw material price and expected judgment, manufacturers adopt various pricing methods such as single bargaining, open settlement and daily price adjustment.
Stainless steel industry has a high degree of marketization, diverse market players, frequent price fluctuations and strong demand for hedging. The launch of the world's first stainless steel futures will help standardize the circulation order, promote the formation of an open and fair pricing mechanism, further enhance China's pricing influence in the international stainless steel market, and provide price risk management tools for relevant industrial chain enterprises.
The relevant person in charge of the previous issue said that after the listing of stainless steel futures, a complete product chain consisting of stainless steel futures, nickel futures and ferrochromium futures will be built, which can create an effective hedging toolbox for upstream and downstream enterprises.
Origin of stainless steel
The so-called stainless steel is that in the smelting process, elements such as chromium (Cr), nickel (Ni), manganese (Mn), silicon (Si), titanium (Ti), molybdenum (Mo) are added and alloyed with iron, so as to improve the properties of steel and make it corrosion-resistant (that is, not rusty), which is what we often call stainless steel.
The invention and use of stainless steel can be traced back to the First World War. British scientist BuHenry buhrer was commissioned by the British military factory to study the improvement of weapons. At that time, the rifle bore used by soldiers was very easy to wear, and buhrer wanted to invent an alloy steel that was not easy to wear. The stainless steel invented by buhrer Leigh was patented in Britain in 19 16, and mass production began. Since then, stainless steel accidentally found in garbage has swept the world, and Henry buhrer Leigh is also known as the "father of stainless steel".
The development and progress of stainless steel industry in China is relatively late. From the founding of the People's Republic of China to the reform and opening up, China's demand for stainless steel is mainly for cutting-edge industrial and national defense purposes. After the reform and opening up, the rapid development of the national economy and the remarkable improvement of people's living standards have stimulated the demand for stainless steel. In the 2 1 century, the stainless steel industry in China has developed rapidly. A large number of domestic stainless steel brands have risen rapidly and gradually become the leader of the stainless steel industry!
Classification and use
There are many kinds of stainless steel, which can be divided into ferritic stainless steel, austenitic stainless steel, martensitic stainless steel, duplex stainless steel and precipitation hardening stainless steel according to the structure. According to chemical composition, it can be divided into chromium-based stainless steel, chromium-nickel-based stainless steel and chromium-manganese-based stainless steel, which correspond to the 400, 300 and 200 series of American AISI standards respectively. Among them, 300 series is the most commonly used, and 200 series and 400 series are substitutes for 300 series to some extent.
The 300 series can be simply divided into 304, 304L, 3 16, 3 16L, 32 1, 309S, 3 10 and so on. The distinction is based on the different contents of various metal elements, and the characteristics of stainless steel with different contents are also different. The difference between 304 and 304L lies in carbon (.
Among so many classifications, 304, chosen as the standard for futures delivery, is composed of 0Cr 18Ni9, which has good corrosion resistance, heat resistance, low temperature strength and mechanical properties, so it is the most widely used stainless steel variety.
According to the statistics of International Stainless Steel Forum (ISSF) 2017, the use of stainless steel is mainly concentrated in the field of metal products, accounting for 37.5% of the world. Followed by mechanical engineering and construction, accounting for 28.3% and 12.3% respectively. Because stainless steel has the advantages of high temperature resistance, corrosion resistance, long service life, no harm to human health, and can be recycled at 100%, its application field is constantly expanding.
production process
Stainless steel production mainly includes crude steel smelting, hot rolling and cold rolling.
A, stainless steel crude steel smelting process
At present, the smelting processes for producing stainless steel in the world are mainly divided into one-step, two-step and three-step processes, as well as new integrated production methods. One-step smelting is: molten iron +AOD (argon-oxygen refining furnace); The two-step process is EAF +AOD (argon-oxygen refining furnace). The three-step method is EAF +AOD +VOD. In addition to several traditional production processes, the current integrated production process, that is, the production process from hot metal directly to stainless steel, has also been adopted by many enterprises. The production process is: RKEF (rotary kiln electric furnace) +AOD (argon-oxygen refining furnace).
Second, stainless steel hot rolling process
The hot rolling process of stainless steel takes slab (mainly continuous casting slab) as raw material, which is heated and made into strip steel by roughing mill and finishing mill. The hot steel strip from the last finishing mill is cooled to the set temperature by laminar flow and coiled into steel coil by coiler. After cooling, the steel coil has an oxide skin, which is black, commonly known as "stainless steel black leather coil". After annealing and pickling, the oxidized surface is removed, which is the "stainless steel white leather roll". Most of the hot rolled products circulating in the stainless steel market are stainless steel white coils. The specific stainless steel hot rolling production process is as follows:
Source: 5 1bxg
Third, the cold rolling process of stainless steel
After hot rolling of stainless steel, some hot rolled stainless steel products are directly used downstream, and some hot rolled products need to be processed into cold rolling before they can be used.
Cold-rolled stainless steel is usually made of hot-rolled stainless steel products with a thickness of 3.0-5.5mm, which are rolled by cold-rolling equipment to produce cold-rolled stainless steel products. At present, there are two main production processes of stainless steel cold rolling: single stand cold rolling and multi-stand cold rolling. The specific production process is as follows:
Source: 5 1bxg
After cold rolling, stainless steel needs annealing and pickling line. Annealing after cold rolling of stainless steel is to eliminate work hardening by recrystallization and achieve the purpose of softening; The purpose of pickling is to remove the oxide layer formed on the surface of steel strip during annealing, passivate the surface of stainless steel and improve the corrosion resistance of steel plate.
Major stainless steel manufacturers in China
TISCO, abbreviated as TISCO in Taiyuan Stainless Steel Factory, Shanxi Province, mainly produces 32 1, 3 10, 409L, 444, 4 10, 4 10, among which the common dimensions of hot rolled coils are: width 1.5 and width/. ..
Shanghai Baosteel Stainless Steel Factory is referred to as Baosteel for short: it mainly produces 304, 32 1 and 3 16L cold rolling, in which the hot rolled coil is mainly 3- 14 thick.
Zhangjiagang Pohang is referred to as Zhang Pu for short: the main production: the thickness of cold rolling is 0.3-3mm, and the thickness of hot rolling is 3- 14mm, with 300 series as the main products.
Qingdao Pohang is called Qingpu for short: it mainly produces 304/2B cold rolling.
Guangzhou Lianzhong is called Lianzhong for short: it mainly produces 304 cold rolling with a thickness of 0.3-6mm and hot rolling with a thickness of 3- 12mm.
Ningbo Baoxin is referred to as Baoxin for short: it mainly produces 304 cold-rolled coils.
Jiuquan iron and steel Plant, referred to as JISCO for short, mainly produces cold-rolled and hot-rolled coils with a thickness of 0.8-3 nm. At present, there are more cold rolling than hot rolling in the market.
Qingshan Group: Its subsidiaries are Qingtuo and Guangqing, which mainly produce 300 series and 200 series stainless steel hot-rolled coils.
Dongfang Special Steel is called Dongte for short: it mainly produces 304, 3 16, 32 1 hot rolled coils.
Jin Yong and Wang Hong: Mainly steel rolling, mainly 300 series.
The main trading market of stainless steel in China
Wuxi market: Southern Stainless Steel Market, Oriental Steel City and Shuofang are all concentrated in Wuxi, and almost all major stainless steel traders, manufacturers' first-class agents and core agents including Baosteel, Taigang, Zhangpu and Lianzhong are concentrated in Wuxi, and the price of Wuxi market is also influential throughout the country. Various stainless steel profiles and pipes around Wuxi also have price and cost advantages under the influence of the market.
Foshan Market: Golden International Metal Exchange Plaza, the largest stainless steel trading center in China-"Shi Lan International Metal Exchange Center", and the largest metal material trading market in China-"Shunde Lecong Steel Market"; Shunlian Machinery City, the largest mechanical product trade city in South China, Foshan Dongjianglong Nonferrous Metal Logistics Center, Pulan Road Stainless Steel Market and Foshan Sanying Keli Metal Processing Logistics Park.
Zibo Market: Zhoucun Stainless Steel Market is located beside National Highway 309, adjacent to Ji Jiao Railway in the south and Qing Ji Expressway in the north. With superior geographical location, convenient transportation and strong business atmosphere, it is a rare natural trade port in China. One of Zhoucun's booming industries in recent ten years is the large-scale regional stainless steel circulation center in China, the largest stainless steel market in northern China, radiating to Shandong, Henan, Hebei, Tianjin, Northeast China and other provinces, cities and regions, with an annual transaction volume of about 300,000 tons and annual sales of more than 8 billion yuan, which is the largest stainless steel product distribution center in Jiangbei, China, only next to Wuxi and Foshan.
Jieyang is dominated by black leather, with relatively few transactions in Tianjin, Taiyuan, Wuhan, Chengdu, Shanghai, Beijing and Shenyang.
Six factors affecting the price of stainless steel
1, the relationship between supply and demand affects the price of stainless steel.
The relationship between supply and demand closely affects the price fluctuation of stainless steel. When demand exceeds supply, the market is reluctant to sell, and the overall price remains high. Supply exceeds demand, the market inventory is at a high level, the enthusiasm of downstream procurement is not high, manufacturers are forced by financial pressure, and most of them are profitable transactions, and market prices generally show a weak tone.
2. Analysis of the influence of domestic market competition price war on market price.
In recent years, the output of stainless steel has continuously reached a new high, but the actual demand is still limited, and the competition in the domestic market is becoming increasingly fierce. Constantly compressing the cost and profit space has also become one of the main competitive means in the market. Long-term price competition has brought about a continuous decline in market prices, but due to cost and other issues, the price reduction is also limited.
3. The cost of raw materials affects the market price of stainless steel.
Stainless steel raw materials mainly include nickel, chromium and other materials. The price fluctuation of stainless steel closely follows that of nickel, which is slightly stronger than that of stainless steel, and the price fluctuation of stainless steel lags behind that of nickel. Similarly, the quotation of chromium also affects the price of stainless steel. However, smelting stainless steel with waste stainless steel has a certain profit, which has a certain substitution with alloy, and its price fluctuation also affects the price of stainless steel.
4. The production and sales of downstream industries restrict the stainless steel market.
The production and sales of downstream enterprises directly affect the shipment of local manufacturers. It is indirectly related to the fluctuation of stainless steel price. Stainless steel is widely used, including automobile and ship industries, household appliances industries and industrial machinery industries. For example, the decline in sales in the automobile industry directly affects the consumption of stainless steel, and at the same time affects the trend of stainless steel market prices.
5. Import and export at home and abroad
According to statistics, the import of stainless steel decreased by 54.8% from June to June in 20 19 compared with the same period of last year. It can be seen that in the consumption structure of stainless steel in China, the situation that the early consumption of stainless steel was completely dependent on imports has been greatly improved, enabling domestic stainless steel to sell at a higher price. On the other hand, the net export of stainless steel faces the risk of decline. More products are transferred to domestic consumption, but it is difficult to meet the demand, which also closely affects the price of stainless steel.
6. Subjective influence of market confidence
Meanwhile, the market price of stainless steel is also affected by market confidence. Good news came, mainstream businesses are optimistic about the market outlook, the quotation is raised, and the enthusiasm of downstream stocking is enhanced, creating a good atmosphere of demand and further stimulating the price increase of stainless steel; On the other hand, if most people are bearish in the later period, the profit-making and goods-throwing actions are frequent, the transaction is still not good, and the market price may fall again.
Editing and finishing Weng Jianping of Qihe research
Qihe Net Research Center's cooperation consultation telephone number: 057 1-882 12938.
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