The delivery varieties are fine ore and concentrate.
First of all, fine ore and concentrate are the mainstream varieties of production, consumption and trade in China. In 20 12, of the 440 million tons of finished iron ore produced in China, 420 million tons were fine powder, accounting for 95%, and 740 million tons of imported iron ore contained 560 million tons of coarse powder. Fine ore and concentrate account for 83% of the total supply of iron ore in China; Secondly, fine ore is the most exposed variety of enterprises in China. Coarse powder is the mainstream in imported iron ore. Due to long-distance shipping and huge inventory, enterprises are facing great risks of imported iron ore price fluctuations. Third, the price of fine ore is representative.
At present, under the global iron ore index pricing system, the index agencies collect and publish the prices of imported fine ore in the northern port of China, and the iron ore-related derivatives in the international market are also designed based on fine ore. In addition, the trade flow of fine ore and concentrate is clear and the delivery place is simple. Domestic production and consumption of refined powder are concentrated in the Bohai Rim region, and imported coarse powder is mainly in the Bohai Rim region. Ports such as Qingdao, Rizhao, Tianjin and Lianyungang in the region have become distribution centers and logistics hubs for coarse powder trade. Finally, the index system is simple and the quality dependence is low. Compared with sinter, pellet and lump ore in charge form, the quality evaluation system of fine powder or coarse powder is relatively simple, and because both of them need to be mixed before producing sinter or pellet, steel mills are not strongly dependent on the quality of single powder ore or concentrate. To sum up, Dashang Institute regards fine ore and concentrate as iron ore futures delivery varieties.
Delivery quality standard
In order to stabilize the enterprise's expectation of receiving goods and enhance the direction of the disk price, Dashang has set the benchmark delivery product as fine ore with iron grade of 62%, and fine ore and concentrate with iron grade above 60% can replace delivery. Both use the same indicator setting system. Iron grade, silica, alumina, sulfur and phosphorus content are the main indicators, and trace elements are "restrictive" indicators, and the requirements of benchmark products and substitutes are the same. Iron ore is weighed on a dry basis.
Principles of serving iron and steel enterprises
Based on the principle of "providing hedging tools for steel enterprises and reducing the risk of purchasing raw materials for steel mills" in the design of iron ore futures, Dashang has positioned standard products as the most representative products with the significance of price vane in the market. In a certain grade range, the influence of iron content per unit iron ore on blast furnace smelting is approximately linear, so there is a strong correlation between iron ore prices of different grades in a certain grade range. That is to say, in theory, if the price of any grade of fine ore is determined as the "benchmark" price, the prices of other grades of fine ore can also be determined. However, at present, all kinds of iron ore indicators at home and abroad and international iron ore-related derivatives are based on fine ore with a grade of 62%. 62% grade has essentially become the price vane of iron ore spot market, and the positioning of 62% by Dashang Institute can promote the hedging effect of enterprises and give full play to the function of futures to control risks.
In addition, from the point of view of blast furnace use, the better charging level is about 62%. According to the statistical analysis of 327 blast furnaces in China, the grade of fine ore used in mainstream blast furnaces in China is about 6 1.7%. According to the requirements of the National Code for Design of Blast Furnace Ironmaking Process, the average grade of blast furnace fines below 2000 is also between 6 1%-63%. Therefore, taking fine ore with iron grade of 62% as the standard of futures delivery can highlight the principle of serving domestic mainstream blast furnaces. (iron ore futures knowledge 2)