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What is wire futures? Basic survey and comprehensive introduction of wire rod futures
I. Basic overview of wire rod futures

Steel wire usually refers to coiled steel wire material with a diameter of 5.5- 14. Most wire rods are wound into coils by winding machines, so they are also called wire rods or coils. With the development of industry, the application field of wire rod is more and more extensive, and the requirements for its variety and quality are becoming more and more strict and professional.

There are many kinds of steel for wire rod, including carbon structural steel, spring steel, carbon tool steel, alloy structural steel, bearing steel, alloy tool steel, stainless steel, electrothermal alloy steel and so on. Most steel grades that need to be processed into wire rods are produced into wire rods by hot rolling wire rod mills, and then drawn into wire rods. Due to the diversity of steel grades and grades, in wire production, wires are usually divided into the following four categories:

Flexible cord: refers to ordinary low-carbon hot-rolled round steel, and its brands are mainly Q 195, Q2 15 and HPB235 specified in carbon structural steel standards and 10, 15 and 20 steel specified in high-quality carbon structural steel.

Hard wire: refers to high-quality carbon structural steel wire rod, such as rope wire rod, tire wire rod and other special wire rods. Hard wire generally has a high carbon content, which generally refers to high-quality carbon structural steel above No.45, 40Mn-70Mn, etc.

Welding wire: refers to the wire rod used in covered electrode.

Alloy steel wire: refers to all kinds of alloy steel and special wire with high alloy content.

Wire rod has become one of the most widely used metals in the world. In the construction industry, wire rod is widely used because of its stability in air and excellent appearance after anodic treatment. Wire alloy materials are also widely used in aviation and national defense military departments; In power transmission, steel wire rope reinforced by high strength steel wire is often used; In addition, wire and wire alloy are also widely used in automobile manufacturing, container transportation, daily necessities, household appliances, mechanical equipment and other fields. In addition to being directly used as building reinforcement, it can also be processed into various special steel wires, such as spring steel wire, welding wire, galvanized wire, communication wire, steel cord, steel strand and so on. It can also be processed into other metal products, such as rivets, screws and nails. According to statistics, the wire rod output in general countries accounts for 5- 15% of the total steel output. China is in a period of economic development, and a large number of wires are still needed for urban construction and solving the living conditions of residents. In addition, the domestic demand for metal products is increasing and the export volume of international trade is also expanding. The wire rod production accounts for about 15% of the total steel production in China.

Before 2000, the proportion of wire rod in steel output has been stable at around 20%. After 200 1, with the transfer of world manufacturing to China, the proportion of plate, pipe and strip production and sales in China has gradually increased, and the proportion of construction steel has decreased year by year. From 200 1 to 2007, China's wire rod output increased from 310.97 million tons to 80.382 million tons, and its proportion in steel output decreased from 19.8% to 14.2%.

From the analysis of the production situation in the main areas of China, East China is the largest wire rod producing area in China. From 20065438+0 to 2007, the output of wire rod in this area accounted for about 35% of the national output. In 2007, the output of this area was 26.387 million tons, accounting for 32.8% of the national wire rod output. Followed by North China, the wire rod output in this area accounted for about 30% of the national output from 2006 54 38+0 to 2007, and in 2007 the output in this area was 23,496,5438+0 million tons, accounting for 29.2% of the national wire rod output. Thirdly, in Central and South China, from 200 1 to 2007, the proportion of wire rod production in this region in the whole country showed an upward trend, from 200 1 13.0% to 19. 1% in 2007. The proportion of wire rod production in southwest, northeast and northwest is relatively low, which was 7.4%, 7. 1% and 4.3% respectively in 2007.

The investment cost of construction steel is relatively low, and the entry threshold is low. Before 200 1, the output of 10 wire rod enterprises accounted for 40.2% of the national output, and decreased to 30.9% in 2006. However, in 2007, due to the obvious progress in the merger and reorganization of iron and steel enterprises, such as Shagang successively merged Henan Yongxing Iron and Steel and Jiangsu Yonggang, the concentration of wire rod production was obviously improved, and the output of 10 enterprises accounted for 4 1.6% of the country. In 2007, wire rod production of Shagang, Shougang, Tangshan, Beitai, WISCO, Xinggang, Qinggang, Maanshan, Baosteel and Hualing Xiangtan Iron and Steel Co., Ltd. ranked in the top 10, of which wire rod production accounted for more than 7%, and other enterprises accounted for less than 6%. It can be seen that wire rod production is still relatively scattered, and local enterprises and private enterprises account for a large proportion.

Wire rod is mainly used in the construction industry, and its added value is relatively low. In addition, there are a certain number of high-grade (high-end) products with high added value, which are mainly used for drawing steel wires, such as making steel wires for bridges and mountain ropeways.

Before 2000, the proportion of wire rod consumption in steel consumption was 15%-20%. From 200/kloc-0 to 2007, the consumption of wire rod in China increased from 31307 million tons to 74.7588 million tons, but the proportion of steel consumption decreased from 18.5% to 14.4%.

Before the 1990s, the demand for construction steel in China accounted for a large proportion, and the output was basically in short supply. Therefore, construction steel is mainly imported by net, with a large proportion of imports. 1993- 1996 Driven by demand, the import of wire rods has increased substantially, and the proportion of imports in total consumption is above 10%. With the decline in demand for construction steel and the rapid expansion of domestic production capacity, the import of wire rods has dropped sharply since 1997. Since 2000, the proportion of wire rod imports in China's consumption has been around 1%. Judging from the proportion of wire rod imports in the total steel imports, it was relatively high before 2000, and decreased from 200/kloc-0 to 1.5%-3.5% in 2007.

Judging from the wire export situation, before 200 1, the wire export volume was very small, accounting for less than 3% of the wire output. Since 2002, the export volume of wire rod has increased rapidly, and the proportion of wire rod output has increased from 0.5% of 200 1 to 7.8% in 2007. Judging from the proportion of wire rod in the total steel export, before 2002, except for a few years, it was generally low, and it rose to more than 15% in 2005, and fell back in 2006 and 2007, but it was still above 10%.

Two. Wired futures exchanges and codes

Wire futures exchange: Shanghai Futures Exchange

Transaction code: RB

Three, wire futures standard contract

Four, wire futures trading margin system

Note: X represents the sum of bilateral positions in a certain month, and the unit is hand.

Five, the influencing factors of wire rod futures price

Iron ore is the most important raw material for steel production. The prices and quantities of imported ore and domestic ore purchased by different iron and steel enterprises are different, and the technical and economic indexes of their respective blast furnaces are also different, so the raw material costs of different iron and steel enterprises are quite different. Coke is an essential reducing agent, fuel and material column skeleton in iron and steel production. At the same time, steel production also consumes a lot of common media such as coking coal, water, electricity, wind, gas and oil. Different iron and steel enterprises buy these public media at different prices and quantities, and their technical and economic indicators are also different, so the cost of energy and public media varies greatly among iron and steel enterprises. Labor cost is an important cost in steel industry. Although there is a big gap between China's manual labor productivity and that of developed countries, the gap between the cost per working hour (mainly per capita income level) is even bigger. Therefore, the labor cost of China steel tonnage ship is about one third of that of developed countries and half of the average level of foreign countries. On the whole, the labor cost gap between steel enterprises in China is not obvious.

During the Tenth Five-Year Plan period, the investment of iron and steel enterprises in improving equipment level, scientific and technological progress, energy saving and consumption reduction has increased significantly, which has significantly improved the equipment level of China's iron and steel industry, achieved remarkable results in energy saving and consumption reduction and comprehensive utilization, and played a huge role in reducing costs.

As a capital-intensive industry, the investment cost of steel industry is also an important factor affecting the steel price. Since 200 1, the investment per ton of steel has shown a downward trend.

The main reasons for the sharp drop in investment per ton of steel during the Tenth Five-Year Plan period are as follows: First, the proportion of private enterprises has increased significantly. 200 1-2003 is a period of great development of private enterprises. During this period, most of the products of private enterprises were mainly low value-added products such as excellent talents and narrow bands, and domestic equipment was usually used, with less investment and quick recovery. Generally, the investment per million tons is about 65.438+0 billion yuan, and the average comprehensive investment per ton of steel is only 6.5438+0 million yuan. Second, the level of equipment localization has been greatly improved, saving investment costs. For example, a set of domestic equipment for high-speed wire rod is only one-fifth of imported equipment. Not only private enterprises use a large number of domestic equipment, but also some super-large state-owned enterprises use domestic equipment more and more. Third, the steel industry is an industry with obvious scale benefits. With the large-scale equipment and the continuous and compact production, the investment per unit product has dropped significantly.

Although the production cost is the basis of the price change of steel products. But the relationship between supply and demand is an important factor affecting the price trend. When the cost is relatively stable and the supply exceeds the demand, the price will fall; When demand exceeds supply, prices will rise. The chart below shows the changes of GDP growth rate and fixed asset investment growth rate in China, from which it can be seen that steel prices have a strong correlation with China's economic cycle.