"The listing of iron ore futures will surely become a world-renowned China futures product, which will definitely affect the global iron ore pricing." Wu Wenzhang, general manager of Steel Home Information Technology Co., Ltd., the authoritative information platform of domestic steel industry, opened the topic with "two musts" and expounded his confidence in China to regain the pricing power of resource products. In addition to self-confidence, it is more based on the judgment of reality.
The so-called realistic foundation can be understood as the following points. First of all, the iron ore futures contract listed by Dashang Stock Exchange is designed as physical delivery mode, which is the first in the world. At present, the iron ore futures contracts launched in the international market are all index futures, including Indian Commodity Exchange, Singapore Commodity Exchange, American Intercontinental Exchange, Chicago Commodity Exchange, London Metal Exchange and so on. This is because the area where the relevant market is located lacks the corresponding spot market support and does not have the conditions to carry out physical delivery. In the survey, institutional sources pointed out that under the global "starting" contract mode, the price of "China version" iron ore can better reflect the real domestic supply and demand relationship.
Secondly, according to the data of Steel House, the global market has gradually changed from a seller's market to a buyer's market. At present, the global ore production capacity is expanding rapidly, while the European and American economies are still hovering at a low altitude. The huge absorptive capacity of China market is another foundation of the right to speak in the future. Liu, deputy general manager of Steel House, pointed out when asked by the reporter of Shanghai Stock Exchange, "The global annual iron ore output is about 65.438+0.2 billion tons, and China imports 780-790 million tons every year, accounting for about 60%. It can be said that it is a major iron ore trader in the world. Once more and more industrial customers and financial institutions participate in the trading of' China Edition' futures contracts, the trading volume will gradually increase, and the domestic spot market will re-examine the prices of large commercial houses. The China market, which accounts for 60%, will inevitably receive international attention. "
Liu pointed out that the most important thing is to have the right to speak from the heart of China industrial customers. Some domestic customers and institutions have hedging business in Singapore and India, but the prices in these markets are controlled by several major traders, so it is difficult for domestic institutions to survive in the cracks. However, Wu Wenzhang pointed out that the realization of China's pricing power must require the participation and attention of industrial customers, and the price that nobody cares about or few people care about can hardly represent domestic demand.
Wu Wenzhang's expectations of industrial customers have been answered realistically. The head of the International Trade Department of Zhongtian Iron and Steel said that he hoped to find a place to hedge each other on the platform of Dashang and make it a platform for collective efforts.
The contract focuses on targeted risk control measures.
With the expectation and wait-and-see attitude of industry customers, Dashang has made great efforts in the contract and system design of risk control. In an interview with reporters, the head of the Industrial Products Division of the Dashang Institute said that in the design of iron ore futures contracts and systems, the Dashang Institute fully considered and evaluated the risks of iron ore from the futures market and the unique risks of varieties, and set up targeted preventive measures.
First of all, the idea of big contract design is adopted to increase speculative costs and reduce market risks. According to the experience of existing coke and coking coal varieties, iron ore is subject to large contract system, and the scale of each batch is set at 100 ton, and the contract amount of each batch is about 654.38+10,000 yuan. According to the current average price of about 1 1,000 yuan/ton, the required margin for a single iron ore futures contract is about 654,300%.
Secondly, establish a strict risk control system to prevent market manipulation. At present, China's futures market has formed a "five in one" all-round supervision system. Based on the mature system and the characteristics of iron ore market, Dashang has designed a series of risk control systems, including margin system, position limit and compulsory liquidation system, large household declaration system, price limit system and so on. For example, in the design of the margin system, the large trading houses collect the margin of iron ore futures contracts near the delivery, that is, the minimum trading margin is 5% of the contract value, and the contract trading margin is increased to10% of the contract value from the tenth trading day one month before the contract enters the delivery month; After entering the delivery month, it will be increased to 20% of the contract amount. In terms of position management, from the perspective of risk prevention, the iron ore contracts of non-futures company members and customers are generally limited to 20,000 lots per month, and the positions of non-futures company members and customers are limited to 6,000 lots from the 1 0 trading day before the delivery month, and the positions of non-futures company members and customers are limited to 2,000 lots within the delivery month. The design of this risk control system can prevent market manipulation and major risks and ensure the safe and stable operation of the market.