According to reports, the ethylene glycol delivery system mainly includes delivery rules, standard warehouse receipt management methods and delivery warehouse management methods. Ethylene glycol futures are delivered in kind, following the mature standard warehouse receipt system, adopting one-time delivery, cash-to-cash delivery and rolling delivery in parallel with warehouse delivery and factory delivery. At the same time, ethylene glycol futures can also be delivered bonded. The above system fully considers the spot trading habits and operability, and can ensure the deliverable amount of ethylene glycol futures.
The person in charge pointed out that in combination with the actual spot trade of ethylene glycol, ethylene glycol futures adopt the parallel delivery system of factory and warehouse to integrate the existing mature delivery system. As a mature delivery system, factory warehouse delivery has been successfully applied to many large commercial houses. In the spot market, the spot enterprises in the upstream, middle and downstream of ethylene glycol will have certain standing stock and good storage facilities to ensure the continuity of production and operation, and ethylene glycol has the basic conditions to carry out factory-warehouse delivery. Spot enterprises register credit warehouse receipts through the factory warehouse delivery system, which can increase available shipments, reduce delivery costs and improve delivery efficiency without pre-stocking and exemption from inspection registration.
In addition, in view of China's high dependence on ethylene glycol imports, large commercial houses provide bonded delivery channels. The ethylene glycol imported by customers can be delivered in futures before customs declaration, which improves the convenience of delivery of imported goods. The combination of multiple delivery methods ensures smooth delivery and sufficient delivery quantity, which can effectively prevent delivery risks.
Because ethylene glycol storage requires stainless steel tanks or carbon steel tanks, which are coated inside, the tank capacity is relatively sufficient. In order to alleviate the pressure that may be brought by centralized delivery, ethylene glycol futures will also implement a rolling delivery system. During the period from the 1 trading day in the delivery month to the first 1 trading day in the last trading day, the seller's customers who hold non-frozen standard warehouse receipts and one-way selling positions in the delivery month offered to make rolling delivery, and the exchange organized the two parties to match and complete the delivery within the specified time. The settlement price of delivery adopts the settlement price of futures contracts on the rolling delivery matching date.
As for the ex-factory quality standard, the new national standard of ethylene glycol (GB/T4649-20 18 "Ethylene glycol for industrial use") implemented in February of 2018 is based on the original national standard, and the chloride ion index is added, and the grade modulation of the original national standard is divided into polyester grade and industrial grade. Due to different process routes, impurities such as butanediol, ethylene glycol and ethylene carbonate will be produced in coal-based ethylene glycol products. In order to distinguish between coal and ethylene glycol, these specific indicators of coal-to-ethylene glycol have been added in the new national standard, but the specific values are not clear in the indicators, so it is only necessary to report them. Considering that the production time of coal-based ethylene glycol production enterprises is still short, the output supply is insufficient, and it has not been used on a large scale by downstream polyester enterprises, the regulations of Dashang Institute temporarily prohibit coal-based ethylene glycol from entering the delivery. After quality inspection, 1, 2- butanediol, ethylene carbonate and other indicators that can well distinguish between coal-based method and ethylene method are included in the delivery quality standard system.
On the basis of GB/T4649-20 18 "Ethylene Glycol for Industrial Use", DCE has formed "Dalian Commodity Exchange Ethylene Glycol Delivery Quality Standard (F/DCEMEG00 1-20 18)" in the delivery rules. Appearance, purity, diethylene glycol, chroma, density, boiling range, moisture, acidity, iron content, ash content, aldehyde content, ultraviolet transmittance and chloride ion 18 refer to the polyester grade requirements specified in GB/T4649-20 18. The above indicators can effectively avoid the delivery of coal-based ethylene glycol, so that polyester products that meet the mainstream market demand can be delivered, which is convenient for enterprises to produce and sell after delivery.
In order to design the delivery quality standard, Dashang Institute cooperated with Shanghai Petrochemical Research Institute, China Inspection and Certification Group and Tongbiao Standard Co., Ltd. in the process of designing the delivery quality standard of ethylene glycol futures, and conducted product quality sampling inspection and benchmarking inspection on key ethylene glycol production enterprises. According to the test results, the main quality indexes of ethylene glycol futures are finally formulated. Relevant industry experts and ethylene glycol spot enterprises generally believe that the quality standard is operable, in line with spot trade habits, and is conducive to enterprises to participate in futures trading and delivery.