Chemical industry a new round of supply and demand imbalance

Promote the integration of industry and finance to accelerate the listing of styrene options

In the market supply and demand imbalance pattern, the enthusiasm of enterprises to participate in the chemical market is high. In 2022, the delivery volume of chemical futures reached a record high of 1.21 million tons, and the enthusiasm of enterprises to participate in delivery was greatly improved. At the same time, the OTC business transactions of the chemical sector are active: in 2022, the OTC turnover is nearly 33 billion yuan, an increase of 57%, which strongly supports chemical enterprises to use the combination of business management risks and stable supply and marketing; In 2022, the average daily position of industrial enterprises participating in the chemical futures market of Dshang will be 1.2 million lots, an increase of 41% year-on-year.

It is worth noting that in the period of increased volatility of the overseas energy sector in 2022, the chemical sector of Dshang University maintains a stable and rational operation, the price correlation of various varieties is above 0.9, and the hedging efficiency is above 96%, which plays a prominent role in providing stable prices and enhancing the toughness of the industrial chain.

At present, Dacong's petrochemical industry chain has 6 chemical intermediate product futures and 4 options represented by polyvinyl chloride, polypropylene, ethylene glycol, styrene, liquefied petroleum gas and other varieties. China's chemical futures have developed into the most active and characteristic chemical derivatives market in the world, and Dashang has long maintained the position of the world's largest plastic futures market.

In response to the current predicament of enterprises, Fan Min, deputy director of the information and Marketing Department of the China Petroleum and Chemical Industry Federation, called for the integration of production and finance to be promoted as soon as possible. Under uncertain market conditions, Fan Min suggested speeding up the listing of energy futures varieties, strengthening the promotion and application of listed futures varieties and services, and helping enterprises to improve risk control and cost control capabilities. At the same time, in view of the increase in the average collection period of accounts receivable of chemical enterprises, Fan Min suggested that we continue to track the growth trend of corporate bills and accounts receivable, improve financial services, take measures to solve the financing difficulties and expensive financing of small and medium-sized enterprises in a timely manner, and avoid the partial risk spillover caused by the rupture of the capital chain.

"In the next step, DCOM will accelerate the listing of options such as styrene and accelerate the layout of new varieties along the chemical industry chain." Ran Hua, secretary of the Party Committee and chairman of Da Shang Exchange, said that in the future, it will explore the launch of monthly average price futures for chemical varieties, and actively build a high-quality product system that meets the needs of industrial diversification; Continue to enhance the compatibility of chemical variety contract design and delivery layout with industrial demand, promote the optimization of delivery basic system, and further facilitate enterprises to participate in trading delivery.

In terms of OTC chemical business, DCE will study and launch services such as futures and spot position conversion, time-spot linkage pricing, explore the construction of OTC trading zones with leading enterprises in the petrochemical industry, deepen the construction of bulk commodity receipt registration centers, and provide enterprises with a more systematic and comprehensive time-present combination plan.