铁矿石期货拟推“品牌交割” 提升价格代表性
作者:陈冬林  2018/10/30 21:44:58  来源:原创  浏览:2134

   作为我国首个引入境外交易者的原有上市品种,铁矿石期货引入境外交易者后的市场运行情况及制度创新,备受境内外市场各方关注。期货日报记者近日从杭州举行的“2019年钢铁产业链发展形势高峰论坛”上了解到,大商所正在研究推出铁矿石品牌交割制度,有望进一步增强期货价格的代表性和稳定性,助力产业企业避险。
   5月份以来,现货市场交投清淡,铁矿石期货成交和持仓规模逐步下降。不过,过去的一个月,铁矿石期货成交和持仓规模有所上升。有专家分析,近段时间以来铁矿石现货供应过剩情况有所缓解、市场预期价格上涨,使企业利用铁矿石期货规避价格波动风险的需求增加,这是铁矿石期货交投回暖的主要原因。
   利用期货市场避险已成为钢铁企业管理风险的必由之路,而合理、完善和贴近现货市场的期货合约制度,有助于期货市场功能更加有效地发挥。
   据介绍,当前钢厂更倾向于采购铁含量高、硅铝硫等杂质含量低的主流高品矿,主流矿与非主流矿价差不断扩大,期货固定升贴水价差无法覆盖其价差,从而改变了期货最便利交割品,影响了期货价格对现货的代表性。同时,单一的升贴水体系难以完全反映影响现货价格的诸多因素。部分新矿种与主流矿的交割质量标准差异小,但市场接受度不高,进入交割后为买方的使用和销售增加了难度。
   为此,大商所开展了针对性的制度创新工作,2017年9月推出贴近市场变化的交割质量新标准。正在研究推进的品牌交割制度,是提高铁矿石期货价格代表性和稳定性的又一项举措。
   据记者了解,铁矿石期货品牌交割的整体思路和流程是:交易所公布准入品牌和升贴水;卖方申请注册仓单,需保证货物的品牌在准入品牌范围内,且通过合格供应商申请注册仓单,提供相关证明文件;买方注销仓单出库时,合格供应商须向货主提供上述文件;如对品牌存在异议,货主可向交易所提起争议,由品牌交割委员会裁定;如果裁定品牌为假,合格供应商须向货主赔付差额。
   在准入品牌及升贴水设置上,为使交割品满足大部分钢厂需求,交割品将被限制在钢厂接受度高的品牌内。这些主流矿准入品牌具有品质优、供应充足、流动性高的特点。其中,进口矿主要考虑进口量高等指标,国产矿需综合产量和销量等多个指标。
   通过准入品牌的设置,可以把交割标的限制为主流矿种,但由于主流矿种之间也存在价差,且随市场不断变动,可能导致期货标的在准入品牌中切换、偏移。为此,大商所在目前质量升贴水的基础上将设置品牌升贴水,既体现品质价值,也反映供应量、流动性、稳定性等多方因素,有利于期货价格长期稳定在市场接受度最高的某一品牌上。
   另据了解,铁矿石品牌交割制度将引入合格供应商,如果出现品牌造假情况,买方客户接受该笔仓单后,合格供应商将对买方进行差额赔付;将设立品牌交割委员会,负责对品牌争议进行调查取证、给出判定结果和对货物进行估值等。
   “实施铁矿石品牌交割制度,目的是将交割品划定在相关主流的品牌范围内,合理反映不同矿种的价差,使期货价格的代表性和稳定性更加突出。在铁矿石期货国际化的背景下,品牌交割制度有利于推动铁矿石期货价格成为全球公认的价格基准,建设以铁矿石期货为基准的全球贸易机制。”大商所工业品事业部相关负责人表示,下一步,大商所将与市场各方进一步论证方案可行性与实施细节,尽早推出品牌交割制度,便利境内外产业企业参与期货交易和交割。

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