The largest variety of steel futures futures listed on the countdown has finally entered,
the continuation of the steel mills for decades to control the mode of pricing to market
pricing quietly system, steel futures pricing brought about by the transfer of triggering
the conflict giant steel prices.
Shanghai Shen Jie, general manager of the mainland futures busy the past two days, the
matter of steel futures, in accordance with the provisions of the Stock Exchange of futures
companies and testing and preparation work will be March 25 at the end. "It has not yet been
officially listed on the notice of the time, not an accident should be about 27 can be
traded, which is a new Stock Exchange listed company is no different." ?? Shen Jie's
contact, he is going to take part in steel futures MAANSHAN seminars, Shen Jie very good
this year, the first listed futures variety, steel futures is the largest species, is the
demand for hundreds of millions of tons each year, far more than five million tons of copper
demand. ?? But the master of the steel giant steel pricing power are more willing to
postpone the listing to see the steel futures. The reporters found that around the steel
futures market, behind the iron and steel giant is one of the game with the market. Steel
steel futures prices to subvert the traditional pricing model set up, and after this model
from the founding of the PRC has continued for decades; Today, steel pricing will be the
major iron and steel giant to market, futures market will replace the traditional iron and
steel enterprises to become the future of steel Price Center, the loss of monopoly pricing
power of large-scale iron and steel giants do not want to see. ?? Pricing dispute ?? "In the
past, are a few industries, such as Baoshan Iron and Steel giant iron and steel prices,
steel prices continued pricing models for several decades, and now to break the pricing
mechanism, iron and steel giants, some conflict is inevitable, the market price of steel
means that the future can not be a monopoly price had. "speaking on condition of anonymity,
told reporters the iron and steel traders. ?? The survey found journalists, including
Baosteel and other steel giants have more than steel futures cautiously, Shougang shares
(000,959 Quotes, Love shares) in the two Zhu jiming chairman during an interview with
reporters believe that the timing of steel futures market has also immature, the financial
crisis is not a stable steel market. ?? For the launch of steel futures, upstream and
downstream industry chain reaction vary greatly, steel prices in particular, the poor
response of large iron and steel giant, and a more positive reaction of iron and steel
traders.
"We hope it is the introduction of steel futures to help us manage inventory risk, the loss
last year, steel prices too, if there is steel futures can also be done on the inventory
hedging." Steel traders, told reporters the above. ?? At present, steel traders reached only
150,000, there is no absolute steel monopoly, the market price of the space there are
relatively large, which is the basis for the introduction of steel futures. ?? A senior
source of iron and steel industry, the traditional pricing model of large-scale steel mills
most cost pricing, based on the cost of production plus profit pricing, and some once a
month pricing, and some pricing once each quarter, while market-oriented Pricing is entirely
a reflection of market supply and demand. ?? Pricing model in accordance with the steel,
when steel products in short supply, traders desperately hoarding inventory, has been steel
prices, rising prices propelled, iron and steel companies to earn excess profits; and when
steel demand is low, steel mills on the continuous adjustment of prices, traders desperate
to sell stock to accelerate the price decline, steel stocks also hope digestion of sales
incentives and more traders, resulting in a downward spiral steel prices until the loss of
steel mills, the traditional pricing model has become powerless ; and steel futures for iron
and steel enterprises and traders to minimize losses through hedging, the market price and
demand signals to organize production. ?? Agricultural University in China, Director of the
Center for derivatives, futures Jinpeng Chang-ching, chairman of view, the steel market is
pricing in accordance with the fundamental problem is that the dominant issue of pricing,
the introduction of steel futures after the steel giant steel pricing for words the right to
lose, and the pricing of steel is made up of people to grasp, steel futures market, the
market price of steel let transparent pricing, and fewer links in examination and approval.
?? Behind the steel futures ?? The interests of the game ?? A futures company in response to
the introduction of steel futures on the steel situation is not ripe, said: "In fact, when
the introduction is a good time, futures companies is only a tool for risk management and
market instability, futures on the can stabilize the market price fluctuations. " ?? "Iron
and steel giant steel futures contradict the fundamental reason for this is that worried
about the loss of pricing power and affect their profits, and this is crazy last year, iron
ore and steel prices do not worry about the root causes of several major steel companies
have pricing power of steel can be Constant price increases to overcome the costs. "above
the iron and steel industry, told reporters," After the introduction of steel futures, the
traditional monopoly of the iron and steel on the steel giant has lost the right to speak
the absolute pricing power, iron and steel giants rely on the pricing power over access to
the era of huge profits. " ?? "Today, the market downturn in steel, iron and steel giants
have pricing power and there is no value, can not prevent the market down; a matter of fact,
they also hope that through the futures market, hedging, risk management, production
planning arrangements." Steel traders, told reporters the above . ?? "Steel for steel
futures trading is not any good, futures is a function of price discovery, the steel can be
long-term futures contracts based on price signals to arrange production planning and
management of inventory risk." Interviewed by a reporter, Chang-qing said, "so in fact the
market price of steel pricing saves the cost of steel pricing need someone dedicated to this
matter, there is no pricing power steel mills, these links are saved the cost of the real
against the steel is steel futures factory price of the internal examination and approval
have the right people, the market pricing of these people after the loss of opportunities
for corruption, the benefits directly back to the enterprise. " ?? In fact, the steel giant
also saw the benefits of steel futures, futures for the introduction of steel, iron and
steel giant complex mentality. I hope we do not lose their pricing power, but also hope that
this tool use futures to manage risk, the market during this downturn. ?? Medium-term,
general manager of home in Beijing, Mr. Chang appeared to run steel futures market is
pricing brought about by the transfer center, but the process is long and after the
introduction of steel futures, the traditional pricing model of the steel mill will not
disappear, reflecting the production of steel the cost of steel is absolutely no need to
resist the giant steel futures. ?? "Spot market pricing may still use steel pricing model,
the pricing of steel may be the reference price of the futures market, the coexistence of
two types of pricing models, affecting each other." Parent-run Chang told reporters,
"futures market the beginning of market-oriented pricing on the impact of steel prices, but
with the expansion of the size of the transaction, the upstream and downstream enterprises
more and more involved in the futures market will gradually become the future market price
of steel pricing center. "
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