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China’s largest LPG futures budget listed importer has no pricing power in history

China’s largest LPG futures budget listed importer has no pricing power in history
On March 30, liquefied petroleum gas (LPG) futures for chronic gas energy derivatives were listed, and LPG fundraising was launched for listing on March 31. This is the first gas energy derivative gradually.It is currently the largest importer and consumer of LPG. Last year, the import volume of LPG was also around 2000, but there was no uniform, authoritative Chinese price-gradually, the purchase price of imported LPG was mainly related to the monthly contract price (CP) of Saudi Aramco and the Far EastLinkage of price index (FEI).However, domestic prices are changed due to the influence of various factors such as market demanders. The use of fixed prices covering the entire month brings exposure risk to the company, while the listing of LPG futures and transactions allows companies to respond to market changes and avoidThe risk of price fluctuations provides a hedging tool for combat.For LPG futures, the budget is the first gas energy variety in the futures market. It is understood that LPG futures are PG2011, PG2012, PG2101, PG2102, and PG2103.The PG2011, PG2012, PG2101, PG 2102, and PG2103 contracts for LPG futures contracts can be set at 2,600 yuan / ton.On the day of listing, the price limit was ± 14% of the benchmark price of the contract, and the trading margin was 13%.However, on the first day of listing, the price of LPG futures was not satisfactory, and the main contract 2011 contract fell more than 10%.During the listing ceremony of antiques on the Dalian Commodity Exchange, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that liquefied petroleum gas is an important clean energy and has a bearing on the national economy and people’s livelihood.For LPG futures, the budget is the first gas energy variety in the futures futures market and the first to be launched simultaneously.The listing of LPG futures and budget is an important change in the futures market to implement the concept of green development and promote the improvement of the energy price formation mechanism. The major progress in the construction of the domestic energy futures market system represented by coal, oil and gas is also the listing of futures varieties.New attempts at the mechanism.In addition, the official website of the China Securities Regulatory Commission shows that LPG is an important clean energy and chemical raw material.At present, it is the world’s largest importer and consumer of liquefied petroleum gas. Carrying out relevant futures and budget transactions will provide industrial enterprises with open, continuous and transparent price signals and effective risk management tools to help promote the stable operation of related companies.Promote the stable and healthy development of the LPG industry.In the next step, the CSRC adjusted the supervisors to promote the Dalian Commodity Exchange to continue to make preparations to ensure the smooth start and steady operation of the LPG futures and budget.China is the largest importer and consumer of LPG, but there is no unification. The authoritative Chinese price Zhuo Chuang Information analyst Cao Yingying told the sauna. Yewang said that recent international public health events have fermented and international crude oil prices have plummeted.The industry has multiple adverse effects.She introduced that she has always been the largest importer and consumer of LPG.According to statistics, the domestic LPG production in 2019 is as high as 4,100 tons, and the import volume is also around 2000, but there is no unified, authoritative Chinese price. FEI and CP are mainly used in the import trade.In Syria, the purchase price of LPG is mainly linked to the monthly contract price (CP) of Saudi Aramco and the Far East Price Index (FEI).CP is the price that the National Petroleum Company of Saudi Arabia announced at the end of each month for long-term customer pick-up. It is a fixed price that covers full-month transactions, and this price is widely recognized and applied in the Middle East.LPG futures and budgeted listings provide an effective hedging tool for companies to avoid price risks “, while the supply of goods from the Middle East accounts for a large proportion, but domestic prices are changed due to many factors such as market supply and demand.The adoption of a fixed price covering the whole month brings exposure risk to the company, “Cao Yingying said that in the industry’s view, the listing of LPG futures and earnings is just in time, which provides a powerful way for companies to respond to market changes and avoid price risks.Hedging tool.According to data provided by Zhuo Chuang Consulting, since 2020, the average domestic liquefied gas price has fallen from 4,821 yuan / tonne at the beginning of the year to around 2,900 yuan / tonne last week, a decrease of 39.About 85%.According to statistics, throughout the year last year, international LPG changed by 66%.Cao Yingying analyzed that the price of LPG is mainly affected by three factors, one is the supply and demand layout, including output, import volume, deep processing operation rate, terminal demand, etc .; the second is the price factor, including CP, FEI, MB, downstream related productsPrice, etc .; Third, external factors, such as logistics and transportation, policy documents, etc.She said that in terms of pricing mechanism, there are many international prices, but there is no system that truly reflects the prices in the domestic market.For the listing of LPG futures and budgets, each domestic unit can calculate the premium and discount based on the difference between the location and product quality characteristics and the standard delivery place and delivery quality standard, and use the “futures price + premium and discount”The form of quotation for its own products greatly reduces the quotation difference, regulates the market quotation system, reduces transaction costs, and gradually transitions from absolute price pricing to basis pricing.”Dalian Commodity Exchange LPG Futures and Budget Listing has replaced the gap in the simultaneous listing of domestic futures budgets, and also marked the formal entry of the big business firm into the energy industry.”For domestic producers and import trading units to control price risks, stable production can provide risk control measures, and companies also have an additional sales market, which can choose to sell spot in the physical market or in the futures market when prices are favorableSales can both lock in profits and prevent and control risks.Sauna, Night Net Editor Lin Caizhou proofread by Li Caihui