自2013nianzaidalianshangpinqihuojiaoyisuotuichuyilai,tiekuangshiqihuopingwenyunxing,chengjiaoliangyiyuejuquanqiujinshuleiqihuodierwei,chengweiquanqiutiekuangshizhongyaodingjiajizhunzhiyi。jinnian2月2日,大商所將鐵礦石期貨列為特定品種,引入境外交易者,標誌著我國鐵礦石期貨國際化進入“倒計時”。伴隨著中國鐵礦石期貨的逐步成熟,交易機製的逐步完善,多層次市場體係的逐步建立,構建鐵礦石定價中心的時機已然成熟。
目前,中國鋼鐵產業正麵臨著產能過剩的難題。供給側結構性改革提出2016年至2018年三年計劃去除1.4億噸過剩產能,至今,2016年和2017年已經分別去除6500萬噸和5000萬噸,2018年還有2500wandunchannengyaoquchu。danshi,quchannengbunengyidaoqiedijianggexinghaogangtiechannengjunquchu,ershiyaotaotailuohouchanneng,fazhanyouzhichanneng,zhecaishijiejuechannengguoshengwenti、推動中國鋼鐵產業轉型的關鍵。
在zai鋼gang鐵tie產chan業ye轉zhuan型xing升sheng級ji中zhong,要yao行xing政zheng手shou段duan與yu市shi場chang手shou段duan相xiang結jie合he,兩liang手shou都dou要yao抓zhua,兩liang手shou都dou要yao硬ying。其qi中zhong,期qi貨huo市shi場chang作zuo為wei市shi場chang化hua的de高gao級ji形xing式shi,能neng夠gou有you效xiao運yun用yong市shi場chang化hua手shou段duan幫bang助zhu鋼gang鐵tie企qi業ye去qu產chan能neng,促cu進jin鋼gang鐵tie產chan業ye轉zhuan型xing升sheng級ji。一yi方fang麵mian期qi貨huo市shi場chang通tong過guo價jia格ge的de引yin導dao作zuo用yong,利li用yong優you質zhi優you價jia的de原yuan則ze,調tiao節jie資zi源yuan配pei置zhi,提ti高gao產chan品pin質zhi量liang;另一方麵則通過設定注冊交割品等級的方式,引導企業生產更高級的產品,進而實現產業結構升級。
目前,中國鐵礦石的外貿依存度超過76%,進口量占世界進口總量60%以上,鐵礦石貿易增量幾乎100%流liu向xiang中zhong國guo,中zhong國guo鐵tie礦kuang石shi進jin口kou市shi場chang成cheng為wei國guo際ji鐵tie礦kuang石shi市shi場chang發fa展zhan的de主zhu要yao驅qu動dong力li以yi及ji買mai方fang市shi場chang的de重zhong要yao力li量liang,建jian立li鐵tie礦kuang石shi定ding價jia中zhong心xin的de時shi機ji已yi然ran成cheng熟shu。在zai國guo際ji市shi場chang,黑hei色se金jin屬shu缺que乏fa穩wen固gu統tong一yi的de定ding價jia中zhong心xin。而er鐵tie礦kuang石shi作zuo為wei工gong業ye產chan成cheng品pin的de基ji礎chu原yuan材cai料liao地di位wei突tu出chu,鐵tie礦kuang石shi期qi貨huo在zai中zhong國guo運yun行xing平ping穩wen良liang好hao。以yi鐵tie礦kuang石shi期qi貨huo為wei突tu破po口kou,在zai中zhong國guo建jian立li鐵tie礦kuang石shi定ding價jia中zhong心xin意yi義yi更geng為wei重zhong大da。
筆(bi)者(zhe)建(jian)議(yi),多(duo)策(ce)並(bing)舉(ju)構(gou)建(jian)中(zhong)國(guo)鐵(tie)礦(kuang)石(shi)定(ding)價(jia)中(zhong)心(xin)。一(yi)是(shi)積(ji)極(ji)發(fa)展(zhan)期(qi)貨(huo)市(shi)場(chang)產(chan)業(ye)客(ke)戶(hu),降(jiang)低(di)鐵(tie)礦(kuang)石(shi)期(qi)貨(huo)交(jiao)割(ge)門(men)檻(kan),大(da)幅(fu)提(ti)高(gao)產(chan)業(ye)及(ji)機(ji)構(gou)客(ke)戶(hu)的(de)參(can)與(yu)度(du)。二(er)是(shi)推(tui)進(jin)鐵(tie)礦(kuang)石(shi)基(ji)差(cha)交(jiao)易(yi)試(shi)點(dian),助(zhu)力(li)服(fu)務(wu)實(shi)體(ti)經(jing)濟(ji)。基(ji)差(cha)交(jiao)易(yi)給(gei)貿(mao)易(yi)雙(shuang)方(fang)提(ti)供(gong)了(le)更(geng)為(wei)便(bian)利(li)的(de)套(tao)期(qi)保(bao)值(zhi)機(ji)會(hui),幫(bang)助(zhu)現(xian)貨(huo)貿(mao)易(yi)參(can)與(yu)主(zhu)體(ti)更(geng)好(hao)地(di)把(ba)控(kong)價(jia)格(ge)波(bo)動(dong)風(feng)險(xian),服(fu)務(wu)了(le)實(shi)體(ti)經(jing)濟(ji),將(jiang)期(qi)貨(huo)、xianhuoxiangjiehedejichajiaoyishiweilaitiekuangshixianhuomaoyidefazhanfangxiang。tongshi,tiekuangshijichajiaoyibangzhuqixianhuoshichangshixiangenghaodeliandong,shidashangsuodetiekuangshiqihuojiagezhujianchengweiguoneitiekuangshixianhuojiaoyidingjiadejichu。sanshiwanshanduocengcishangpinshichangtixi,shixianqihuoyuxianhuohudongduijie。zhongyuanqishichangzuoweigoutongxianhuoshichangyuqihuoshichangdeshuniu,shiqihuoyuxianhuohudongdexianjiedian。wanshanzhongyuanqishichangxuyaoqihuoshichangxiangxiayanshen,xianhuoshichangxiangshangtisheng,dalipeiyuchangwaishichang,shixianqihuoyuxianhuoduijie。sishicujinjingneiyujingwaihulian。jijiyinjinjingwaitouzizhe;積極學習境外鐵礦石定價經驗,完善我國鐵礦石衍生品市場;學習新加坡交易所先進的鐵礦石掉期經驗,吸引機構客戶參與其中。(作者單位:北京工商大學證券期貨研究所)
手機版|
關注公眾號|

下載手機APP


