Recently, the "China PTA and Polyester Staple Fiber Industry High Quality Development Conference (Huzhou Jiuli 2023)" (hereinafter referred to as the Development Conference) sponsored by China Chemical Fiber Industry Association (hereinafter referred to as China Chemical Fiber Association) was held in Huzhou, Zhejiang. At this conference, the functions of PTA and staple fiber futures were mentioned many times, and the guests also recognized and paid more attention to making good use of futures tools to do a good job in the current risk management of the industry.
Chen Xinwei, President of China Chemical Fiber Association, said in his speech that the healthy development of the polyester industry chain plays a decisive role in the operation and development of the textile and chemical fiber industry. In recent years, leading polyester enterprises have actively improved the layout of the entire industrial chain from crude oil-PX-PTA-polyester-textile, further strengthening the integration and scale advantages of my country's polyester industry, reducing the risk of price fluctuations in chemical fiber raw materials, and benefiting The sustainable and stable development of my country's polyester industry chain. With the rapid development of the industry, PTA and polyester staple fiber, as an important part of the polyester industry chain, have also driven more industries such as equipment and futures to pay attention to the development of the polyester industry chain.
According to the reporter's understanding, over the years, the futures market has played a good role in promoting the development of the chemical fiber industry, and has also profoundly changed the traditional trade form of the polyester industry, effectively improving the pricing efficiency and risk management level. Today, PTA production enterprises accounting for 94% of production capacity and 70% of polyester enterprises have become the "industrial army" of the polyester futures sector, and models such as hedging and basis trade have also been deeply embedded in polyester upstream and downstream enterprises in daily production and operation.
At the 2023 annual meeting of the China Chemical Fiber Association PTA Branch and the 2023 annual meeting of the China Chemical Fiber Association Polyester and Polyester Staple Fiber Professional Committee held concurrently with the development conference, President Chen Xinwei further affirmed the importance of PTA and staple fiber futures Functions are played to guide enterprises to rationally participate in the futures market. He pointed out that he hopes that relevant companies can enhance their risk awareness and make full use of financial instruments such as futures and options. It is necessary to give full play to the role of staple fiber futures, strengthen the price discovery function of staple fiber futures, and use it as an effective financial tool to prevent risks in the spot market.
The reporter learned at the meeting that in 2023, the output of chemical fiber will drop slightly year-on-year, which is the first negative growth in the past 40 years. Although the industry situation is grim, enterprises must actively respond to the current difficulties and challenges, maintain confidence in the steady development of the industry, and jointly promote high-quality development of the industry.
In this regard, Hong Weihuang, general manager of the polyester department of Xiamen International Trade Petrochemical Co., Ltd., believes that the current staple fiber market presents the characteristics of full industry competition, high market concentration, reduced customer stickiness, and increasing participation in futures. In 2023, the market is still in a weak recovery. "Facing the current situation, the polyester staple fiber industry must 'seek to change the situation, keep upright and surprising', take production profit as the guide, strengthen market research and judgment, convert the company's business ideas into business decisions, and strengthen the futures market. The application of derivatives tools such as options, combined with futures and spot trade, manages risks and locks in profits, and pays attention to overseas markets." He said.
Wang Fangneng, chairman of the Polyester and Polyester Staple Fiber Professional Committee of China Chemical Fiber Association and general manager of Huaxi Village, also said that the current industry structure and development environment are constantly changing, and it is necessary to strengthen the exchange and cooperation mechanism between industry companies around the high-quality development of the industry , use advanced technology to enhance the existing production capacity level, but also make rational use of staple fiber futures to better serve the industry.
The reporter learned that in order to help enterprises become bigger and stronger and achieve high-quality industrial development, in the future, ZCE will further improve product supply, strengthen sector construction, optimize delivery services, and do a good job in market cultivation, so as to help enterprises reduce costs Increase efficiency, improve the efficiency of resource allocation, and improve the stability of the industrial chain and supply chain. (Liu Yawen)
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