SMM6, May 5: on May 28, Jiang Yan, chairman of the Shanghai Futures Exchange, revealed at the 16th Shanghai Derivatives Market Forum that this year, the Shanghai Futures Exchange will strive for the listing of stainless steel futures. We will make good preparations for the listing of alumina futures and gold options, promote the development of energy futures such as natural gas and liquid fossil oil and gas, and promote the listing of index futures.
As early as 2016, the subject of the listing of stainless steel futures was already under way. In order to adapt to the development of China's stainless steel industry and enrich the variety of commodity futures, The Shanghai Futures Exchange has signed a directional cooperation research agreement with the stainless steel branch of the China Special Steel Enterprise Association, and the stainless steel branch of the China Special Steel Enterprise Association has undertaken the project of "stainless Steel Futures Feasibility study". On the morning of September 9, 2016, an opening report on the targeted cooperation project was held in Conference Room 237, the main building of the China Iron and Steel Association in Beijing.
The experts attending the meeting believed that in view of the rapid development of stainless steel in China in recent years, it is necessary to launch stainless steel futures as soon as possible, which is conducive to mastering the international voice on the price of stainless steel. It can also be combined with listed iron ore, nickel and other related futures to provide a hedge platform for stainless steel production and application enterprises, but it is also necessary to study the reasons why stainless steel futures have not yet been set up abroad. Design the target variety of stainless steel futures and the method of rising discount to ensure the success of stainless steel futures.
Lin Jun, a senior expert in the stainless steel industry, said that with the continuous progress of the current stainless steel project in the last issue, the stainless steel futures selected in the previous issue of 2018 will become a reality, so more and more people begin to focus on stainless steel varieties. Therefore, the impact will be the increase of the dominant price mechanism, the weakening of the voice of steel mills, the optimization of industrial chain risk and the increase of financial influence. He stressed that as China's demand for nickel, chromium and electrolytic manganese accounts for a higher and higher proportion of the world, it means that it has an important influence on the global nickel, chromium and electrolytic manganese market and will be paid more and more attention by people in the industry at home and abroad.
According to SMM, stainless steel prices were stable and weak in May, steel mills struggled to push prices, guidance prices were lowered, and some agents secretly fell to ship goods, but downstream demand was weak and transactions did not improve. At the end of May, the small circular reduction of social inventory in Wuxi was mainly due to the weak market terminal demand. Although some agents signed long agreements with steel mills, based on the capital pressure at the end of the month and the bearish market, at present, the net consumption is dominant, and the inventory in some steel mills is increased. There is a lot of pressure on sales.
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