Sina Finance News In order to fully listen to the opinions and suggestions of all parties in the market, further improve the coking coal contract and relevant rules, and ensure the successful listing and trading of coking coal contract in the future and the full play of its functions, the Dachang Exchange issued a notice yesterday, soliciting public opinions and suggestions on the contents of coking coal contract and relevant rules, which means that the long-awaited listing of coking coal contract in the market has accelerated.

According to the notice of Dalian Commodity Exchange, the contents of this public solicitation of market opinions and suggestions include the Coking Coal Contract of Dalian Commodity Exchange, the Amendment to the Trading Rules of Dalian Commodity Exchange, the Amendment to the Delivery Rules of Dalian Commodity Exchange, and the Amendment to the Risk Management Measures of Dalian Commodity Exchange And the Amendment to the Measures for the Administration of Standard Warehouse Receipts for Soybean Meal, Soybean Oil, Palm Oil, Coke and Coked Coal in Dalian Commodity Exchange. The deadline for soliciting opinions is February 28.

According to the design scheme of the coking coal contract of Dashang Exchange, the trading unit of the coking coal contract is 60 tons per hand, the minimum price change is 1 yuan per ton, the limit range of the contract price is 4% of the settlement price of the previous trading day, the minimum trading margin is 5% of the contract value, and the contract trading month is from January to December, The last trading day and the delivery day are the 10th trading day of the contract month and the third trading day after the last trading day respectively, and the delivery method is physical delivery.

According to the draft for comments on the amendments to the trading rules and delivery rules, the maximum number of orders placed for coking coal contract trading orders each time is 1000, and the delivery unit is 6000 tons. Individual customers' coking coal positions and integral multiple positions of non delivery units are not allowed to be delivered. The contract adopts one-time delivery. After the last trading day of the contract, the holders of all open positions must perform the contract by delivery. The part corresponding to the trading positions under the same customer number is regarded as automatic closing positions, and the closing price is calculated according to the settlement price of delivery.

The trading house has built a coking coal delivery standard system based on national standards such as coal classification standards. The Dalian Commodity Exchange Coking Coal Delivery Quality Standard in the delivery rules stipulates the quality standards, test methods, inspection rules and transportation requirements of coking coal for delivery. According to the Delivery Quality Standard, the delivered coking coal of Dashangsuo refers to the coking coal that has been washed by the coal washing plant, and its quality indicators meet the requirements for coke production, with unlimited origin. In terms of specific indicators of delivery standards, as a common indicator of spot production and trade, ash content (Ad) is ≥ 10.0% and ≤ 11.5%, sulfur content (St, d) Is ≥ 1.10% and ≤ 1.40%, the volatile matter (Vdaf) reflecting the intrinsic quality of coking coal is ≥ 16.0% and ≤ 28.0%, the caking index (G) is ≥ 75 in storage and>65 in storage, the maximum thickness of the colloid layer (Y) is ≤ 25.0mm, the coke intensity after reaction (CSR) generated from the coke oven experiment for comprehensive evaluation of coking coal is>50%, the standard deviation (S) of the vitrinite random reflectance for identifying the mixing degree of coking coal is ≤ 0.13, and the moisture Mt is ≤ 8.0% The corresponding weight deduction is greater than 8.0%. The Delivery Quality Standard also determines the premium standard for the quality difference of substitutes.

The amendment to the risk management measures shows that when the total bilateral positions in the contract month are less than or equal to 250000, the margin for each trade of coking coal contract is 5% of the contract value, and 7% when the total bilateral positions are more than 250000. In terms of position limit, when the unilateral position of coking coal contract is more than 80000 hands, the position limit of futures company members in this contract shall not be more than 25% of the unilateral position; The general monthly position limit of coking coal contracts for members and customers of non futures companies is 5000. From the tenth trading day of the month before the delivery month, both members and customers of non futures companies are 1500, and both members and customers of non futures companies are 500 in the delivery month.

In order to strengthen delivery services, the amendment to the standard warehouse receipt management method proposed that for coking coal varieties, the factory warehouse should provide delivery services according to the reasonable requirements of the owner, and negotiate with the owner on freight, loss, etc.

It is understood that, taking into account the point-to-point trade mode of coking coal spot market, spot flow, regional price characteristics and other factors, Dachang Exchange plans to take North China as the delivery area of coking coal, and set up delivery warehouses in the form of warehouse and factory warehouse. Beijing Tanggang Tianjin Port Qingdao Port Rizhao Port 、 Lianyungang As the benchmark delivery place.

The relevant person in charge of Dashang Institute said that coking coal is a kind of coking coal with strong cohesiveness and an indispensable basic raw material coal blending in coke production. China is the largest coking coal producer and consumer in the world, with an annual consumption of nearly 200 million tons of coking coal and clean coal. As the most representative coking coal, coking coal connects three industries, namely coal, coke and steel, and plays an important role in the industrial chain. Dalian Commodity Exchange has designed the coking coal contract and its supporting delivery system, risk control system and other management systems based on the principles of serving spot goods, safety, stability and sound variety sequence, taking national standards as the basis, referring to spot trade habits and production demand, and on the basis of full research and demonstration and extensive solicitation of opinions from all parties, and formulated corresponding rules and clauses. This time, the Exchange hopes to further improve the contracts and rules by publicly soliciting opinions and suggestions from all parties in the market, ensure the successful listing of contracts in the future, give play to the functions of price discovery and hedging, and better serve the needs of spot enterprises and industrial development.

After the collection of opinions and suggestions on the modification of the coking coal contract and rules, Dachang Exchange will hold a demonstration meeting on the contract rules and submit it to the board of directors of the Exchange for deliberation. After the final plan is formed, it will be submitted to the CSRC for approval. At present, there is no listing schedule for the coking coal contract.

Market insiders believe that the price of coking coal fluctuates greatly every year, and the frequent fluctuation of the price makes the operation of spot enterprises face greater uncertainty. Steel enterprises, coking enterprises, traders and coking coal production enterprises urgently need to carry out price risk management through the derivatives market to achieve stable operation. The launch of the coking coal contract will further improve the variety system of the coal, coking and metallurgical steel industries, form a relatively closed variety hedging chain together with the coke and steel varieties, and provide a more convenient and functional risk aversion site for spot enterprises. From the current successful operation of coke and steel contracts, in view of the strong market demand and good market foundation, after the listing of coking coal varieties, their trading activity and economic functions can be expected to play.

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