Recently, the Zhengzhou Commercial Exchange issued an announcement to add PTA is the designated PTA futures inspection-free brand. After the addition, the domestic production capacity coverage of PTA inspection-free brands has increased from 48% to 67%. PTA delivery and inspection-free brands have been continuously optimized, laying a solid foundation for the functions of PTA futures. According to industry insiders interviewed, under the current epidemic situation, the addition of the inspection-free brand will make it easier for customers to register PTA warehouse receipts and further enhance the ability of PTA futures service entities.
Shorten the warehouse receipt registration process during the epidemic
The reporter learned that since the listing of PTA futures, Zhengzhou Commodity Exchange has promptly added inspection-free brands according to changes in major manufacturers in the market. Now, manufacturers with inspection-free qualifications in the domestic market have reached more than 60% of domestic production capacity.
“Before the addition of inspection-free brands, PTA had a total of 19 domestic delivery brands, 9 of which were inspection-free brands. The PTA production capacity of the three PTA inspection-free brands added this time is not less than 4 million tons, and the total production capacity A total of 13.5 million tons.” said the relevant person in charge of Zhengzhou Commercial Exchange.
It is understood that the recent tightening of epidemic prevention policies in many places has brought many challenges to the warehousing and quality inspection of goods delivered in the domestic futures market. The epidemic may affect the warehouse receipt registration of some PTA warehouses. First, the delivery warehouse is located in a closed area, so sample mailing is not smooth; second, the quality inspection agency is located in a closed area, and quality inspection business is hindered. The addition of PTA inspection-free brands can shorten the warehouse receipt registration process and alleviate the impact of the epidemic on warehouse receipt registration.
In this regard, Li Jie, deputy director of the futures business department of Galaxy De Rui Capital Management Co., Ltd., has deep feelings: “In terms of national PTA production capacity and demand distribution, Jiangsu, Zhejiang and Shanghai account for more than half, and PTA trade circulation centers are also concentrated in Jiangsu, Zhejiang and Shanghai. Several major ports. Since March, when the company participates in delivery, it will face the risk of logistics obstruction and cargo flow interruption caused by changes in local epidemic control policies.”
Li Jie told reporters that during the delivery process, it is necessary to communicate with the customer in a timely manner regarding the prevention and control situation at the delivery location. Once a circulation problem occurs, a second plan must be negotiated with the customer in a timely manner, such as the exchange of delivery areas. “During the warehouse receipt registration process, if it is a non-inspection-exempt brand, sometimes it may happen that although the goods have been shipped into the warehouse, due to the sudden epidemic, logistics has been blocked, sampling, express delivery and quality inspection have been stagnant, and the goods that have been put into the warehouse cannot be registered as warehouses. The addition of inspection-free brands by Zhengzhou Commodity Exchange has facilitated industrial corporate customers to a certain extent.” He said that the addition of inspection-free brands has helped the market increase liquidity during extraordinary times.
According to the ZCE Standard Warrant Management Methods, the generation of warehouse standard warehouse receipts includes delivery forecast, warehousing acceptance, quality inspection, warehouse application registration and exchange processing In registration and other aspects, the addition of inspection-free brands reduces the quality inspection process required for warehouse receipt generation, optimizes market operation efficiency, and reduces the cost of enterprise warehouse receipt generation.
Market liquidity will be further enhanced
Guaranteeing production and smooth logistics are the basic demands of procurement and sales for upstream and downstream enterprises in the current market. Since March, the epidemic has impacted the domestic textile clusters in Jiangsu and Zhejiang. For the upstream polyester raw material PTA, factory operating efficiency has been squeezed, and the overall industry capacity utilization rate is low.
“Affected by the epidemic, logistics has been hindered, and demand continues to be sluggish. The backlog of PTA inventory means the accumulation of funds and risks, and the risk of inventory depreciation will increase significantly.” Zhu Jianhua, deputy general manager of Shenghong (Shanghai) Polyester Materials Co., Ltd. He said that for Honggang Petrochemical, a subsidiary of Shenghong, adding PTA produced by Honggang Petrochemical as an inspection-free brand is particularly important for the company itself and the customers in the northern Jiangsu area that the company radiates. For purchasing customers, the PTA value of the Honggang brand has also been further enhanced, optimizing the cost and timeliness of warehouse receipt generation.
The PTA futures warehouse receipt is a universal warehouse receipt. Warehouse receipt holders can cancel the warehouse receipt and take delivery of the goods at any of the 24 PTA futures delivery warehouses (factories). General warehouse receipts take advantage of the liquidity advantages of futures warehouse receipts to a certain extent. In Zhu Jianhua’s view, consumers can use Honggang PTA for their own use after purchasing it, or they can transfer, sell, or replace it based on market conditions. Buyers and sellers have a rich choice of transaction modes. The addition of inspection-free brands will help companies simplify delivery procedures and increase production willingness, thereby alleviating tensions in the spot market and further improving the liquidity of this part of the spot after it is converted into standard warehouse receipts.
In fact, the convenient warehouse receipt registration process and sufficient liquidity are also powerful means to promote the combination of futures and cash. “Registration of warehouse receipts for inspection-free brand goods does not involve sampling, sending samples, quality inspection, etc. On the one hand, it can shorten the warehouse receipt registration time by 5-6 days; on the other hand, it can save 4 yuan/ton of quality inspection for warehouse receipt registration. Fees. Adding an inspection-free brand can effectively improve the efficiency of warehouse receipt registration and further facilitate industrial customers to participate in delivery.” In Li Jie’s view, ZCE’s addition of an inspection-free brand will support more mainstream brands in the spot market to participate in futures delivery and enhance market liquidity. .
“As far as market participants are concerned, suppliers have improved their quality.��’s attractiveness, in the current market environment of low processing fees, inspection-free qualifications help optimize the overall arrangement of enterprise production and operations; as far as traders are concerned, inspection-free will reduce the cost of registered warehouse receipts, add inspection-free brands, and help trade Merchants have expanded the brand options for participating in the warehouse receipt business, thereby helping the market further alleviate liquidity problems. “Li Jie introduced.
With the continuous optimization of the delivery process, PTA futures effectively adjusts the spot location differences in the domestic market, saves transportation costs, optimizes the operating costs and operating efficiency of each link in the industrial chain, and will further promote the stable operation of upstream and downstream enterprises in the industrial chain and a virtuous cycle of industrial chain ecology, actively assisting the construction of a unified national market.
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