正文
新交所成功推出唯一基于中國國內價格參考的國際鋼鐵衍生品 – Mysteel上海螺紋鋼掉期，並在2021年5月31日的首日交易中獲得市場良好反應，超過11個交易對手共交易了6,000噸。
推出首日的亮眼成績得益于實體市場參與者和國際投資者在管理風險和參與中國境內板塊上對該合約的認同。新交所上海螺紋鋼掉期反映了上海螺紋鋼市場的價格，是鋼鐵行業領先的國際價格基准。
螺紋鋼合約進一步完善了新交所的大宗商品板塊，特別是“虛擬鋼廠”系列産品。通過新的交易策略豐富了對鐵礦石、焦煤到鋼鐵和貨運的整個鋼鐵價值鏈進行交易的參與者群體。
關于這個合約的上市，中信證券執行委員會委員鄒迎光先生表示：“新交所新推出的螺紋鋼合約將爲國際大宗商品用戶和貿易商提供更多直接參與中國國內鋼鐵市場的機會。中信證券很高興看到新交所的這一新舉措。我們希望通過這一舉措，新交所能夠在國際參與者之間構建一個更爲透明的價格發現機制，進而增強鋼材市場的流動性。”
高盛亞太商品部門交易主管秦曉表示：“上海螺紋鋼市場在國際市場上受高度重視。新的螺紋鋼合約是新交所大宗商品板塊的重要補充，對我們的在岸和國際客戶都將是一個有效的對沖工具。”
關于鋼鐵風險管理的重要性，瑞士PT SteelMet SA鋼鐵和鐵礦石衍生品交易員Jean-Luc Fiorenzoni表示：“螺紋鋼合約的推出代表了鋼鐵市場的積極發展。作爲實體參與者，我們正在不斷完善對沖策略，以適應價格的高度波動。除此之外，新螺紋鋼合約的引入讓原材料鐵礦石、焦煤和終端鋼材産品得以在一個交易所清算成交，從而對沖和保護了鋼廠利潤，並在保證金上獲得更高的資本效率。”
英美資源集團衍生品交易員符嘉津補充道：“完整的虛擬鋼廠産品意味著市場參與者在整個價值鏈中擁有有效的風險管理工具。在對沖市場波動時，保證金沖消對資本的有效部署起到了重要的作用。”
Toptip Holding交易經理Robin Liu也表示：“我們認爲，以備受關注的Mysteel指數爲支撐的新上海螺紋鋼合約將有助于滿足我們的風險管理需求。國際參與者的加入將有助于在岸價格的發現，進一步促進鋼鐵行業的發展。”
英文原文：
The Singapore Stock Exchange successfully launched the only international steel derivative based on China’s domestic price reference – Mysteel Shanghai rebar swap, and received a good market response in the first day trading on May 31, 2021, with more than 11 counterparties trading 6000 tons in total.
The outstanding results on the first day of launch benefited from the recognition of the contract by participants in the real market and international investors in risk management and participation in the Chinese domestic sector. SGX Shanghai rebar swap reflects the price of Shanghai rebar market and is the leading international price benchmark of steel industry.
The rebar contract has further improved the commodity sector of SGX, especially the “virtual steel factory” series products. Through the new trading strategy, the participants in the whole steel value chain from iron ore, coking coal to steel and freight transportation are enriched.
On the listing of the contract, Mr. Zou Yingguang, member of the Executive Committee of CITIC Securities, said: “the new rebar contract launched by the new stock exchange will provide more opportunities for international commodity users and traders to directly participate in China’s domestic steel market. CITIC Securities is glad to see this new move of the new stock exchange. We hope that through this move, the SGX can build a more transparent price discovery mechanism among international participants, thereby enhancing the liquidity of the steel market. “
“Shanghai rebar market is highly valued in the international market,” said Qin Xiao, head of Asia Pacific commodity trading at Goldman Sachs. The new rebar contract is an important supplement to the commodity sector of the new stock exchange and will be an effective hedging tool for our onshore and international customers. “
Regarding the importance of steel risk management, Jean Luc fiorenzoni, a steel and iron ore derivatives trader at Pt steelmet SA in Switzerland, said: “the launch of the rebar contract represents a positive development in the steel market. As an entity participant, we are constantly improving our hedging strategy to adapt to the high volatility of prices. In addition, the introduction of new rebar contracts enables raw materials such as iron ore, coking coal and terminal steel products to be settled in one exchange, thus hedging and protecting the profits of steel plants and achieving higher capital efficiency on margin. “
Fu Jiajin, a derivatives trader at Anglo American, added: “a complete virtual steel plant product means that market participants have effective risk management tools throughout the value chain. When hedging against market volatility, margin write off plays an important role in the effective deployment of capital. “
Robin Liu, trading manager of toppip holding, also said: “we believe that the new Shanghai rebar contract supported by the highly watched Mysteel index will help to meet our risk management needs. The participation of international participants will contribute to the discovery of onshore prices and further promote the development of the steel industry. “