巧用期权工具促进上下游合作共赢

Core Insights - The Dalian Commodity Exchange (DCE) has developed a comprehensive hedging tool system for the steel raw materials sector since 2011, introducing futures and options for various commodities, with iron ore options being launched in 2019, making it the first domestic commodity with both futures and options available for domestic and foreign traders [1][2] Group 1: Steel Industry Options Hedging - Xiamen Xiangyu Group, a leading logistics and warehousing enterprise, has been actively participating in DCE's options trading since the launch of the first commodity option in China, expanding its range of options from soybean meal and corn to iron ore and palm oil [2][3] - The company utilizes options trading primarily for two purposes: direct hedging for its own risk management and designing options-based trade solutions for upstream and downstream clients, embedding the profit and loss structure of sold options into basis pricing contracts [2][3] - An example includes a contract signed on June 11, 2024, where Xiamen Xiangyu Logistics sold a put option at a strike price of 800 CNY/ton to hedge against price risks, resulting in effective risk management and additional compensation for clients when iron ore prices rose [2][3] Group 2: Price Risk Management with Options - A steel plant has explored using iron ore options as a hedging tool for managing the price risk of scrap steel, which lacks dedicated derivative instruments in the domestic market, by employing a combination strategy of buying low-strike put options and selling high-strike call options [4][5] - This strategy allowed the company to mitigate losses from falling scrap steel prices, achieving a reduction in cash losses of 1.19 million CNY [4][5] Group 3: Development of Management Mechanisms - The complexity and specialization of options necessitate a gradual approach for steel-related enterprises to engage in derivative markets, requiring tailored product design, management mechanisms, and professional talent [6][7] - Hangzhou Relian Group has been developing internal options services and a management system for options trading, enhancing its service offerings to upstream and downstream clients [6][7] - Experts emphasize the need for companies to establish a structured management approach to prevent options from becoming speculative tools, advocating for a learning mindset and gradual accumulation of experience in options trading [7][8] Group 4: Market Education and Support - DCE has been actively promoting market cultivation and education for enterprises, conducting training activities to share knowledge on options applications and supporting over 150 projects since 2021 to help companies explore the use of options tools [8]