现场 | 炼化一体化项目如何优化效率？丙烯期货和期权上市赋能烯烃产业链

Core Viewpoint - The listing of propylene futures and options on the Zhengzhou Commodity Exchange is expected to enhance risk management tools for the propylene industry, improve pricing mechanisms, and support the transformation of China's chemical products from scale advantages to pricing advantages [3][12][14]. Industry Overview - Propylene is a crucial chemical raw material used in various daily products, including food packaging, sports equipment, and clothing [1]. - In 2024, China's propylene production capacity is projected to reach 69.73 million tons, with an output of 53.41 million tons and a market size of approximately 384.5 billion yuan [10]. Market Dynamics - The demand for propylene is primarily driven by polypropylene (PP), which accounts for 67.7% of propylene usage, followed by acrylonitrile at 6.6% [5]. - From 2014 to 2024, China's polypropylene production is expected to grow from 15.53 million tons to 37.75 million tons, reflecting a cumulative increase of 143.1% and an average annual growth rate of 9.3% [7]. Product Applications - Propylene is used to produce synthetic fibers, resins, and rubber, with significant applications in textiles, home appliances, automotive, and packaging industries [7]. - The production of polypropylene fibers (polypropylene) is expanding, with a projected output of 442,000 tons in 2024, marking a 5.7% year-on-year increase [8][9]. Industry Players - Major companies in the propylene sector include Rongsheng Petrochemical, which has a designed annual production capacity of 1.8 million tons for polypropylene, and Jilin Chemical Fiber, which holds a 40% share of global acrylic fiber production capacity [7][9]. Risk Management and Efficiency - The introduction of propylene futures and options is anticipated to provide companies with more diverse risk management tools, enhancing operational flexibility and efficiency [12][14]. - Companies are expected to utilize these financial instruments to stabilize supply chains, lock in prices, and optimize production costs [12][14]. International Market Influence - The listing of propylene futures and options is expected to enhance the international pricing influence of Chinese propylene, facilitating better participation of domestic companies in global markets [15]. Regulatory Framework - The Zhengzhou Commodity Exchange is committed to maintaining market stability and supporting the real economy by optimizing contract rules and promoting market development [16].