柳暗花明 基差交易化解丙烯产业急难愁盼

Core Viewpoint - The successful signing of a long-term contract between Jingbo Petrochemical and Binhua New Materials coincided with the launch of propylene futures, marking a significant step towards establishing a stable pricing mechanism in the propylene market [1][6]. Group 1: Contract Negotiation Background - The negotiation for the propylene supply price between Jingbo Petrochemical and Binhua New Materials lasted for a year and a half, focusing on establishing a stable cooperative relationship to ensure orderly production operations [2]. - Binhua New Materials, as the supplier, aimed to lock in profits and stabilize revenue, while Jingbo Petrochemical sought to secure raw material costs to ensure continuous production amid operational inconsistencies [2][3]. - The key issue in negotiations was the lack of a mutually recognized spot price, leading to difficulties in establishing a pricing benchmark, which resulted in prolonged stalemates [2][3]. Group 2: Introduction of Futures - The introduction of propylene futures was seen as a crucial opportunity to resolve pricing disputes, with both companies recognizing the potential of futures markets to provide a fair pricing benchmark [4]. - Following the announcement of the futures launch, both companies quickly resumed negotiations and reached a preliminary consensus on a basis pricing model [4][6]. - The negotiation process involved extensive discussions on key elements such as basis model construction, quality delivery adjustments, and flexible delivery periods [4]. Group 3: Successful Contract Signing - On July 22, the propylene futures were officially launched, and the contract was signed using a "futures price + basis" pricing model, with the basis set at -218 yuan/ton, reflecting a more market-aligned price than previous disputes [6]. - The successful signing of the contract allowed both companies to mitigate the risks associated with absolute price fluctuations, enabling them to focus on managing product price differentials and quality adjustments [6][7]. - This collaboration marked a shift from a competitive stance to a partnership approach in managing market risks, highlighting the industry's growing acceptance of financial pricing tools [7].