钢铁行业巧用衍生品避险

Core Viewpoint - The steel industry is undergoing a transformation from low-efficiency, homogeneous competition to high-quality development, marking a significant shift in operational philosophy for enterprises [1] Group 1: Industry Trends - The current downturn in the steel industry is primarily driven by a decline in demand, with the level of overcapacity not being severe; the crude steel capacity utilization rate was 66.99% in 2015 and is expected to remain around 80% in the first half of 2025 [1] - Supply-side structural reforms have led to significant improvements in environmental and energy consumption standards, resulting in a notable decrease in the proportion of outdated production capacity, making the current "de-capacity" efforts more challenging than previous reforms [1] Group 2: Technological Advancements - The focus of competition is shifting from production capacity to technological advancements, with a heated race in the development of special steel materials; for instance, a central enterprise's steel plant is testing a new green hydrogen steelmaking device that could reduce carbon emissions from 2 tons to 0.5 tons per ton of steel [1] - Steel companies are responding to national policies by collaborating on self-discipline in production control, technological upgrades, and product differentiation [1] Group 3: Financial Tools and Risk Management - Financial derivatives have evolved from marginal tools to strategic infrastructures that help companies withstand cyclical fluctuations; firms that integrate financial tools into their operations and innovate technologically are better positioned for future competition [2][3] - A steel plant in North China has integrated global market data and futures prices into its production scheduling, focusing on volatility indicators rather than just traditional metrics [2] - Traders are transitioning from relying on market fluctuations to becoming modern supply chain service providers, emphasizing value-added services and risk management through derivatives [2] Group 4: Market Dynamics - In June-July 2024, the rebar futures market showed a premium of 150 yuan/ton over spot prices, indicating a bearish market sentiment and challenges in spot sales; companies are guiding clients to hedge through futures, effectively locking in profits [2]