期现协同架起产业链“连心桥”

Core Insights - The ferroalloy industry is facing significant challenges such as profit margin compression, traditional business models failing, and cyclical demand weakness, prompting companies to innovate with risk management tools like futures and options to achieve counter-cyclical growth [1][2][5] Industry Challenges - The silicon manganese sector has long been plagued by oversupply, making it a focal point for supply-side structural reforms [1] - Profit margins in the silicon iron and silicon manganese industries have been persistently low, except for 2021, with weak long-term demand growth [2] - The first quarter of 2024 saw a downward trend in spot market prices due to excess capacity and declining demand, leading to a downward spiral in silicon manganese prices [1][2] Risk Management Innovations - Companies are exploring new risk management models through the combination of futures and options, which allows for more robust business operations amid market fluctuations [2][3] - The use of options provides significant advantages, such as protecting futures positions and alleviating financial pressure while retaining the potential for profit from price increases [2][3] Operational Strategies - The integration of futures and options not only helps companies manage price risks but also fosters collaboration across the supply chain, enhancing overall industry resilience [3][4] - Companies have shifted their sales strategies from a reliance on long-term contracts with steel mills to a more balanced approach that includes a significant portion of spot trading [3][4] Performance Improvement - The application of a futures-based strategy has allowed companies to stabilize production and improve competitiveness, leading to better cost management [3][4] - The average profit margins of companies utilizing these risk management tools have shown significant improvement compared to previous periods [4] Future Outlook - The trend of adopting financial tools for proactive risk management is transforming ferroalloy companies from traditional manufacturers into risk management experts, enhancing the resilience and collaboration of the entire supply chain [5] - This shift is seen as a crucial pathway for the industry to break the downward spiral of cost and demand, moving towards a greener, more efficient, and sustainable future [5]