Core Viewpoint - The China Securities Regulatory Commission has approved the registration of coking coal options on the Dalian Commodity Exchange, with trading set to begin on January 16, 2026, marking a significant development in risk management tools for the steel and coal chemical industries [1][3]. Group 1: Trading Details - Coking coal options will be traded from 8:55 AM to 9:00 AM for collective bidding, followed by regular trading starting at 9:00 AM, with night trading commencing on the same day [1]. - The first contracts will be based on futures contracts JM2604 through JM2612, with a trading fee of 0.5 yuan per contract and a position limit of 8,000 contracts [1][2]. Group 2: Contract Design - The design of coking coal options aligns with existing options on the Dalian Commodity Exchange, featuring both call and put options, with a minimum price fluctuation of 0.1 yuan per ton [2]. - The strike prices will cover a range of 1.5 times the price fluctuation limits of the underlying futures, with varying intervals based on price levels [2]. Group 3: Market Context and Demand - Since the launch of coking coal futures in 2013, the market has seen stable operations and increasing scale, with a daily average trading volume of 1.04 million contracts and a daily average open interest of 670,000 contracts as of November 2025 [3]. - The volatility in coking coal prices due to supply and demand factors has heightened the need for refined risk management tools among industry players [3]. Group 4: Industry Impact - The introduction of coking coal options is expected to enhance the risk management capabilities of enterprises in the coal and steel industries, allowing for more flexible hedging strategies [4]. - The options will enable companies to optimize their hedging strategies and improve capital efficiency, thereby supporting the high-quality development of the real economy [4].
焦煤期权将上市 钢铁原燃料增添风险管理新工具
Jin Rong Shi Bao·2026-01-06 03:31