巧用基差帮助钢企增厚利润

Core Viewpoint - The domestic steel processing industry is facing significant challenges due to price volatility, mismatched procurement and sales cycles, and complex risk management operations, particularly for a national high-tech enterprise in Hebei that consumes over 100,000 tons of steel annually [1][2]. Group 1: Company Overview - The company is recognized as a benchmark in the steel processing sector, having been selected as a "specialized, refined, distinctive, and innovative" demonstration enterprise, with a comprehensive quality management system and 75 national patents [1]. - The company’s products have been awarded as city brand products, but it faces challenges due to raw material costs constituting 70% of its expenses, making it vulnerable to steel price fluctuations [1]. Group 2: Challenges Faced - The inherent contradiction between "sales-based production" and "market-based procurement" exposes the company to price risks, compounded by the time lag in bidding processes [2]. - The company has historically been forced into passive procurement due to a reluctance to maintain raw material exposure, leading to difficulties in profit locking and cash flow management [2]. Group 3: Futures Market Strategy - The company, previously inexperienced with futures trading, aims to hedge against procurement price volatility and stabilize raw material costs through a tailored futures strategy designed by Huazheng Futures [2][3]. - The correlation coefficients between the spot price of Tangshan Q235 hot-rolled coil and futures prices are 0.97 over six months and 0.90 over one year, indicating effective hedging potential [2]. Group 4: Implementation and Results - In September 2024, the company adopted a "spot + futures" strategy for a 1,500-ton hot-rolled steel order, purchasing 500 tons as spot and the remaining 1,000 tons through futures [3]. - The company executed futures trades that resulted in a procurement cost 10 yuan per ton lower than the spot price, demonstrating the dual value of futures in mitigating raw material price risks and enhancing profitability [3]. Group 5: Industry Trends - The steel processing industry is experiencing increased concentration, with larger firms seeking to leverage derivative tools for cost reduction and efficiency [3][4]. - The fair pricing mechanisms of rebar and hot-rolled coil futures, along with innovative strategies like "virtual procurement" and "rolling hedging," are reshaping traditional trading models [3][4]. Group 6: Conclusion - The case illustrates that effective utilization of the futures market can help companies overcome challenges related to high inventory, costs, and volatility, transforming these issues into competitive advantages [4].