广发期货：焦煤期权应用策略与实践要点

Core Viewpoint - Coking coal is a crucial raw material for the steel industry, supporting an annual crude steel production of approximately 1 billion tons in China. The price of coking coal is influenced by various factors, including supply-demand dynamics, policy adjustments, and international trade conditions, leading to significant volatility. This volatility presents both opportunities and risks for market participants. The introduction of coking coal options on January 16 aims to provide a more flexible tool for price risk management, offering lower-cost and richer strategies for hedging and profit generation [1][2]. Coking Coal Market Characteristics and Options Application - The coking coal market exhibits distinct risk characteristics influenced by upstream and downstream factors, including coal mine capacity, import policies, and seasonal patterns. For instance, in the first half of 2025, coking coal prices fell significantly due to oversupply and weak downstream demand, with prices dropping from 1174.5 yuan/ton to 709.0 yuan/ton, a decline of 39.63% [2]. - The introduction of coking coal options is essential to address price volatility risks and meet the needs of spot market participants, serving as a complement to coking coal futures [2]. Complementarity of Coking Coal Options and Futures - Futures hedging primarily relies on reverse positions for risk mitigation, but in a one-sided price movement scenario, futures can incur continuous losses and require significant capital. Options enhance risk management flexibility by allowing buyers to limit losses to the premium paid while enjoying unlimited upside potential [3][4]. - Options require less capital efficiency, as buyers only need to pay a small premium without posting margin, thus reducing capital occupation [4]. - Options strategies can be tailored to different market expectations, allowing for various risk management needs [4]. Risk Management Strategies for Industry Chain Enterprises - Upstream production and trading companies can utilize options to protect against inventory devaluation risks due to price declines, allowing for potential profit retention during price increases [5][6]. - Basic strategy involves purchasing put options to hedge against price drops while maintaining the possibility of benefiting from price increases [7]. - Advanced strategies include combination strategies that involve buying puts while selling calls to offset costs, suitable for companies with slower inventory turnover [9]. Cost Control Strategies for Downstream Processing Enterprises - Downstream enterprises, such as washing and coking plants, can use options to lock in procurement costs against price increases [10]. - Basic strategy involves buying call options to secure maximum procurement prices, while advanced strategies may combine futures and options to hedge against short-term price fluctuations [12]. Strategies for Investors: Profit Generation and Risk Hedging - Investors can employ options strategies to capitalize on market trends and volatility without needing to predict price direction [14]. - Trend trading strategies include buying call options or bull spreads when a bullish trend is anticipated, while bearish trends can be addressed through buying put options or bear spreads [15][16]. - Volatility trading strategies can capture price movement opportunities by constructing straddles or strangles to benefit from significant price changes [17]. Strategies for Extreme Market Conditions - In extreme market conditions, options can be used to hedge against sudden price swings caused by policy changes or geopolitical events [19]. - Key strategies include buying straddles to protect against unknown price directions and utilizing call or put combinations to maximize returns while controlling costs [22][24]. Conclusion and Outlook - The introduction of coking coal options enhances the risk management capabilities of enterprises in the coal-steel industry, transitioning from passive hedging to proactive management. This tool aids in controlling procurement costs, hedging price risks, and stabilizing sales profits. The ongoing development of the coking coal options market is expected to expand opportunities for market participants [28].