Core Viewpoint - The Zhengzhou Commodity Exchange is seeking public opinion on the futures and options contracts for propylene, indicating the imminent launch of these financial instruments in China, which is the largest producer of olefins [1][3]. Industry Overview - Propylene is a crucial basic chemical that connects various upstream raw materials such as crude oil, naphtha, coal, methanol, and propane, and has extensive applications in textiles, cosmetics, and home appliances [3]. - In the chemical fiber industry, propylene can be polymerized to produce polypropylene, which is used to manufacture polypropylene fibers. These fibers are lightweight, strong, corrosion-resistant, and recyclable, with expanding applications in ropes, fishing nets, safety belts, and packaging materials, as well as significant market potential in textiles like bedding, clothing, and carpets [3]. - The market for polypropylene products is expected to grow significantly, especially under the "dual carbon" goals promoting low-carbon and recyclable products [3]. Market Dynamics - The propylene industry faces structural overcapacity and is undergoing a transformation towards high-end and green development, leading to a strong demand for risk management tools among industry chain enterprises [3][6]. - The introduction of propylene futures and options will provide pricing and risk management tools for upstream and downstream enterprises, enhancing China's pricing influence in the chemical industry and promoting high-quality development in the propylene sector [3][6]. Futures and Options Details - The futures contract for propylene will have a trading code of PL, with a trading unit of 20 tons per contract, a minimum price fluctuation of 1 yuan per ton, and a daily price fluctuation limit of ±4% based on the previous day's settlement price [4]. - The minimum trading margin will be 5% of the contract value, with delivery months from January to December, and the last trading and delivery days set for the 10th and 13th trading days of the delivery month, respectively [4]. - The delivery standards specify that the benchmark delivery product must meet the national standard for polymer-grade propylene, with specific water content requirements [4][5]. Risk Management and Participation - Propylene futures will utilize warehouse and factory standard warehouse receipts for delivery, ensuring efficiency and flexibility for industry clients [5]. - The position limits are set at 2000 contracts for regular months, 500 contracts for the month before delivery, and 50 contracts for the delivery month, reflecting the design of the contract rules to accommodate the actual characteristics of the spot market [6].

丙纶，即聚丙烯纤维的商品名，是用石油精炼的副产物丙烯为原料制得的合成纤维。丙纶具有环保、质 轻、强度高、耐酸碱性好、保暖性好、不吸水、染色性差、耐热性差、耐老化性差等特点。丙纶根据纺 丝加工后的产品长度分为丙纶长丝和丙纶短纤。在我国几大化纤品种中，丙纶纤维是发展得较晚的品 种。中国从80年代开始丙纶纤维的研发，到20 世纪末，已相继开发出了细旦、阻燃、抗菌、抗紫外、 抗老化、远红外等差别化丙纶纤维。21世纪初，行业内进一步开展了对高强、抗紫外、可染、细旦、超 细旦等丙纶纤维产品的研发。2010年以来，随着丙纶纤维在功能性面料、工业织物领域的应用推广，丙 纶纤维行业开始大力发展高强、超细旦等差别化丙纶，并不断提升丙纶产品的性能。 内容概况：丙纶供需现状方面，2017-2024年产量从29.41万吨稳步增长至44.2万吨，年均复合增长率约 5.3%，但同期需求量呈现先扬后抑态势，2024年表需求量回落至37.16万吨，供需差额扩大至7.04万 吨，主要系出口量激增所致；需求结构变化反映出国内消费市场对丙纶的刚性需求相对稳定，而海外市 场拓展成为消化过剩产能的重要渠道，特别是2021年后出口量跃升至2024年的7. ...