铝合金期权

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铝合金期货系列专题二之铝合金型号及生产工艺与成本
Hong Yuan Qi Huo· 2025-05-28 11:27
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Shanghai Futures Exchange plans to launch cast aluminum alloy futures and options on June 10, 2025, which will bring new development opportunities to the aluminum alloy industry. The report aims to help investors understand the aluminum alloy industry chain and potential trading strategies by writing a series of aluminum alloy special topics [7]. 3. Summary According to the Table of Contents 3.1 Aluminum Alloy Definition and Classification - Aluminum alloy is an alloy with aluminum as the base and a certain amount of other alloying elements added. It has properties such as low density, high strength, good casting and plastic processing performance, and is widely used in various fields. It can be divided into wrought aluminum alloy and cast aluminum alloy according to composition and processing method [8]. - **Wrought Aluminum Alloy**: It is made into semi - finished products such as tubes, rods, wires, and profiles through various pressure processing methods. It can be further divided into five categories: anti - corrosion aluminum alloy, duralumin, super - duralumin, forged aluminum, and special aluminum, each with different properties and uses [9]. - **Cast Aluminum Alloy**: It is used to directly cast various mechanical parts. According to the main added elements, it can be divided into aluminum - silicon alloy, aluminum - copper alloy, aluminum - magnesium alloy, aluminum - zinc alloy, and aluminum - rare earth alloy. Different types have different characteristics and applications, such as in the marine industry [14]. - Aluminum alloy can also be classified according to use, production material source, and alloying element type and quantity, with each classification having specific characteristics and common models [20][21][23]. 3.2 Definition and Properties of Aluminum - Silicon - Copper Alloy ADC12 - ADC12 is a Japanese brand, equivalent to A383 in the US and YL113 in China, belonging to the Al - Si - Cu series alloy. It is a representative brand of recycled cast aluminum alloy, accounting for about 75% of China's recycled cast aluminum alloy production in 2023 [34][36]. - Its main properties include a melting point of 580°C, a boiling point of 2519°C, a density of 2.74g/cm³, good fluidity, light weight, good thermal conductivity, corrosion resistance, and mechanical workability, making it suitable for die - casting and various applications [39]. 3.3 Production Process of Cast Aluminum Alloy ADC12 - The production of recycled aluminum mainly includes pre - treatment of waste aluminum, melting, refining, and casting. The production process of ADC12 mainly includes pressure casting and gravity casting [41][50]. - **Pressure Casting**: It is divided into high - pressure casting and low - pressure casting. High - pressure casting can produce parts with high density and good surface quality, but has high requirements for molds. Low - pressure casting can reduce the formation of pores and inclusions, with better dimensional stability and surface quality [44]. - **Gravity Casting**: It uses gravity to inject molten metal into a permanent mold, which can produce parts with complex shapes and smooth surfaces. It has strong versatility and flexibility in the manufacturing of precision parts [48]. - With the improvement of environmental protection requirements and technological progress, the production process of recycled aluminum has undergone significant changes in pre - treatment, melting, refining, casting, and other aspects [54]. 3.4 Production Cost of Cast Aluminum Alloy ADC12 - Cast aluminum alloy accounts for about 60% of all aluminum alloys, and ADC12 is mainly composed of aluminum from waste aluminum and primary aluminum. The cost of recycled cast aluminum alloy mainly includes aluminum element cost, alloy element cost, energy cost, and other costs [56]. - **Aluminum Element Cost**: Usually, a mixture of primary aluminum and recycled aluminum is used, with a consumption of about 1.1 tons of waste aluminum to produce one ton of ADC12 due to a 90% water - output rate of waste aluminum melting [58][59]. - **Alloy Element Cost**: Additional silicon (about 5%) and copper (about 1.2%) need to be added. Other alloy elements have a relatively low proportion [60]. - **Energy Cost**: Mainly natural gas, with 60 - 80 cubic meters of natural gas required to produce one ton of aluminum alloy, and electricity is also consumed. The overall energy cost accounts for about 1% [62]. - According to Steel Union's calculation, in April 2025, the weighted average full cost of ADC12 was 19,817 yuan/ton, with a theoretical profit of 209 yuan/ton [63]. 3.5 Application Fields of Cast Aluminum Alloy ADC12 - ADC12 is widely used in transportation, mechanical manufacturing, architectural decoration, and other fields due to its excellent casting performance, mechanical properties, and lightweight characteristics [64]. - **Transportation Field**: It plays a key role in the lightweight process of the automotive industry, accounting for more than 70% of the total aluminum used in automobiles. It is also widely used in motorcycles and electric vehicles [65][66]. - **Architectural Decoration Field**: Aluminum alloy has many advantages in the construction industry, such as light weight, easy extrusion, corrosion resistance, and high recycling value, making it an ideal green building material [67]. - **Mechanical Manufacturing Field**: Recycled aluminum alloy can reduce production costs and is widely used in automotive parts, machinery equipment shells, mold manufacturing, and precision tools, promoting the green development of the industry [68]. 3.6 Spot Pricing Model of Cast Aluminum Alloy ADC12 - The spot price of aluminum alloy is mainly affected by market supply and demand and futures market prices. Currently, the pricing is mainly based on the spot market because the aluminum alloy futures market is not yet mature [72]. - **Pricing Based on Market Supply - and - Demand Relationship**: The price of ADC12 fluctuates with market supply and demand. Production cost, inventory level, environmental protection policies, and other factors affect market supply and demand [73]. - **Pricing Based on Spot Market Price**: The base price can be divided into spot price and futures price. The spot price mainly refers to quotes from Shanghai Non - ferrous Metals Network and Changjiang Market. The futures price can refer to contracts from London Metal Exchange, New York Mercantile Exchange, and Shanghai Futures Exchange [79][80]. 3.7 Relevant Policies of China's Recycled Aluminum Industry - Since 2006, the Chinese government has introduced a series of policies to support and regulate the recycled aluminum industry, covering waste aluminum recycling, recycled aluminum production, and import - export [81]. - **Waste Aluminum Recycling Policies**: Focus on efficient resource recycling and environmental protection, promoting the standardization, greening, and technological progress of the waste aluminum recycling industry through economic incentives and regulations [81]. - **Recycled Aluminum Production Policies**: Encourage resource recycling and utilization, promote the transformation and upgrading of the industry, and reduce dependence on primary aluminum [84]. - **Recycled Aluminum and Waste Aluminum Import - Export Policies**: Aims to promote the standardized recycling and reuse of waste aluminum resources, optimize the import - export structure, and achieve the green and low - carbon transformation of the industry [85]. 3.8 Cast Aluminum Alloy Futures and Option Contracts - **Listing Time**: Cast aluminum alloy futures will be listed for trading on June 10, 2025 [88]. - **Trading Time**: From Monday to Friday, 09:00 - 10:15, 10:30 - 11:30, 13:30 - 15:00, and 21:00 - 01:00 (continuous trading), with exceptions on the day before legal holidays [89]. - **Listed Contracts**: AD2511, AD2512, AD2601, AD2602, AD2603, AD2604, AD2605 [90]. - **Other Terms**: Include trading margin, price limit, position disclosure, trading commission, and declaration fee charging rules, as well as detailed regulations on delivery units, quality requirements, recognized production enterprises and registered brands, and delivery warehouses [92][93][94]. - The option contract also has specific terms such as contract subject matter, type, trading unit, price limit, and exercise method [105].