pokerstarsdownloadpc| Guangzhou Corporation revises the business rules for industrial silicon futures to better serve the photovoltaic industry

Yangcheng Evening News Yangcheng sent Hu Yan

On April 12, Guangzhou Futures Exchange (hereinafter referred to as "Guangzhou Futures Exchange") issued the notice on revising the Business rules of Industrial Silicon Futures and options of Guangzhou Futures Exchange to carry out the delivery quality standard of industrial silicon futures.PokerstarsdownloadpcIt has been modified. It is reported that this revision applies to the industrial silicon futures SI2412 contract and the follow-up contract, which will take effect from the date of listing of the industrial silicon futures SI2412 contract. Industry insiders believe that the delivery optimization fully takes into account the high growth of industrial silicon applications in the field of photovoltaic, and effectively implements the original intention of futures to serve the entity.

There are two aspects in the revision of the rules.

It is understood that this revision of the rules is an important measure for Guangshi to actively respond to the demands of the market, further promote the function of varieties, and ensure the smooth operation of the futures market. The revision of the rules includes the following two aspects: first, the index of delivered products is more perfect and the quality characteristics are clearer. The benchmark delivered products add three trace element indexes of phosphorus, boron and carbon on the basis of the original standard, and accurately locate the industrial silicon used in photovoltaic industry. to facilitate customers in downstream industries to better participate in delivery, alternative deliverables add four trace element indexes of titanium, nickel, lead and vanadium on the basis of benchmark deliverables. It is also conducive to the accurate service of downstream enterprises such as silicone. Second, the quality improvement water is adjusted to 800 yuan / ton, which is more in line with the reality of the spot market, and it is more convenient for products that meet the requirements of benchmark delivery to participate in futures market delivery and effectively allocate spot market resources.

Industrial silicon futures have been running smoothly and functioning initially since they were listed on December 22, 2022. As of April 12 this year, industrial silicon futures have been operating for a total of 315 trading days, with an average daily turnover of 10.PokerstarsdownloadpcWith an average daily position of 124900 hands, it has achieved good results in terms of market size, spot price relationship, industrial customer participation, delivery services, and so on, and the foundation for serving the photovoltaic industry is gradually being consolidated.

On the one hand, it provides risk management tools for the industry. Since listing, 105 industrial silicon manufacturers in 13 provinces such as Yunnan, Sichuan, Guangxi, Xinjiang and other provinces have actively cooperated with futures merchants to sell hedging and lock in operating profits. it has greatly alleviated the predicament of the industry under the price downward cycle. On the other hand, the industrial pricing and trade model has been optimized. at present, more than 80% of the cancelled industrial silicon futures standard warehouse receipts flow into the photovoltaic industry, playing a positive role in reducing costs and increasing efficiency of the photovoltaic industry chain.

Fully consider the high growth of industrial silicon in the field of photovoltaic applications

According to the person in charge of the Guangzhou Institute, the revision of the rules is mainly based on three considerations. At present, the polysilicon industry has become the largest consumption field downstream of industrial silicon, and the consumption demand of photovoltaic industry has a more significant impact on the development of industrial silicon industry. In recent years, the photovoltaic industry has developed rapidly. The consumption of industrial silicon has increased from 590000 tons in 2021 to 1.76 million tons in 2023, accounting for 53% of industrial silicon consumption. Alternative deliverables Si4210 is affected by downstream related industries, consumption continues to decline, and the price gap between Si5530 and benchmark deliverables has further narrowed. In the process of industry investigation and discussion, photovoltaic polysilicon enterprises mostly suggest that the contents of trace elements such as phosphorus, boron and carbon should be included in the delivery quality standards, while organosilicon manufacturers suggest that titanium, nickel, lead, vanadium and other indicators should be added to better meet the hedging needs of downstream consumer enterprises.

At the same time, the quality inspection data continue to accumulate, and there is a data basis for defining the requirements of trace elements. Due to the lack of historical data accumulation, trace elements have not been included in the delivery quality standard at the beginning of the listing of industrial silicon futures contracts. By testing the level of trace elements in the incoming goods, a large number of quality inspection data have been accumulated, which provides a solid data basis for further optimizing the delivery quality standard.

In addition, the supply and demand pattern of the industry is changing rapidly, the spot price of industrial silicon period has declined obviously, and the price gap between different brands of Si4210 and Si5530 has gradually narrowed, which is the last aspect considered in revising the rules. As a new and advantageous industry with rapid development in China in recent years, the spot market pattern of industrial silicon is changing rapidly. Since the listing of industrial silicon futures, affected by oversupply and other factors, the spot price continues to operate at 20000 yuan / ton, or even below 15000 yuan / ton, the price difference between Si4210 and Si5530 continues to narrow, basically maintained at 1000 yuan / ton or even less than 500 yuan / ton level, there is a big difference between the quality discount setting and the spot price difference, industrial customers call for a reduction in quality discount.

"the optimization of industrial silicon delivery quality standards will provide downstream demand side with more delivery products of high quality and stable price as one of the ways to purchase raw materials, and at the same time, it also puts forward higher requirements for us. it has played a positive guiding role in speeding up the formation of new quality productivity in the company." The relevant person in charge of Hesheng silicon industry believes that the transformation of green energy is a national key strategic deployment, and the development of green energy in the photovoltaic industry, especially in the western region, will be the main direction in the future. Industrial silicon, as the upstream raw material of the photovoltaic industry chain, affects the price transmission of the whole chain, and the delivery system with high participation will effectively avoid the risk of price fluctuations in the extreme market for industrial silicon production enterprises and the demand side. This delivery optimization fully takes into account the high growth of industrial silicon applications in the field of photovoltaic, and effectively implements the original intention of futures to serve entities.

In the view of the person in charge of International Trade in the industrial silicon trade building, the revised alternative delivery standard is an important mechanism to effectively protect price stability, which is usually not used or rarely used to ensure clear disk pricing. under certain circumstances, it can also attract some products that usually have no delivery demand, as well as some idle capacity to replace deliverables to supplement the warehouse receipt system to suppress overheated speculation.

"by adjusting the discount ratio of alternative deliverables and trace element control, and setting benchmark deliverables to meet polysilicon demand, futures pricing can be made clearer and close to mainstream spot prices." The responsible person believes that the optimization of the industrial silicon futures delivery quality standard has changed the previous situation of alternative delivery pricing, which is a positive adjustment made by the futures in the face of the industry development and changes in the face of the gradual increase in the proportion of photovoltaic polysilicon downstream of industrial silicon, and is an important measure for futures to better serve the real economy and ensure the stability and future of China's silicon energy industry.

Wen | reporter Hu Yan

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