The world's first stainless steel futures will be officially listed on September 25 in Shanghai Futures Exchange. This is following the listing of rebar, hot rolled coil, iron ore, coke and other products upstream and downstream of the industry chain, the listing of stainless steel futures will further improve the risk management tools for the steel industry chain.
According to the introduction, the stainless steel futures will be listed on the Shanghai Futures Exchange for the 300 series of austenitic stainless steel, delivery grade requirements for the national standard 06Cr19Ni10 or Japanese standard SUS304, mainly used in household appliances, tableware, kitchenware, water heaters, boilers, food machinery and other products.
Shanghai Futures Exchange stainless steel futures contract (draft)
(Draft)
Trading varieties
stainless steel
Trading unit
5 tons/lot
Quotation unit
Yuan (RMB)/ton
Minimum change price
5 yuan/ton
Up and down stop range
Previous trading day settlement price ± 4%
Contract month
January-December
Trading hours
9:00 a.m. - 11:30 a.m., 1:30 p.m.-3:00 p.m. and other trading hours specified by the Exchange. 00 and other trading hours as specified by the Exchange.
Last trading day
The 15th of the contract month (postponed in case of national holidays, the last trading day of the Chinese New Year month, etc. may be adjusted and notified by the Exchange).
Delivery date
Five consecutive business days after the last trading day
Delivery grade
Standard grade for the thickness of 2.0mm, a width of 1219mm, the surface processing type of 2B, the edge of the state of the edge of the 304 austenitic stainless steel cold-rolled coil.
Alternative delivery product thickness of 0.5mm, 0.6mm, 0.7mm, 0.8mm, 0.9mm, 1.0mm, 1.2mm, 1.5mm, 3.0mm, the width of 1000mm, 1500mm, the edge of the state of the optional burr (thickness of the upwardly discounted, the edge of the state of the upwardly discounted by the exchange to be separately specified and announced).
Quality in line with GB/T3280-2015 "Stainless Steel Cold Rolled Steel Sheets and Strips" requirements of 06Cr19Ni10, or in line with JISG4305: 2012 "Cold Rolled Stainless Steel Sheets and Strips" SUS304.
Delivery location
Exchange designated delivery locations
Minimum transaction margin
Minimum transaction margin
The contract value of the contract value of the contract value is the same as the contract value of the contract value. p>
5% of the contract value
Mode of delivery
Physical delivery
Delivery unit
60 tons
Trading code
SS
Listed on the exchange
Shanghai Futures Exchange
According to the announcement of the Shanghai Futures Exchange (SFE)
According to the announcement of the SFE, the stainless steel futures trading code is "SS", the trading unit is 5 tons / hand, the minimum change in price is 5 yuan / ton. The minimum trading margin is 5% of the contract value, and the stop range is ± 4% of the settlement price on the previous trading day.
From the point of view of trading hours, the draft contract provides for 9:00-11:30 a.m., 1:30-3:00 p.m. and other trading hours specified by the exchange, stainless steel futures will be supporting the evening continuous trading (commonly known as "night trading").
The world's first stainless steel futures
Stainless steel is the most important steel varieties in China's special steel industry, and it is widely used in the fields of construction and decoration, transportation, aviation and aerospace, petrochemicals, energy and power generation, food processing, environmental protection, and medical treatment, etc. China's stainless steel production reached 26.71 million tons in 2018, and it is the world's largest stainless steel producer and consumer. the world's largest stainless steel producer and consumer, and has an important position in the world stainless steel market.
At present, the domestic and foreign stainless steel market pricing system is more complex, foreign stainless steel producers pricing more alloy surcharge way, namely: stainless steel price = base price + alloy surcharge. Domestic stainless steel pricing is more diverse, the producers according to the inventory situation, raw material prices, expected to judge the use of a single negotiation, open settlement, daily price adjustment and other ways of pricing.
The stainless steel industry has a high degree of marketization, a variety of market players, frequent price fluctuations, and a strong demand for corporate hedging. The launch of the world's first stainless steel futures, help to standardize the circulation order, promote the formation of an open and fair pricing mechanism, and further enhance China's pricing influence in the international stainless steel market, and provide price risk management tools for the relevant industry chain enterprises.
The relevant person in charge of the Shanghai Futures Exchange said that after the listing of stainless steel futures, it will build a complete product chain consisting of stainless steel futures, nickel futures and ferrochrome futures, which will create a toolbox for upstream and downstream enterprises to effectively hedge.
Origin of stainless steel
The so-called stainless steel, steel in the smelting process to add chromium (Cr), nickel (Ni), manganese (Mn), silicon (Si), titanium (Ti), molybdenum (Mo) and other elements, and the formation of an alloy with the iron element, which improves the performance of the steel, so that the steel has a corrosion-resistant (i.e., does not rust), is what we often referred to as stainless steel.
The invention and use of stainless steel, dating back to the First World War. British scientists Buchanani-Brearley by the British government military arsenal commissioned to study the improvement of weapons. At that time, soldiers with rifle chamber is very easy to wear, Brierley wanted to invent a kind of alloy steel is not easy to wear. Brierley invented stainless steel in 1916 to obtain a British patent and began mass production, so far, from the garbage heap of stainless steel discovered by chance will be popular all over the world, Henry Brierley is also known as "the father of stainless steel".
China's stainless steel industry development progress late, since the founding of the country to the reform and opening up, China's stainless steel demand is mainly industrial and defense cutting-edge use. After the reform and opening up, the rapid development of the national economy, the people's living standards improved significantly, pulling the demand for stainless steel. Entering the 21st century, China's stainless steel industry is growing at a high speed. A large number of domestic stainless steel brands rise rapidly, and gradually become the leading stainless steel industry!
Classification and use
There are many types of stainless steel, according to the organizational structure can be divided into ferritic stainless steel, austenitic stainless steel, martensitic stainless steel, duplex stainless steel and precipitation hardening stainless steel. According to the chemical composition can be divided into chromium stainless steel, chromium-nickel stainless steel and chromium-manganese stainless steel, corresponding to the U.S. AISI standard 400, 300 and 200 series. Among them, 300 series is the most commonly used, 200 series and 400 series to some extent, is the 300 series of alternatives.
The 300 series can be divided into 304, 304L, 316, 316L, 321, 309S, 310S and so on, the distinction is based on the content of various metal elements, the content of different stainless steel characteristics are not the same, 304 and 304L is the difference between the carbon (C) content of the different, with the L is said to be low in carbon, also called low carbon, 316 and 316L is the same difference. 316L is the same difference.
In so many classifications, 304, which was chosen as the standard product for futures delivery, has a composition of 0Cr18Ni9, which has good corrosion resistance, heat resistance, low-temperature strength and mechanical properties, and thus is the most widely used stainless steel variety.
According to the statistics of the International Stainless Steel Forum (ISSF) in 2017, the use of stainless steel is mainly concentrated in the field of metal products, with a global share of 37.5%; followed by the fields of mechanical engineering and construction, accounting for 28.3% and 12.3%, respectively. As stainless steel has the advantages of high temperature resistance, corrosion prevention, long service life, harmless to human health, 100% recyclable, etc., its application fields are expanding.
Production process
Stainless steel production mainly includes crude steel smelting, hot rolling, cold rolling and other links.
I. Stainless steel crude steel smelting process
At present, the smelting process of stainless steel production in the world is mainly divided into one-step, two-step and three-step method, as well as the new integrated production methods. One-step smelting for: iron + AOD (argon oxygen refining furnace); two-step method: EAF (electric arc furnace) + AOD (argon oxygen refining furnace). Three-step method is: EAF (electric arc furnace) + AOD (argon oxygen refining furnace) + VOD (vacuum refining furnace). In addition to the traditional several production processes, the current integrated production process, i.e., from iron directly to stainless steel production process, is also used by many companies, the production process is: RKEF (rotary kiln electric furnace) + AOD (argon oxygen refining furnace).
Two, stainless steel hot rolling process
Stainless steel hot rolling process is to slab (mainly continuous casting billet) as raw material, after heating by the roughing unit and finishing unit made of strip. From the finishing mill last mill out of the hot steel strip through the laminar flow cooling to a set temperature, by the coiler rolled into a steel coil, the cooled steel coil appearance has oxide skin, showing black, commonly known as "stainless steel black skin roll". After annealing pickling, remove the oxidized surface, that is, "stainless steel white skin volume", stainless steel market circulation of most of the hot rolled products for stainless steel white skin volume. Specific stainless steel hot rolling production process is as follows:
Source: 51bxg
Three, stainless steel cold rolling process
After the stainless steel hot rolling, some stainless steel hot rolled products are directly used by the downstream, and some of the hot rolled products need to be continued to be processed into cold rolled and then used.
Cold rolled stainless steel, hot rolled stainless steel hot rolled products with a thickness of 3.0-5.5mm, after the cold rolling equipment calendering process, the production of cold rolled stainless steel products. Currently, the main production process of stainless steel cold rolling for two categories: stainless steel single-stand cold rolling, stainless steel multi-stand cold rolling. The specific production process is shown below:
Source: 51bxg
After the stainless steel has been cold rolled, it needs to go through annealing and pickling units. The annealing of stainless steel after cold rolling is to eliminate work hardening through the process of recrystallization to achieve the purpose of softening; the purpose of pickling is to remove the oxidized layer formed on the surface of the steel strip during the annealing process, and the second is to passivate the surface of the stainless steel to improve the corrosion resistance of the steel plate.
China's major stainless steel manufacturers
Shanxi Taiyuan Stainless Steel Factory, referred to as TISCO: mainly produces 321, 310S, 409L, 444, 410, 410S hot and cold rolled, of which the common size of hot rolled coils are: width 1.5 and 1.8 meters.
Shanghai Baosteel Stainless Steel Mill referred to as Baosteel: mainly produces 304, 321, 316L hot and cold rolled, of which the hot rolled coil is mainly 3-14 thickness.
Zhangjiagang Pohang referred to as Zhangpu: the main production: cold rolled thickness of 0.3-3mm, hot rolled 3-14mm, mainly in 300 series.
Qingdao POSCO is called Qingpu for short: mainly produces 304/2B cold rolled.
Guangzhou Lianzhong referred to as Lianzhong: mainly produces 304 cold rolled thickness of 0.3-6mm and thickness up to 3-12mm hot rolled.
Ningbo Baoxin for short: mainly produces 304 cold rolled coils.
Jiuquan steel mill referred to as JISCO: mainly produces hot and cold rolled coils, cold rolled thickness of 0.8-3mnm. Currently on the market more cold rolled than hot rolled.
Qingshan Group: its main Qingtuo, Guangqing mainly produces 300 series, 200 series stainless steel hot-rolled coil.
Dongfang Special Steel referred to as Dongte: mainly produces 304, 316, 321 hot rolled coil.
Yongjin, Hongwang: mainly rolled steel, mainly 300 series.
Stainless steel national main trading market
Wuxi market: Southern Stainless Steel Market, Oriental Steel City, Shuofang, the three markets are concentrated in the country's major stainless steel traders, major stainless steel manufacturers, including Baosteel, TISCO, Zhangpu, Lianzhong, etc., the major producers of the first-class agents and core agents are concentrated in almost all of Wuxi! The price of Wuxi market is also influential in the country. Wuxi around the various types of stainless steel profiles, tubes and pipes in the market under the influence of the price and cost advantages.
Foshan market: Jin_International Metal Trade Plaza, the country's largest stainless steel trading center - "Lanshi International Metal Trade Center", the country's largest metal materials trading market - "Shunde Lecong". -Shunde Lecong Steel Market"; South China's largest machinery products trading city - "Shunlian Machinery City", Foshan Dongjianglong non-ferrous metal logistics center, Pulan Road Stainless Steel Market Foshan Dongjianglong Non-ferrous Metal Logistics Center, Pulan Road Stainless Steel Market, and Foshan Sanying Keli Metal Processing Logistics Park.
Zibo market: Zhoucun stainless steel market relying on the construction of National Highway 309, south of Jiaoji Railway, north of the Jiqing Expressway, superior location, convenient transportation, a strong business atmosphere, is rare in the country's natural trade port. Zhoucun one of the booming industries in the last decade or so, is a huge scale of China's regional stainless steel circulation center, is the largest stainless steel market in northern China, radiation Shandong, Henan, Hebei, Tianjin, Northeast and other provinces, cities and regions, the annual trading volume of about 300,000 tons, the total annual sales of more than 8 billion yuan, second only to Wuxi and Foshan, is the largest stainless steel products distribution center of China's north of the Yangtze River.
Jieyang is mainly black skin, Tianjin, Taiyuan, Wuhan, Chengdu, Shanghai, Beijing, Shenyang trading volume is small
Six factors affecting the price of stainless steel
1, supply and demand affects the price of stainless steel
Supply and demand are closely affecting the fluctuation of stainless steel prices. When demand exceeds supply, the market selling mood is obvious, the price is generally maintained at a high level. Supply exceeds demand, the market inventory is at a high level, the downstream purchasing enthusiasm is not high, manufacturers are forced to capital pressure, concessions deal more than in the city, the overall market price will show a weak adjustment.
2, the domestic market competition and price war on the impact of the market price analysis
In recent years, the production of stainless steel continues to reach record highs, but the actual demand is still limited, and the domestic market competition is also becoming increasingly fierce. Constantly compressed costs and profit margins have also become one of the main means of competition in the market. Long-term price competition is brought about by the market price is constantly reduced, but limited to cost and other issues, price reduction is also limited.
3, the cost of raw materials pull stainless steel market price
Stainless steel raw materials mainly include nickel and chromium and other materials, stainless steel price fluctuations strictly follow the fluctuations of nickel prices, and nickel price fluctuations are slightly stronger than the fluctuations of stainless steel prices, stainless steel price fluctuations lagging behind the fluctuations of nickel prices. The same chromium offer also affects the price of stainless steel. And because of the stainless steel scrap used for smelting stainless steel also exists a certain profit, and alloy to produce a certain replacement, its price fluctuations also affect the price of stainless steel.
4, the downstream industry production and sales constraints on the stainless steel market
Downstream enterprises production and sales directly affect the manufacturers around the shipment situation. Indirectly related to stainless steel price fluctuations. The application of stainless steel is relatively wide, mainly including the automobile and shipbuilding industry, home appliance industry, industrial machinery industry and so on. For example, the decline in the automotive industry sales directly affect the amount of stainless steel, and synchronized with the stainless steel market price trends.
5, domestic and foreign imports and exports
According to statistics, stainless steel imports in January-June 2019 decreased by 54.8% compared with the same period last year, which is visible in the structure of China's stainless steel consumption, the early stainless steel consumption is completely dependent on imports of the situation has greatly improved, so that domestically produced stainless steel can be sold at a higher price. But on the other hand, the net exports of stainless steel face the risk of decline. More products to domestic consumption but difficult to match the demand, but also closely affects the price of stainless steel.
6, the subjective impact of market confidence
Stainless steel market prices are also affected by the market confidence, when good news into the mainstream traders more bullish on the market, the offer has been adjusted upward, the downstream stocking enthusiasm, to create an atmosphere of demand for a good turn, to further stimulate stainless steel prices; on the other hand, such as most of the people of the latter part of the bearish, concessions to dumping action frequently, the turnover remains Do not turn good, the market price or will be lower again.
Seven Harvest Research Weng Jianping Editorial
Seven Harvest Research Center Cooperation, Consulting Tel: 0571-88212938
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