The polyester staple fiber futures contract will be officially listed for trading on the Zhengzhou Commodity Exchange on October 12, 2020. my country is a major producer of polyester and textiles and garments in the world, and staple fiber is an important polyester product. As the third polyester industry chain product listed after PTA and MEG, staple fiber futures will provide related industry companies with fair price signals and effective risk management methods, which will help promote the stable operation of related companies and promote staple fiber The industry develops steadily and healthily.

According to the officially announced short fiber futures contract, the short fiber futures trading code is PF, the trading unit is 5 tons/hand, the minimum price change is 2 yuan/ton, and the daily price fluctuation is limited to the settlement price of the previous trading day ± 4%, and the last transaction The day is the 10th trading day of the contract delivery month, and the last delivery day is the 13th trading day of the contract delivery month.

　　The first batch of short fiber futures contracts listed and traded are PF105, PF106, PF107, PF108, and PF109. The price limit on the day of listing is ±8% of the contract's listed benchmark price, and the trading margin is 5%. The handling fee for short fiber futures trading is 3 yuan/lot, and the handling fee for intraday closing Imagura trading is 3 yuan/lot. The delivery handling fee, warehouse receipt transfer handling fee, and EFP handling fee are all 0.5 yuan/ton .

　　 Overview of the domestic polyester staple fiber industry chain

　　 Staple fiber, also known as polyester staple fiber (English name Polyester staple fiber), is a polyester product synthesized with PTA and ethylene glycol as raw materials. It is mainly used in textiles and clothing downstream. It has a high degree of standardization and sufficient market competition. It belongs to the direct downstream of PTA and ethylene glycol in terms of technology. It is affected by raw materials and its own fundamentals, and its price volatility is relatively high. high.

　　 In the early 1970s, my country introduced technologies from developed countries such as Japan, Germany, and France, and staple fiber gradually entered the Chinese market. In the early 1980s, Sinopec established the earliest domestic polyester factory. From 2003 to 2005, domestic private staple fiber enterprises rose up, and domestic production capacity entered a period of rapid growth.

　　As of 2019, the short fiber production capacity was 7.59 million tons, the output was 6.1 million tons, the apparent consumption was 6.88 million tons, and the consumption volume increased steadily. In 2019, the domestic production growth rate was 13.6%, and the production capacity growth rate was 7.6%. The production growth rate was higher than the production capacity growth rate. There were two main reasons. On the one hand, the production capacity was reached in the early stage, and on the other hand, it benefited from the start of short fiber under low inventory. The rate increases.

It is worth noting that polyester staple fiber is mainly used in three major areas: textile yarns, accounting for 77%, end products are clothing, home textiles, decorative cloth, etc.; nonwovens, accounting for 17%, and end products are wet wipes. , Masks, etc.; filling, accounting for 6%, and the end products are winter clothes, quilts, toys, etc.

　　Enhance the global competitiveness of the textile industry

　　 In the production capacity distribution of direct spinning polyester staple, the top three provinces with production capacity are divided into Jiangsu, Fujian and Zhejiang. The largest proportion of production capacity is Jiangsu Province, which has more than half of the domestic production capacity. Fujian accounts for 18% and Zhejiang accounts for 11%. The market share of these three production areas has reached 84% of the total domestic direct spinning polyester short-term production capacity. about.

　　 The low-peak season distribution of the textile industry is mainly related to the production and consumption rhythm of apparel fabrics. In terms of consumer demand for traditional clothing, staple fiber consumption has two peak seasons within a year, namely March-May and August-October, and other times are off-season. The demand for staple fiber From the perspective of downstream demand, the downstream demand of polyester staple fiber is mainly used in spinning lines, accounting for more than 76%, and some are used in non-woven fabrics and fillers. The demand for fillers has been in the past two years. Has increased.

　　 From the point of view of the locations where the downstream demand is mainly concentrated, the downstream demand for staple fiber is mainly concentrated in Jiangsu, Fujian and Zhejiang; the trade logistics is from east to west, from the coast to the inland, and from north to south. The staple fiber of Jiangsu mainly flows to Shandong, Hebei, Anhui and other places. The staple fiber of Zhejiang mainly flows to Anhui, Jiangxi, Hubei and other places; the staple fiber of Fujian mainly flows to Jiangxi, Hubei, Guangdong and other places. The three markets of Jiangsu, Zhejiang and Fujian are interconnected, and there is a phenomenon of cross purchase.

According to Hehe Futures, my country is a major producer and consumer of staple fiber. As an important textile raw material, the development of related futures transactions is conducive to improving the polyester industry chain futures variety system, helping to promote the stable operation of related enterprises and promoting staple fiber. The industry develops steadily and healthily. Therefore, the listed staple fiber futures can exert the agglomeration effect of varieties, improve the service level of the polyester industry and the textile industry in the futures market, and further enhance the global competitiveness of domestic polyester staple fiber enterprises.