正文
新交所成功推出唯一基于中国国内价格参考的国际钢铁衍生品 – Mysteel上海螺纹钢掉期，并在2021年5月31日的首日交易中获得市场良好反应，超过11个交易对手共交易了6,000吨。
推出首日的亮眼成绩得益于实体市场参与者和国际投资者在管理风险和参与中国境内板块上对该合约的认同。新交所上海螺纹钢掉期反映了上海螺纹钢市场的价格，是钢铁行业领先的国际价格基准。
螺纹钢合约进一步完善了新交所的大宗商品板块，特别是“虚拟钢厂”系列产品。通过新的交易策略丰富了对铁矿石、焦煤到钢铁和货运的整个钢铁价值链进行交易的参与者群体。
关于这个合约的上市，中信证券执行委员会委员邹迎光先生表示：“新交所新推出的螺纹钢合约将为国际大宗商品用户和贸易商提供更多直接参与中国国内钢铁市场的机会。中信证券很高兴看到新交所的这一新举措。我们希望通过这一举措，新交所能够在国际参与者之间构建一个更为透明的价格发现机制，进而增强钢材市场的流动性。”
高盛亚太商品部门交易主管秦晓表示：“上海螺纹钢市场在国际市场上受高度重视。新的螺纹钢合约是新交所大宗商品板块的重要补充，对我们的在岸和国际客户都将是一个有效的对冲工具。”
关于钢铁风险管理的重要性，瑞士PT SteelMet SA钢铁和铁矿石衍生品交易员Jean-Luc Fiorenzoni表示：“螺纹钢合约的推出代表了钢铁市场的积极发展。作为实体参与者，我们正在不断完善对冲策略，以适应价格的高度波动。除此之外，新螺纹钢合约的引入让原材料铁矿石、焦煤和终端钢材产品得以在一个交易所清算成交，从而对冲和保护了钢厂利润，并在保证金上获得更高的资本效率。”
英美资源集团衍生品交易员符嘉津补充道：“完整的虚拟钢厂产品意味着市场参与者在整个价值链中拥有有效的风险管理工具。在对冲市场波动时，保证金冲消对资本的有效部署起到了重要的作用。”
Toptip Holding交易经理Robin Liu也表示：“我们认为，以备受关注的Mysteel指数为支撑的新上海螺纹钢合约将有助于满足我们的风险管理需求。国际参与者的加入将有助于在岸价格的发现，进一步促进钢铁行业的发展。”
英文原文：
The Singapore Stock Exchange successfully launched the only international steel derivative based on China’s domestic price reference – Mysteel Shanghai rebar swap, and received a good market response in the first day trading on May 31, 2021, with more than 11 counterparties trading 6000 tons in total.
The outstanding results on the first day of launch benefited from the recognition of the contract by participants in the real market and international investors in risk management and participation in the Chinese domestic sector. SGX Shanghai rebar swap reflects the price of Shanghai rebar market and is the leading international price benchmark of steel industry.
The rebar contract has further improved the commodity sector of SGX, especially the “virtual steel factory” series products. Through the new trading strategy, the participants in the whole steel value chain from iron ore, coking coal to steel and freight transportation are enriched.
On the listing of the contract, Mr. Zou Yingguang, member of the Executive Committee of CITIC Securities, said: “the new rebar contract launched by the new stock exchange will provide more opportunities for international commodity users and traders to directly participate in China’s domestic steel market. CITIC Securities is glad to see this new move of the new stock exchange. We hope that through this move, the SGX can build a more transparent price discovery mechanism among international participants, thereby enhancing the liquidity of the steel market. “
“Shanghai rebar market is highly valued in the international market,” said Qin Xiao, head of Asia Pacific commodity trading at Goldman Sachs. The new rebar contract is an important supplement to the commodity sector of the new stock exchange and will be an effective hedging tool for our onshore and international customers. “
Regarding the importance of steel risk management, Jean Luc fiorenzoni, a steel and iron ore derivatives trader at Pt steelmet SA in Switzerland, said: “the launch of the rebar contract represents a positive development in the steel market. As an entity participant, we are constantly improving our hedging strategy to adapt to the high volatility of prices. In addition, the introduction of new rebar contracts enables raw materials such as iron ore, coking coal and terminal steel products to be settled in one exchange, thus hedging and protecting the profits of steel plants and achieving higher capital efficiency on margin. “
Fu Jiajin, a derivatives trader at Anglo American, added: “a complete virtual steel plant product means that market participants have effective risk management tools throughout the value chain. When hedging against market volatility, margin write off plays an important role in the effective deployment of capital. “
Robin Liu, trading manager of toppip holding, also said: “we believe that the new Shanghai rebar contract supported by the highly watched Mysteel index will help to meet our risk management needs. The participation of international participants will contribute to the discovery of onshore prices and further promote the development of the steel industry. “