Study On Steel Futures Hedging Of Iron And Steel Fnterprises

Iron and steel is known as " industrial commissariat" say, has important place in national economy. Come30years, our country iron and steel industry gained the success that attract worldwide attention. Through the development of our country has become the world big country of iron and steel.1996crude steel output resides the world firmly the first, to2011global steel production15.27tons, China’s absolute superiority to establish world first steel producing country status, annual output of nearly7tons, accounting for45.5%of global production. But this is the opposite of industry profits, in the financial crisis of2008until the present, along with the iron and steel industry is closely related to iron ore, sea freight, coke, steel prices continued fluctuation, China’s steel enterprises suffered huge losses, the2008financial crisis led to the loss of the entire industry of iron and steel industry. In2009the national iron and steel industry average profit margin of3.77%in2010, down to2.91%, continued to glide20112.44%, become China’s manufacturing industry average profit level of the lowest industry. In2012January the steel industry profit and profit rate for the first time appears "double negative",20121-7month80key steel enterprises to achieve a net profit of710000000yuan, drop compared to the same period98.93%, sales revenue0.03%profit. Iron and steel industry profit margins in the progressive breakthrough steel enterprises can withstand the bottom line, has formed the entire trade deficit, find a and avoid the transfer of business risk road became the urgent desire of iron and steel enterprises in china。Under this background, the State Council made about "as soon as possible to adapt to the needs of national economic development of steel and other commodity futures varieties " strategic deploy, our country introduced in2009, screw steel, wire rod futures, launched2011coke futures, as a beneficial to the people’s livelihood relationship of iron and steel industry entered to the derivatives market, based on the traditional enterprise derivatives using the results above the foundation, combined with today’s derivatives features and risk factors for specific industries, iron and steel industry from Perspective of hedging derivatives were discussed. According to the main iron and steel industry characteristics and hedging status, selection of iron and steel enterprise sales profit rate as the study target. Analysis of sales profit rate of the same steel spot, futures whether a relation exists, if the existence of relationship, the relationship between what is? In this article we hope to be able to analyze and find their relationship, and through the study of the correlation between and the conclusion from the actual point of help steel enterprises to hedge. Finally, the iron and steel enterprises industry characteristics, from the actual point put forward to optimize the method, strive for the iron and steel enterprises to use derivatives to circumvent the transfer operation risk ideas。...