| China’s iron and steel industry since 2012 to 2015,there has been a serious excess capacity,the demand is a serious shortage of the phenomenon,the steel market downturn for four years,steel prices have also broken new lows.Jianlong group was founded in 1999,as the second largest private steel enterprise group,is also facing rising raw material procurement costs of inventories of raw materials and finished goods inventory devaluation devaluation,future product depreciation,depreciation and no settlement products procurement and sales on both sides of bare outer exposure is not controlled,not to the enterprise will transfer problems,resulting in business losses year after year.This paper reviews the hedging instruments to hedge business risks from overseas futures hedging research,domestic related research literature reference and other aspects,and to participate in Jianlong steel hedging as an example,through the theoretical study,practical operation,review,data analysis,strategy optimization,in-depth understanding and study of the iron and steel enterprises status quo of hedging risk management,put forward the enterprise in the futures in the use of unreasonable organization,division of labor is not clear,the decision over centralization,lack of mature hedging trading system,trading rules,the lack of rigid cross species arbitrage research,the narrow channels of information,lack of professional ability and other aspects of the problem.At last,this paper built long futures hedging firm operating results,put forward to perfect the organization and transaction process,establish hedging strategy logic model,cross species arbitrage virtual steel,strengthening the steel price cycle of the optimization of the strategies and suggestions.This paper puts forward the problems existing in the upstream and downstream enterprises and trading companies in China’s iron and steel industry chain,and puts forward the improvement strategy and direction. |
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