An Analysis Of Factors Affecting Steel Products Futures Prices In China

China's future market started in 1988 and entered the standard development period in 2001.Under the guidance of the country's policy which is developing bulk commodity wholesale markets and developing future markets steadily,China's future market has entered an innovative development period in 2010,and the types of commodity futures have been continuously enriched.,The structure of the future market continues to improve.China's steel future first appeared in the early 1990s,but due to imperfection market and excessive speculation,Transactions suspended by the State Council finally.However,steel is the second largest commodity in the world which is next to crude oil,so the prices of steel and related products will have an important effect on economic growth.Therefore,after more than ten years of continuous standardization and adjustment,by March 27,2009,the Shanghai Future Exchange launched the trading of rebar futures and wire futures,and launched hot-rolled coil future in March 2014.In the global perspective and the new normal economy,The rebar,wire rods,and hot-rolled coils are important varieties of steel and are widely used in various fields of economic development.The purpose of steel futures is not only to provide the steel enterprises with hedging instruments,but also to make the steel enterprises acquire the tools to resist risks in recent years.And the added futures varieties make futures investors richer in trading varieties.Futures investors could improve the accuracy of analysis and judgment by studying steel futures,and is also conducive to improving the steel market system,which will contribute to make our national economy smoothly work.The paper uses rebar futures and hot roll futures as the research subject,first of all,review the theory of futures price formation at home and abroad,analyze the formation theory of steel futures price,and then conclude influence factors of steel futures prices,including:macroeconomic factors,cost factors,supply and demand factors and other factors.From the fundamentals,we use the qualitative analysis to analyze steel futures price influencing factors.This paper we use three perspectives to analyze steel futures price influencing factors:long-term,medium-term and short-term,which we can comprehensive analyze the impact of various factors on the steel futures prices.Secondly,introduced the futures' present situation,the importance of steel futures and an important role they plays in the future.Through empirical analysis,draw a conclusion of steel futures influencing factors from three perspectives:long-term,medium-term and short-term,and to find out the most relevant factors of the price of rebar futures and hot rolled coils futures,so as to throw out a suggestion for related production,circulation and consumption of steel companies and provide hedging strategy,which can help companies avoid the spot price volatility risk.And we use of the discovery function of futures market to help enterprises adjust production and business plans ahead of time more effective.Finally,it provides suggestions for steel companies,futures speculators and regulators.