Research On Relationship Between China's Coal Futures Market And Spot Market

In the background of the supply-side reform,the paper try to research the impact of this policy on the coal market,and using model of VAR to laid special stress on analysing the impact of the supply-side reform on coking coal futures with steam coal futures and steam coal futures with steam coal spot,draw the following conclusions:the first,the supply-side reform has brought great improvement to the coal market price,and the volume of related futures markets has significantly enlarged,the achievement of most listed companies in the coal industry has increased a lot.The second,in the long term,the supply-side reform strengthen the linkage of coking coal futures with steam coal futures and steam coal futures with steam coal spot.And in the short term,the supply-side reform strengthen the linkage of coking coal futures with steam coal futures,this is mainly reflected in the impact of coking coal futures to steam coal futures;the short term equilibrium relationship between the steam coal futures and steam coal spot are not reflected whether before or after the supply-side reform,the steam coal futures did not have the price discovery function.