Plastic industry challenges continue to increase

[ Jiuzhi Plastics News] On June 27th, the "2018 China Plastics Industry Conference" was held. Many industry experts believe that the growth rate of the plastics industry has slowed down since 2018, and various transitional factors are pushing the plastics processing industry to the middle and high end. Move forward and promote the development of the plastics industry in a high quality direction. The relevant person in charge of the Dalian Commodity Exchange (hereinafter referred to as “Da Shang Institute”) said that the challenges and opportunities currently faced will continue to promote the optimization of the system of plastic futures, research and launch new varieties, and reduce the cost of participating in the market. .
The structural contradiction of the industry's profit decline is outstanding
From January to April 2018, the growth rate of the plastic products industry slowed down, with a total output of 20.4455 million tons, a year-on-year increase of 2.32%; the main business income was 623.519 billion yuan, an increase of 6.69%; the profit was 31.04 billion yuan, down 4.69 year-on-year. %; The main business income profit rate was 4.97%, down 0.59% year-on-year. The pressure of industry development has suddenly increased.
As an important export product of China, plastic has frequently encountered international trade frictions in recent years, and the whole industry has been greatly affected.
At present, the main contradiction of China's petrochemical industry is still the contradiction between structural oversupply and insufficient supply of high-end chemicals, and the growing contradiction between green environmental protection demand and backward industrial structure. Taking synthetic resin as an example, at present, China's synthetic resin products are still mainly used for low-end and medium-end materials, and the gap between high-end and differentiated products is still large. To solve the above problems, on the one hand, we must accelerate the transformation and upgrading of the traditional petrochemical industry, upgrade the level of traditional industries, maintain a moderate growth of reasonable scale, and take the development path of low-cost, differentiated and specialized; on the other hand, we must focus on global plastics. The stable development of the market and the further improvement of the entire plastics industry chain will accelerate the construction of a plastics market system and a plastics price system with Chinese characteristics and world influence.
Despite the challenges facing the industry, the outlook remains bright. Consumption upgrades will bring a broad space for the plastics processing industry. The comparative advantage of China's light industry in international competition still exists, and the “Belt and Road Initiative” will also bring significant opportunities for light industry such as plastics processing industry to go global.
Plastic futures variety development will continue to optimize
The petrochemical industry is an important area for the large-scale business to serve the national strategy and serve the real economy. Dashang has listed three futures varieties of linear low density polyethylene (LLDPE), polyvinyl chloride (PVC) and polypropylene (PP). Dashang Institute is also actively adapting to the characteristics of spot varieties and changes in industrial structure, improving the delivery registration brand system, optimizing the layout of delivery warehouses, and promoting the deep integration of futures and spot markets. At present, there are 30 delivery warehouses for the Taishang Petrochemical Futures variety, and the delivery area extends from the central to the southwest. In 2017, the current price correlation of the three petrochemical varieties remained above 0.9. In 2017, there were 1,118 spot companies involved in the trading of petrochemicals in the Taishang Institute. According to preliminary estimates, more than 40% of the spot trade in plastics is hedged in the futures market. Unit customers gradually became the dominant force in the market, accounting for 23.5% and 47.6% of transactions and positions, respectively.
In order to adapt to changes in the spot market, DCE will continue to promote the optimization of the contract system and further reduce the cost of industrial hedging. The first is to optimize the PVC futures delivery brand system. At the same time, appropriately expand the scope of the exemption brand and promote the convenience of futures delivery. The second is to promote the delivery brand system to LLDPE and PP varieties, and implement the exemption inspection system for mainstream brands recognized by some markets. The delivery brand is determined by the exchange according to the relevant delivery brand system. The third is to try the trader exemption system. Fourth, it is planned to increase the number of places such as Beijing as a delivery area. The fifth is to learn from the mature and standardized trader factory system of iron ore futures, and promote the construction of traders' factory warehouse in the plastic futures market, and improve the delivery system. The sixth is to promote contract continuous and active in recent months. Set up warehouse receipt service providers on plastic futures, encourage customers to participate in near-month contract transactions, and improve the efficiency of enterprise hedging.
In addition, the firm will continue to promote the construction of the OTC market, continuously optimize the upgrade transaction and clearing platform, develop more index products, encourage the promotion of point-price trade, OTC options and OTC swap business; vigorously develop more new varieties, For example, we will promote the listing of ethylene glycol futures, research on upstream raw materials such as styrene and pure benzene, and more varieties of finished products such as low-density polyethylene and high-density polyethylene, and provide a more complete and rich futures variety system for the plastics industry.

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