我国建立炼焦煤期货市场的可行性研究

The Feasibility to Establish Futures Market of Coking Coal in China

我国是世界第一产煤大国,也是煤炭消费的大国。从我国煤炭产量、消耗量、运输量及进出口情况看,近年来我国煤炭供需形势一度趋紧,煤炭价格波动较大,煤炭交易双方都有规避风险的需求。文章认为,炼焦煤作为现阶段我国市场化程度较高的煤种,从其储量、生产市场、需求市场、企业集中度和价格走势来看,已经具备了上市期货的基本条件。作为炼焦煤—焦炭—钢铁产业链中的首要一环,考虑推出煤炭期货,对于该产业链的金融化发展有很重要的现实意义。

China is the largest coal producing country and also the largest coal consuming country. Considering coal production, consumption, transport, import and export volume, the demand and supply situation are tightening in China. The price always changes dramatically. For both seller and buyer, approach to avoid market risks is required. As a high-marketed coal in China, coking coal already satisfies all basic conditions for futures market in aspect of its reserves, supply market, demand market, business concentration and price movement, especially steel futures is already launched in China. As the primary link of coking coal-coke-steel industry chain, the launch of coal futures will greatly significant to support financial development of this industry chain.