Enterprises Are Actively Seeking Ways To Meet Each Other In Adversity.

For the PTA industry chain, the biggest risk at present is undoubtedly the huge fluctuation of raw materials and finished products and the loss. It is not always possible for a bigger enterprise to rely on experience to get along with the wind. Once the judgement is wrong, it will cause a greater blow to the enterprise. "Under this background, every aspect of the enterprise actively reduces production costs, and at the same time, facing the downward market price, enterprises also pay more attention to the management of inventory and cash flow, and adopt the methods of compressing raw materials and finished goods inventory to deal with the risk of inventory depreciation." Wang Guangqian told futures Daily reporter.

During the inspection, the reporter learned that at present, the PTA industry chain in Fujian generally maintains low inventory, especially the weak bargaining power. The polyester production capacity in Fujian is 3 million 700 thousand tons, and 300 thousand tons will be put into operation. As a traditional textile base, the demand for downstream areas is acceptable, and overall production and marketing are healthy.

According to Chen Wenjie, as of now, the stock of raw polyester staple in their enterprises is maintained at 2 to 3 days. Influenced by environmental factors, colored yarns will gradually replace traditional printing and dyeing, because the proportion of discolored products of the company's colored yarns is relatively large, the overall production and marketing is smooth, and the finished product inventory remains at a low level for about 4 days. "The minimum inventory of raw materials and finished products is the guiding principle of the enterprise in the case of weak industry environment, raw materials and finished products, and the inventory will be considered gradually unless the situation reverses significantly."

At the same time, Jin Lun high fiber in the area is basically out of stock to meet factory production needs, and 78% of the finished staple fiber is used by oneself, and another 22% are sold outside. At present, only 1 to 2 days of inventory, finished polyester filament stock is maintained at 11 to 12 days of health.

"Strictly control costs, product differentiation and close to consumer demand, enterprises can survive and sustain development in adversity." Insiders said that the vertical coincidence of the upstream and downstream of the Xiang Lu polyester industrial chain, self production and self marketing, compared with other PTA manufacturers cost advantages, achieved the development of industrial integration, effectively resist the unknown risks faced by the market.

Moreover, in recent years, more enterprises have learned to walk with "two legs", and the rational choice of PTA futures in the industrial chain has become a common choice for the market players.

For example, a downstream area of Fujian polyester The manufacturer sold a certain position in the 1401 contract of PTA futures, and the final 1 tons PTA profit was above 500 yuan / ton, far exceeding the normal profit level of polyester sales.

According to Wei Lin, analyst at Jinyou futures, in January this year, the number of PTA barn increased sharply, and the standard warehouse list plus effective forecast reached a peak of 90755 hands in January 6th, equivalent to 450 thousand tons or more. Along with the lifting of worries about the huge delivery of PTA1401 contracts, the PTA period lost its support below the price and opened up a trend of falling. At the final delivery date of the 1401 contract, the PTA index plunged 510 points, and fell 6.8% in 10 trading days, while the spot price of PTA fell by 7.7%. Selling value guarantees that most of the losses caused by the fall in spot prices are effectively hedged.

As one of PTA's leading manufacturers, Xiang Lu Petrifaction After PTA futures were listed, they actively participated in it. According to the relevant person in charge of the enterprise, in September 2008, September 2012 and January this year, their trading volume in the futures market was large, which brought great convenience to the business operation.

Reporters learned from the survey that futures The use of tools, mature enterprises generally have policy makers, supervisors (fund transfer), orders, clear division of labor, do their jobs. If there is a risk in the operation of the futures, the risk control requires that no one has the right to intervene. The decision maker, the ordering officer and the wind control post have distinct responsibilities and supervise each other. Fundamentally solved the adverse effects of "one word and speech" in futures operation.

For the judgement of the market, Xiang Lu Petrochemical is based on industry and does not conjecture macroeconomic uncertainties. "We must not forget our starting point for enterprises to make futures. We only hope to tide over the difficulties in the downturn of the industry. The most ideal result is that after winter, most of the colleagues have been hospitalized, but they have not caught cold. The person in charge said with a smile.