焦炭期货的上市对于我国焦炭现货市场发展的重大意义.doc

焦炭期货的上市对于我国焦炭现货市场发展的重大意义 摘 要 2011年4月15日，经中国证监会批准，焦炭期货合约在大连商品交易所上市交易，这一消息给焦炭现货市场带来重大利好。作为重要的大宗商品，焦炭在上游与煤炭行业息息相关，下游与钢铁行业密不可分。本文通过对焦炭期货的上市进行分析，发现其对于焦炭现货市场的三大利好方面，不仅有利于完善焦炭价格形成机制，更好地帮助焦炭现货企业及时、准确地把握市场变化趋势，增强决策的预见性和科学性，促进焦炭及其上下游市场的平稳运行，同时也能为焦炭现货企业提供有效的避险工具，提高抵御风险的能力，进一步增强企业的竞争力，而且有助于焦炭行业结构的调整。研究焦炭期货对市场的作用有重要的意义，有助于焦炭行业的发展，同时也有利于作为世界上最大的焦炭生产国和消费国的中国形成国际话语权。 关键词：焦炭期货 现货市场 价格形成 避险工具 结构调整 ABSTRACT Permitted by China Securities Regulatory Commission, the Coke Futures appear on the Dalian Commodity Exchange on April 15th, 2011. This is great news for the coke current market. As an important bulk commodity, coke market is closely bound up with coal market upwards and is linked with steel industry. In this paper, after analysis on the publication of Coke futures, three great advantages are found for the coke current market. firstly, it is in favor of completing the pricing mechanism to help current coke corporations to grasp the market changing trend in time and enhancing its prediction and scientific choice making to promote the stable operation of the markets upwards and downwards, secondly, it is helpful in increasing its capability to defend risks to continue to increase the competitiveness of corporations, thirdly, it can be helpful to adjust the structure of coke industry. It is of great significance to have study of the effect on the current market made by the coal futures, which can help to develop the coke industry and help china-- the biggest coke output nation as well as the biggest consuming nation, to acquire its global voice. Key Words: Coke Futures; current market; pricing mechanism; risk-avoiding tool; structure adjustment 目 录 一、我国期货市场发展现状 1 二、焦炭现货市场介绍 1 （一）焦炭的生产及消费情况 1 （二）焦炭贸易情况 1 三、焦炭现货市场发展中存在的问题 3 （一）焦炭市场产能过剩，供大于求 3 （二）焦炭生产过程中对环境污染严重 3 （三）资源浪费严重，煤气利用和焦油加工缺乏统筹规划指导 4 （四）焦炭生产布局需进一步调整 4 （五）焦炭出口秩序需进一步完善规范 4 （六）炼焦煤资源需进一步规范管理 4 （七）现货市场焦炭价格波动剧烈 5 （八）现货市场价格焦炭价格影响因素众多 6 四、焦炭期货市场的问世给焦炭现货市场带来的重大利好 7 （一）价格发现工具 7 （二）新的避险工具 8 （三）低风险高收益的套利模式 8 （四）行业结构调整工具 8 主要参考文献 10