On April 8, the Dalian Commodity Exchange announced the “Notice on Matters Relating to the Listing and Transaction of Coke Futures Contracts”, announcing that the coke futures was formally listed on April 15. The industry generally believes that there is no precedent for trading of coke futures in foreign futures markets, and that China's coke production and trade account for more than half of the world's total. Therefore, this species can be said to be a commodity futures product tailored to China's national conditions. Based on this is a mode of exploration, in recent days, the reporter found through survey interviews with related departments and companies that most companies have shown a wait-and-see attitude towards this, and whether the futures tool can solve the current problems in the coke industry. There are doubts.

Shandong Province is a major coking province in the country and its production capacity ranks third in the country. According to Guo Lingling, deputy secretary-general of the Shandong Coking Association, “The introduction of coke futures can build an effective mechanism for the formation of coke prices, and coke-related companies can use it to better avoid, transfer, or disperse price fluctuations in the spot market, benefiting the coking industry. Long-term sustainable development."

Shandong Tiexiong Energy Group, the largest privately-owned coking enterprise in Shandong Province, co-operated with 45 coking enterprises in the province to voluntarily form the Shandong Coking Group in a loosely-typed way. This group is currently the largest coking enterprise in the world. Guo Lingling told reporters that in February, due to rising costs and other pressures, Shandong Coking Group just adjusted its coking products prices. At present, the group has formed a relatively perfect spot trading system. However, futures trading has not been attempted in Shandong.

Zhao Yeming, general manager of Shandong Tengzhou Shenglong Coal Coking Co., Ltd., said that currently Shenglong's coking coal mainly comes from jujube ore, and some of them need to be shipped from Henan and other places. The sale of coke is mainly for Sha Steel and Ma Steel. "The upstream raw materials and downstream customers of the company's coking coal are all our shareholder units, so futures trading is not very conducive to our sales," said Zhao Yeming.

Shandong Rongxin Coal Chemical Co., Ltd. is a coking company with an annual output of 2.4 million tons of rammed coke. The company’s general manager Si Xiangfang told reporters that the company’s current coke sales are good, so there is not much focus on the coke futures.

Li Deyin, manager of Shandong Weishan Tongtai Coal Coking Co., Ltd., said: “In the past, the futures launched by steel had a great deal with the expectations of iron and steel companies. The current status of the coking industry in the country is obvious to all. Whether or not futures can reverse the pattern of coking enterprises can be achieved. There is no way to make a judgment on the expectations of coking enterprises. Coke companies cannot benefit from having a paid trading platform, which is a big concern for coking companies."

Yang Li, Manager of Shandong Jining Shengfa Coking Co., Ltd., believes that: “With the promotion of the Shandong Coking Association, Shandong Coking Enterprises will unify their thinking and act in unison on the coke futures market. We believe that there will be a lot to do in coke futures, but the current Coking companies are on a wait-and-see attitude. Can coke futures really solve the problems of lower coke prices, shutdowns, and overcapacity?

Due to severe overcapacity in the coking industry, the Shandong Coking Industry Association assumed an important responsibility after the establishment of the coking coal market in Shandong. According to the market conditions, the association shall issue a notice of price adjustment or limited production to member companies every month to avoid serious oversupply. Under the coordination of the association, the coking industry in Shandong maintained a good momentum of development in 2010. The annual industrial added value was 22.8 billion yuan, an increase of 15.9% year-on-year, and the product sales revenue was 93.2 billion yuan, a year-on-year increase of 25.6%.

Guo Lingling said: "Scoking companies in Shandong Province belong to the production enterprises and do not have the right to futures trading. Just like stocks, they have certain financing functions, but they cannot change the stock market ups and downs."

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