The China Securities Regulatory Commission recently approved the Shanghai Futures Exchange ("the last issue") to trade the pulp futures contract on November 26, 2018.
China is the most important growth market in the global paper industry. In 2017, China's paper and paperboard production and consumption ranked first in the world, accounting for about a quarter of the global total. Pulp is an important raw material for the paper industry. China's paper industry has a long industrial chain, and there are many participants in the pulp market. In recent years, due to multiple factors, pulp prices fluctuated greatly, and the production and operation of related industries were greatly affected. Market participants called for the introduction of pulp futures.
The data shows that in 2017, China's papermaking and paper products enterprises above designated size totaled 6,681, and the income from the main business of the whole industry was 1.52 trillion yuan. In 2017, China's total pulp production (including wood pulp, non-wood pulp and waste paper pulp) was 79.49 million tons, and apparent consumption was 105.1 million tons, of which wood pulp production was 10.5 million tons and consumption was 31.52 million tons. The apparent consumption of bleaching needle pulp in wood pulp is 8.15 million tons. Due to its long fiber length, high tear strength and good tensile strength, the bleaching needle pulp has a prominent position in the pulp market. The circulation is diversified and the price is widely representative. Therefore, it was taken as the subject of the first pulp futures contract.
The relevant person in charge of the previous period said that after the pulp futures were listed, it would help to form an open and transparent pricing mechanism for the pulp market and provide effective risk management tools for upstream and downstream enterprises in the industrial chain.
Editor in charge: Zheng
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