| With the "Carbon Peak" goal proposed,the policy risks of steel industry have increased.At the same time,the international environment is unstable,the price of ferrous metals change faster.It is necessary for steel smelters to manage price risks.Futures can realize the function of avoiding the risk of price fluctuations.The futures market of ferrous metal is sound,steel smelters can use futures to avoid price risks.However,according to market research and horizontal comparison,Steel smelters are not active in using futures.This thesis analyzes the reasons for the above problems and give suggestions.In term of the corporate system,the hedging system of iron and steel enterprises is not perfect.Steel smelters have neither prepared hedging strategies in advance,nor a perfect organizational framework and risk warning mechanism when they participate in hedging.In term of operations,the trading cycle and trading target of the futures market and the spot market are different,there is no suitable futures contract to choose when steel companies participate in hedging.The basis of ferrous metals fluctuates very sharply.Therefore,the hedging effect is not good.To deal with these problems,this thesis designed hedging strategies based on the risk of iron and steel enterprises.Together,this thesis provided suggestions for improvements on the organizational framework and risk management process based on the requirements of exchanges and the actual situation of iron and steel enterprises.In addition,it is recommended that companies should adapt to the market environment and actively adjust strategies for participating in hedging.It is necessary for the exchanges to adjust standardized contracts to bring contracts closer to the spot.This thesis analyzes the issues of steel companies participating in hedging and puts forward suggestions for improvement.The countermeasures mentioned in the thesis also have reference significance for other steel companies. |
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