In the design of contracts, we have designed relevant standards of quality promotion and discount according to the production requirements of steel mills, but at present, when the price fluctuates, the degree of entry of mainstream and non-mainstream minerals into the market will also be different, which may affect the market price to a certain extent. Therefore, in order to avoid the impact of non-mainstream mines on market prices, we are trying to introduce a brand delivery system on bulk goods. At the 2009 iron ore international market seminar held on June 4, Wang Shumei, deputy director of industrial products division of Dalian Commodity Exchange, said that the innovation of iron ore business system of DCE was moving to a new height.

International influence of iron ore futures
Wang Shumei said that since the listing of iron ore futures, the variety has always maintained a high liquidity. From listing to May 2019, the cumulative unilateral turnover of iron ore futures was 1.378 billion; the average daily turnover rate was maintained at 1%-1.5% over the years, and the market liquidity was reasonable; the average daily turnover in 2019 was 1.049 million, and the average daily open interest was 0.76 million; the total number of customers involved in the transaction was 0.74 million, and the total number of legal person was more than 20,000.
The position of legal person remains stable in a relatively high proportion. According to statistics, in 2019, the average daily open interest of legal person participating in iron ore trading accounted for 45.65%. Among legal person customers, more than 1000 steel mills, mines and traders participate in iron ore futures trading. "Although there are more legal person customers in the iron ore market at present, compared with the soybean industry, the participation of legal person customers in the iron ore futures market needs to be further improved." She pointed out.
The correlation of iron ore spot price and the effect of hedging continue to be good. Since listing until the end of May 2019, the correlation between current and future prices of iron ore has remained above 0.95, and the linkage between domestic and foreign prices has been increasing. Since 2015, the hedging efficiency of iron ore futures has basically maintained at about 80%, which can effectively evade risks for industrial customers.
The physical delivery of iron ore futures is relatively smooth, the futures price at maturity returns effectively, and the bonded delivery is implemented smoothly. Since listing until the end of May 2019, iron ore futures have delivered 6.05 million tons, with a delivery ratio of less than 0.005%, roughly equivalent to that of international mature futures. The main delivery sites are East China Port, and the main types are mainstream mines. "After the internationalization of iron ore futures, domestic enterprises have been able to carry out spot arbitrage and delivery more skillfully in the iron ore futures market, but there is still room for international investors to improve their understanding of physical delivery. In fact, iron ore should be the largest single-contract delivery of all the listed varieties. The delivery system has undergone a huge amount of delivery test. Wang Shumei also said that, at present, the iron ore futures base spread continues to be relatively stable, and the futures settlement price can effectively converge before the expiration of the contract; after internationalization, seven iron ore contracts have been delivered, and the delivery base spread is basically the same as before internationalization. Of course, in the process of the internationalization of iron ore futures, some problems have also been found by DCE. At present, the relevant work is being actively promoted.
In addition, the international influence of iron ore futures is steadily increasing. From listing to May 2019, 132 overseas customers have opened accounts, mainly from Hong Kong, Singapore, the United Kingdom and other countries or regions. More than 250 enterprises with foreign investment background have opened accounts, accounting for 19% of legal person customers, including some international mines. The scale ratio of domestic and foreign market transactions has remained at a high level, and the Dalian iron ore futures market continues to maintain its position as the world's largest iron ore derivatives market.
Overall, she believes that the iron and steel industry chain has established a relatively complete derivatives market, but there is still much room for iron and steel enterprises to participate in the derivatives market; actively participating in and using the derivatives market is conducive to enterprises to avoid risks in the complex and changeable economic and trade situation. According to statistics, in 2018, the iron ore base trade volume based on Dalian iron ore futures price has exceeded 10 million tons.
It is understood that in the optimization of related business related to the internationalization of iron ore futures, Dalian Commodity Exchange issued the "Appropriateness Management Measures for Futures Traders" in late May to optimize the investor appropriateness system. At the same time, since the beginning of this year, the scope of overseas open accounts has been further expanded, the efficiency of opening capital account (NRA) has been constantly improved, the efficiency of profit exchange has been constantly optimized, and the market supervision has been continuously strengthened. "If foreign mines can participate more actively in the process of internationalization of iron ore futures, then the global iron ore price formation mechanism will be more perfect, and the relationship between supply and demand will be more fully reflected." Wang Shumei is full of confidence in iron ore futures market.

Wang Shumei disclosed that the DCE are actively carrying out institutional innovation related to iron ore derivatives.
One is to enrich investment derivatives instruments. In December 2018, the commodity swap business of DCE was launched; at present, the listing of iron ore options is continually advancing. At the same time, under the guidance of the SFC, more listed products will also be open to foreign investors.
The second is to increase the participation path of overseas customers. Business firms are actively studying QFII/RQFII, interconnection and other foreign customer introduction mechanisms, while exploring contract plug-in and other cooperation modes.
Third, promote the implementation of the brand delivery system and stabilize the price representativeness of futures contracts. It is understood that under different market conditions, the profit changes of the subject matter will lead to changes in the economy of steel mills using certain iron ore, and in the design of contracts, the exchange needs to consider such changes. At present, all iron ore that meets the quality standards of DCE can be used for delivery, but after the implementation of the brand delivery system, only the brand iron ore identified by the DCE can be used for delivery. This can make the representativeness of iron ore futures prices in DCE more stable. It is understood that the seven minerals initially selected include six imported minerals such as PB powder, Newman powder, BRBF and one domestic mineral concentrate from Hegang Mining Industry. Ultimately, DCE hope that futures prices can comprehensively reflect the quality differences, market preferences, mineral liquidity and other information, but this process needs to be evaluated repeatedly.
Fourth, DCE will activate contracts in recent months and strengthen the continuity of contracts. For example, we will continue to cultivate warehouse receipt service providers and futures traders to increase the volume of non-main contracts. It is understood that the average daily turnover of iron ore 1907 contracts reached 86,000 hands in May. In addition, DCE are trying to reduce the monthly margin of delivery (down 50%) by using iron ore varieties as an attempt to better promote the docking of futures and spot.

Fifth, accelerate the process of market cultivation. For example, we will actively promote the establishment of offshore branches and overseas registration, promote the signing of MOU (Memorandum of Understanding) by offshore institutions, and build sound technology systems, delivery systems and market service networks that can radiate the whole world.

当铁矿石期货越来越国际化

“在设计合约时，我们曾经按照钢厂的生产要求，设计了相关的质量升贴水标准，但目前来看，在矿价波动时，主流矿与非主流矿进入市场的程度还会产生差异，这有可能在一定程度上影响市场价格。因此，为了避免非主流矿对市场价格产生的影响，我们正在尝试在散堆散放的货物上推出品牌交割制度。”在6月4日举办的2019铁矿石国际市场研讨会上，大连商品交易所工业品事业部副总监王淑梅表示，大商所铁矿石业务制度创新正在走向新高度。

铁矿石期货的国际影响力提升
王淑梅表示，自铁矿石期货上市以来，该品种始终保持了较高的流动性。上市以来至2019年5月份，铁矿石期货单边累计成交13.78亿手；历年日均换手率维持在1%~1.5%，市场流动性较为合理；2019年日均成交量为100.49万手，日均持仓量为75.67万手；参与交易的总客户数累计为73.85万户，法人客户累计为2万余户。
法人持仓持续稳定在较高比例。据统计，2019年，参与铁矿石交易的法人客户日均持仓占比为45.65%。法人客户中，参与铁矿石期货交易的钢厂、矿山、贸易商达1000余户。“尽管目前铁矿石市场的法人客户已经较多，但是与大豆产业相比，铁矿石期货市场的法人客户参与度还需进一步提高。”她指出。
铁矿石期现价格相关性和套保效果持续较好。上市以来至2019年5月底，铁矿石期现价格相关性维持在0.95以上，境内外价格联动性日益增强。2015年以来，铁矿石期货套保效率基本维持在80%左右，能够有效为产业客户规避风险。
铁矿石期货实物交割较为顺畅，到期期货价格有效回归，保税交割平稳实施。上市以来至2019年5月底，铁矿石期货累计交割605万吨，交割比率不足0.005%，大致与国际成熟期货品种交割比率相当。交割地点以华东港口为主，交割矿种以主流矿为主。“在铁矿石期货国际化之后，国内企业已经能够较熟练地在铁矿石期货市场进行期现套利和交割，但国际投资者在实物交割方面的认知还有提高空间。而事实上，铁矿石应该是所有上市品种中单合约交割量最大的品种，交割制度已经经历了巨大交割量的检验。”王淑梅还表示，目前，铁矿石期货基差持续较为稳定，期货结算价在合约到期前能够有效收敛；国际化后，铁矿石共有7个合约发生交割，交割基差与国际化前基本持平。当然，铁矿石期货国际化的过程中，大商所也发现一些问题，目前相关工作正在积极推进。
此外，铁矿石期货的国际影响力正稳步提升。上市以来至2019年5月份，已开户的境外客户共132家，主要来自于我国香港、新加坡、英国等国家或地区。有外资背景的企业开户交易的已有250余家，其成交量占法人客户成交量的比例达到19%，包括部分国际矿山。境内外市场交易规模比率始终维持在高位，大连铁矿石期货市场持续保持全球最大铁矿石衍生品市场的地位。
总体来看，她认为，钢铁行业产业链已经建立了相对完整的衍生品市场，但是，钢铁企业在衍生品市场的参与度仍有很大的提升空间；积极参与和利用衍生品市场，有利于企业在复杂多变的经济、贸易形势中规避风险。据统计，2018年，以大商所铁矿石期货价格为基准的铁矿石基差贸易量已经超过1000万吨。
据了解，在铁矿石期货国际化相关业务的优化方面，大商所5月末发布《大连商品交易所期货交易者适当性管理办法》，优化投资者适当性制度。同时，今年初以来，境外可开户客户范围进一步扩大，资金账户(NRA)开立效率不断提升；盈利换汇效率不断优化；市场监管不断增强。“如果国外矿山可以更加积极地参与到铁矿石期货国际化进程中，那么，全球铁矿石价格形成机制就将更完善，就更能充分体现供需关系。”王淑梅对铁矿石期货市场充满信心。
铁矿石衍生品将更加贴近交易本身
王淑梅透露，大商所正在积极开展与铁矿石衍生品相关的制度创新工作。
一是丰富可投资衍生品工具。2018年12月份，大商所商品互换业务已上线；目前，铁矿石期权上市工作正在持续推进中。同时，在证监会的指导下，更多的已上市品种也将对境外投资者开放。
二是增加境外客户参与路径。大商所正在积极研究QFII/RQFII、互联互通等境外客户引入机制，同时探索合约外挂等合作模式。
三是推动品牌交割制度实施，稳定期货合约价格代表性。据了解，不同市场情况下，标的物的利润变化会导致钢厂使用某种铁矿石的经济性发生变化，而在设计合约时，交易所需要考虑这种变化。目前，所有符合大商所交割质量标准的铁矿石都可以用于交割，但在实行品牌交割制度后，只有大商所认定的品牌铁矿石才可以用于交割。这可以使得大商所铁矿石期货价格的代表性更加稳定。据了解，初步选定的7个矿种中包括PB粉、纽曼粉、BRBF等6个进口矿种，以及河钢矿业精粉1个国产矿种。最终，大商所希望期货价格能够综合反映出各矿种的质量差异、市场偏好、矿种流动性等信息，但这一过程还需要反复评估。
四是大商所将在活跃近月合约、加强合约连续性等方面做工作。例如，继续培育仓单服务商、期货交易商，提高非主力合约成交量。据了解，铁矿石1907合约5月份日均成交量达到双边8.6万手。此外，大商所正在研究以铁矿石品种作为尝试，降低交割月交易保证金(下降50%)的相关制度，以更好地促进期货和现货的相互对接。
五是加快推进市场培育进程。例如，积极推动境外设立分支机构和境外注册，推进境外机构MOU(谅解备忘录)签订，构建完善的、能辐射全球的技术系统、交割系统和市场服务网络等。