規(guī)避原料風(fēng)險(xiǎn)促聚酯產(chǎn)業(yè)健康持續(xù)發(fā)展
在國(guó)民經(jīng)濟(jì)持續(xù)快速增長(zhǎng)的大環(huán)境下,我國(guó)聚酯產(chǎn)業(yè)鏈得到了長(zhǎng)足發(fā)展,旺盛的需求拉動(dòng)產(chǎn)能、產(chǎn)量快速增長(zhǎng)。但近年原油價(jià)格大幅飆升,乙二醇、PTA等聚酯原料的利潤(rùn)不斷壓縮;國(guó)內(nèi)原料供給嚴(yán)重不足,大量依賴(lài)進(jìn)口的態(tài)勢(shì)不僅為我國(guó)聚酯生產(chǎn)帶來(lái)了原料安全問(wèn)題,也使得我國(guó)在國(guó)際市場(chǎng)上缺失價(jià)格話(huà)語(yǔ)權(quán);經(jīng)營(yíng)機(jī)制靈活的聚酯民營(yíng)企業(yè)的日益崛起,使得原料短缺問(wèn)題更為突出。我國(guó)獨(dú)有的PTA期貨上市為市場(chǎng)相關(guān)各方提供了一種有效的避險(xiǎn)工具……
聚酯主要原料毛利率回落
中國(guó)石化集團(tuán)公司經(jīng)濟(jì)技術(shù)研究院 駱紅靜
●聚酯主要原料產(chǎn)量大幅增長(zhǎng)
2007年國(guó)內(nèi)聚酯供應(yīng)量達(dá)1915萬(wàn)t,較2006年凈增320 萬(wàn)t,增幅達(dá)21.6%。聚酯的快速發(fā)展也帶動(dòng)了原料的急速發(fā)展,2002~2007年,主要聚酯原料PTA產(chǎn)能年均增幅達(dá)27.2%,乙二醇(EG)產(chǎn)能年均增幅達(dá)15.2%。
2002~2007年,國(guó)內(nèi)PTA產(chǎn)量從242萬(wàn)t猛增至954萬(wàn)t,年均增幅達(dá)31.6%,遠(yuǎn)高于同期PTA產(chǎn)能的增長(zhǎng),開(kāi)工率升至91.8%。在此期間,PTA的凈進(jìn)口量仍不斷增加,從430萬(wàn)t增至699萬(wàn)t,年均增幅達(dá)10.2%,自給率從36%提高至58%。
2002~2007年,我國(guó)EG產(chǎn)量從90.6萬(wàn)t增至179萬(wàn)t,年均增幅達(dá)14.6%,略低于同期產(chǎn)能的增長(zhǎng),開(kāi)工率降至80%。在此期間,EG的凈進(jìn)口量快速增加,從211萬(wàn)t增至480萬(wàn)t,年均增幅達(dá)17.8%,自給率從30%下降至27%。
●毛利率逐漸回落
1.供應(yīng)增加使PTA毛利下跌
近年P(guān)TA的毛利水平不斷下滑。1999~2004年石腦油價(jià)格年均漲幅達(dá)16%,同期對(duì)二甲苯(PX)價(jià)格年均漲幅為17%;PTA價(jià)格年均漲幅為13%,毛利年均漲幅為6%。從2004年開(kāi)始,PTA價(jià)格上漲幅度明顯低于PX和石腦油漲幅,毛利水平迅速滑落;至2007年底,國(guó)際石腦油價(jià)格年均漲幅達(dá)22.4%,而同期PX、PTA價(jià)格漲幅僅為12%及5%,PTA毛利水平由220美元/t降至110美元/t,年均下降幅度達(dá)19.4%。
供應(yīng)量增多是促使PTA毛利下滑的主因。1999~2007年,全球PTA產(chǎn)能增幅超過(guò)10%,致使其毛利出現(xiàn)較大滑落。近3年來(lái),由于PTA供應(yīng)的快速增加,使得原油價(jià)格上漲壓力向下游傳導(dǎo)困難。
國(guó)內(nèi)供應(yīng)增速加快是拖累PTA毛利大幅下滑的另一誘因。2004~2007年,我國(guó)PTA產(chǎn)能年均增幅達(dá)33%,遠(yuǎn)高于全球平均水平,致使國(guó)內(nèi)PTA毛利呈振蕩下行之勢(shì)。尤其2007年底受供需失衡影響,PTA毛利暴跌。
2. EG價(jià)格漲幅趨緩
2005~2006 年上半年國(guó)內(nèi)外EG價(jià)格走勢(shì)基本趨同,EG的價(jià)格及毛利水平與乙烯價(jià)格關(guān)聯(lián)比較密切, 而乙烯的價(jià)格波動(dòng)則與乙烯裝置開(kāi)工率關(guān)聯(lián)性較大:一般乙烯開(kāi)工率低于90%時(shí),乙烯價(jià)格會(huì)處于一個(gè)下降階段,相應(yīng)的EG價(jià)格及毛利也較低;而乙烯開(kāi)工率高于90%時(shí),EG價(jià)格及毛利則較好。
2004~2006年,全球新增EG產(chǎn)能集中投產(chǎn),使得此期間EG供應(yīng)處于相對(duì)過(guò)剩的局面,EG價(jià)格及毛利進(jìn)入谷底,但受成本及需求支撐,仍高于上一谷底水平。2007 年受供應(yīng)不足、消息炒作的影響,EG價(jià)格擺脫乙烯的影響,獨(dú)立上行,毛利隨之好轉(zhuǎn)。
●未來(lái)聚酯原料毛利變化趨勢(shì)
1. PTA供應(yīng)趨于過(guò)剩,毛利處于低水平
隨著全球PTA新建裝置的不斷投產(chǎn),未來(lái)幾年供應(yīng)過(guò)剩跡象將趨明顯。預(yù)計(jì)未來(lái)原油價(jià)格將呈下降趨勢(shì),受原料成本下降及供需過(guò)剩的雙重?cái)D壓,未來(lái)PTA的毛利水平將長(zhǎng)期處于低位。
2. EG供應(yīng)增速明顯加快,毛利緩慢回落
未來(lái)全球EG的能力新增速度明顯超過(guò)需求的增長(zhǎng),開(kāi)工率將長(zhǎng)期低于80%。受乙烯資源競(jìng)爭(zhēng)性影響,EG的毛利雖然會(huì)回落,但回落速度較緩和。
3. 聚酯鏈將尋求新的平衡點(diǎn)
盡管未來(lái)全球經(jīng)濟(jì)仍將增長(zhǎng)、原油價(jià)格也將高位回落,但世界聚酯鏈產(chǎn)品都將處于供需相對(duì)過(guò)剩的局面,這也使得產(chǎn)業(yè)鏈上的各品種毛利水平不容樂(lè)觀。未來(lái)聚酯鏈上的各產(chǎn)品將重新尋求新的贏利平衡點(diǎn)。
PTA:民營(yíng)企業(yè)崛起自給率不斷提升
中國(guó)化工信息中心咨詢(xún)部 方巍
●裝置開(kāi)工率起伏大
2003~2007年全球PTA產(chǎn)能年均增速達(dá)14.7%,產(chǎn)量增速約7%;2007年世界PTA產(chǎn)能為5124.5萬(wàn)t/a,產(chǎn)量4597.0萬(wàn)t。預(yù)計(jì)至2011年世界PTA產(chǎn)量年均增長(zhǎng)率在6%左右。過(guò)去5年全球PTA的開(kāi)工率保持在90%以上的較高水平,但由于下游產(chǎn)品需求放緩,開(kāi)工率緩慢下降。未來(lái)隨著擴(kuò)能速度減慢,開(kāi)工率有所上升,預(yù)計(jì)2011年在88%左右。
●自給率提升
2007年我國(guó)有PTA生產(chǎn)企業(yè)14家,總產(chǎn)能達(dá)1029.9萬(wàn)t/a,其中中石化占29%,中石油占8%。近幾年由于眾多民營(yíng)企業(yè)的崛起和外資企業(yè)的建立,國(guó)內(nèi)原料PX的嚴(yán)重供不應(yīng)求,進(jìn)口量激增。2002~2007年我國(guó)PTA的產(chǎn)能及產(chǎn)量快速增長(zhǎng),2007年自給率首次超過(guò)50%(見(jiàn)表1)。
2007年我國(guó)PTA進(jìn)口量為698.8萬(wàn)t。預(yù)測(cè)未來(lái)5年我國(guó)PTA的產(chǎn)能及產(chǎn)量年均增長(zhǎng)率在16%以上,自給率將不斷提高,到2012年進(jìn)口量將降至300萬(wàn)t。
表2 近年我國(guó)PTA生產(chǎn)、消費(fèi)及開(kāi)工率變化情況 萬(wàn)t
|
年份 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
|
產(chǎn)能/萬(wàn)t·a-1 |
329.5 |
437.5 |
483.5 |
602.5 |
871.5 |
1029.9 |
|
產(chǎn)量 |
245.2 |
394.8 |
442.9 |
565.0 |
612.0 |
900.0 |
|
開(kāi)工率/% |
74 |
90 |
92 |
94 |
70 |
87 |
|
凈進(jìn)口量 |
429.7 |
454.2 |
571.5 |
649.1 |
700.4 |
698.8 |
|
表觀消費(fèi)量 |
674.9 |
849.0 |
1014.4 |
1214.1 |
1312.4 |
1598.8 |
|
自給率/% |
36.0 |
46.0 |
44.0 |
46.0 |
47.0 |
56.3 |
乙二醇:產(chǎn)不足需 未來(lái)挑戰(zhàn)與機(jī)遇并存
中國(guó)化工信息中心咨詢(xún)部 程麗鴻
2001~2007年全球乙二醇產(chǎn)能年均增速達(dá)4.3%,2007年達(dá)1940.8萬(wàn)t/a,總消費(fèi)量為1760萬(wàn)t,其中亞洲、北美和西歐3個(gè)地區(qū)是最主要的消費(fèi)地區(qū),合計(jì)達(dá)1564萬(wàn)t,約占世界總消費(fèi)量的89%。乙二醇約82%用于生產(chǎn)聚酯,10%用于生產(chǎn)防凍液,8%用于生產(chǎn)化工中間體、醇酸樹(shù)脂等其他產(chǎn)品。由于下游聚酯對(duì)乙二醇的需求不斷增長(zhǎng),預(yù)計(jì)到2011年世界乙二醇的消費(fèi)量約為2188萬(wàn)t。
●進(jìn)口貨沖擊國(guó)內(nèi)市場(chǎng)
目前我國(guó)共有乙二醇生產(chǎn)企業(yè)12家,總產(chǎn)能為230.4萬(wàn)t/a。2007年乙二醇產(chǎn)量178.8萬(wàn)t,進(jìn)口480萬(wàn)t,出口0.2萬(wàn)t,表觀消費(fèi)量659萬(wàn)t。其中聚酯行業(yè)消費(fèi)乙二醇637萬(wàn)t,占總消費(fèi)量的96.7%。
雖然國(guó)內(nèi)乙二醇產(chǎn)能和產(chǎn)量增長(zhǎng)較快,仍不能滿(mǎn)足聚酯行業(yè)日益增長(zhǎng)的需求,每年都需大量進(jìn)口,且呈逐年增加態(tài)勢(shì)。多家企業(yè)計(jì)劃新建或擴(kuò)建乙二醇生產(chǎn)裝置,2009~2010年我國(guó)將新增產(chǎn)能221萬(wàn)t/a,其中已通過(guò)審批的161萬(wàn)t/a。預(yù)計(jì)2011年我國(guó)乙二醇產(chǎn)能將達(dá)到450萬(wàn)t/a,消費(fèi)量將達(dá)到800萬(wàn)t,供應(yīng)不足仍較嚴(yán)重。
雖然我國(guó)乙二醇供不應(yīng)求,但從總體上看,世界乙二醇產(chǎn)能已經(jīng)出現(xiàn)過(guò)剩態(tài)勢(shì)、多家國(guó)外生產(chǎn)商將目光轉(zhuǎn)向亞洲,搶占我國(guó)乙二醇市場(chǎng)份額。除加拿大、美國(guó)和日本這些傳統(tǒng)向我國(guó)出口乙二醇的國(guó)家外,沙特以其廉價(jià)的乙烷原料為基礎(chǔ)生產(chǎn)的乙二醇,其在我國(guó)市場(chǎng)的份額正在迅速增加。此外,中國(guó)臺(tái)灣很多企業(yè)也看好大陸市場(chǎng)。多方?jīng)_擊將使我國(guó)乙二醇生產(chǎn)企業(yè)面臨嚴(yán)峻的挑戰(zhàn)。
●提升技術(shù)水平 拓展應(yīng)用途徑
?。?)國(guó)內(nèi)企業(yè)應(yīng)加快采用先進(jìn)技術(shù)對(duì)現(xiàn)有乙二醇生產(chǎn)裝置進(jìn)行挖潛改造,擴(kuò)大裝置的生產(chǎn)規(guī)模,加強(qiáng)技術(shù)管理,降低生產(chǎn)成本,提高產(chǎn)量和質(zhì)量。此外,建議考慮引進(jìn)30萬(wàn)t/a以上的大型乙二醇生產(chǎn)裝置。
(2)我國(guó)乙二醇裝置均采用環(huán)氧乙烷直接水合法工藝,能耗和物耗等技術(shù)指標(biāo)與國(guó)際還存在較大差距。目前,環(huán)氧乙烷催化水合法可以大大降低水比,節(jié)省能耗,降低成本;用碳酸二甲酯、乙二醇聯(lián)產(chǎn)工藝代替環(huán)氧乙烷直接水合工藝,在現(xiàn)有環(huán)氧乙烷生產(chǎn)裝置內(nèi),只需增加二氧化碳和甲醇兩種原料就可以生產(chǎn)乙二醇和碳酸二甲酯兩種化工產(chǎn)品,可作為今后乙二醇生產(chǎn)發(fā)展的方向。
?。?)我國(guó)下游紡織業(yè)頻繁遭遇貿(mào)易摩擦,如果聚酯生產(chǎn)受阻,必將對(duì)國(guó)內(nèi)乙二醇產(chǎn)業(yè)造成打擊。美國(guó)、西歐和日本的一些乙二醇生廠商已經(jīng)開(kāi)始致力于環(huán)氧乙烷衍生物的市場(chǎng)開(kāi)發(fā),建議國(guó)內(nèi)企業(yè)以此為鑒,改變乙二醇用途單一的局面,以規(guī)避未來(lái)的市場(chǎng)風(fēng)險(xiǎn)。
PTA期貨:助力產(chǎn)業(yè)與金融融合夯實(shí)行業(yè)競(jìng)爭(zhēng)力
國(guó)泰君安證券股份有限公司 齊明亮
PTA期貨于2006年12月18日在鄭州商品交易所上市,使PTA市場(chǎng)流動(dòng)性顯著提高,市場(chǎng)發(fā)展的基礎(chǔ)逐漸鞏固,期貨市場(chǎng)價(jià)格發(fā)現(xiàn)和規(guī)避風(fēng)險(xiǎn)的功能逐步顯現(xiàn)。
●標(biāo)引現(xiàn)貨市場(chǎng)價(jià)格
PTA期貨上市3個(gè)月后,期貨價(jià)格與現(xiàn)貨價(jià)格的相關(guān)系數(shù)即達(dá)到0.979?,F(xiàn)貨市場(chǎng)對(duì)PTA期貨有了更深入的了解,投資者也對(duì)PTA期貨的認(rèn)知程度不斷提高,期貨與現(xiàn)貨價(jià)格的相關(guān)性有了顯著改善。
期貨、現(xiàn)貨價(jià)格相互影響的跡象越來(lái)越顯著,更值得關(guān)注的是,在大行情來(lái)臨之前,期貨價(jià)格作為遠(yuǎn)期價(jià)格指標(biāo),能夠更快地消化現(xiàn)貨市場(chǎng)信息,促使期貨價(jià)格領(lǐng)先于現(xiàn)貨價(jià)格而變化。PTA期貨價(jià)格分別于2006年12月末、2007年2月上旬及2007年7月三次提前半個(gè)月、45天、2天領(lǐng)跌、領(lǐng)漲現(xiàn)貨行情,反應(yīng)時(shí)間明顯縮短。
此外,PTA期貨對(duì)聚酯化纖行業(yè)也產(chǎn)生了實(shí)質(zhì)性影響?,F(xiàn)貨企業(yè)定單價(jià)格已經(jīng)開(kāi)始參考鄭州期貨價(jià)格,逐步改變了原來(lái)現(xiàn)貨市場(chǎng)的價(jià)格定價(jià)機(jī)制。PTA期貨合約上市前,浙江部分化纖企業(yè)的采購(gòu)原料價(jià)格經(jīng)常是無(wú)依據(jù)可言,給企業(yè)經(jīng)營(yíng)帶來(lái)相當(dāng)大的風(fēng)險(xiǎn)。PTA期貨合約上市后,企業(yè)逐漸意識(shí)到了期貨市場(chǎng)特有的價(jià)格發(fā)現(xiàn)功能。當(dāng)企業(yè)對(duì)PTA價(jià)格未來(lái)走勢(shì)出現(xiàn)分歧時(shí),就會(huì)在期貨市場(chǎng)上少量買(mǎi)入幾千噸,經(jīng)過(guò)兩三個(gè)交易日后,如果期貨市場(chǎng)上贏利了,證明當(dāng)初判斷是正確的,就開(kāi)始在現(xiàn)貨市場(chǎng)上大量采購(gòu);反之,就證明決策是逆市場(chǎng)而為,公司馬上會(huì)降低庫(kù)存,或與供應(yīng)商就采購(gòu)價(jià)格重新談判。
●逐步成為現(xiàn)貨市場(chǎng)的“蓄水池”
2007年6月以來(lái),受出口退稅下調(diào)、匯率升值等因素的影響,整個(gè)化纖行業(yè)對(duì)下游紡織環(huán)節(jié)銷(xiāo)售不暢的擔(dān)心越來(lái)越重。此時(shí),國(guó)內(nèi)產(chǎn)量不斷增加,而進(jìn)口量不降反升,整個(gè)市場(chǎng)暫時(shí)出現(xiàn)供大于求的局面。PTA價(jià)格出乎行業(yè)的意料,出現(xiàn)旺季不旺、長(zhǎng)期下跌的走勢(shì)。為了規(guī)避市場(chǎng)價(jià)格下跌的風(fēng)險(xiǎn),生產(chǎn)企業(yè)、消費(fèi)企業(yè)、貿(mào)易商等PTA相關(guān)現(xiàn)貨企業(yè)積極參與期貨市場(chǎng)套期保值。
PTA期貨市場(chǎng)為整個(gè)現(xiàn)貨行業(yè)的避險(xiǎn)效果可以通過(guò)倉(cāng)單注冊(cè)量進(jìn)行簡(jiǎn)單的測(cè)算。截至2007年12月7日,注冊(cè)倉(cāng)單量創(chuàng)歷史新高達(dá)50410手,有效預(yù)報(bào)3343手,折合26.9萬(wàn)t PTA。如以8000元/t的價(jià)位進(jìn)行賣(mài)出套保,7000元/t的價(jià)位平倉(cāng)結(jié)束套保,中間就有1000元/t的套保盈利,至少可以為聚酯行業(yè)規(guī)避掉2.69億元的市場(chǎng)風(fēng)險(xiǎn)。因此,期貨市場(chǎng)逐步成為現(xiàn)貨市場(chǎng)的“蓄水池”,起到規(guī)避現(xiàn)貨市場(chǎng)價(jià)格波動(dòng)風(fēng)險(xiǎn)的作用。
隨著期貨價(jià)格的調(diào)整,這些倉(cāng)單遲早會(huì)進(jìn)入化纖廠,也會(huì)有更多化纖廠入市接貨,屆時(shí)PTA期貨會(huì)更活躍,期貨套期保值和發(fā)現(xiàn)價(jià)格的功能會(huì)進(jìn)一步顯現(xiàn)。

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源自1925年的信賴(lài)
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