各方高度警惕 担心钢贸骗贷再现 All parties fully alert about steel trade cheat loan

　　融资铜越发像个“堰塞湖”。

Financing more like a brass"The lake".

　　随着进口亏损导致成本加大，诸多投资领域景气欠佳，热衷以进口铜融资的企业，以往即便在铜买卖上小有亏损，也能通过其他渠道得到弥补，但如今的还款能力愈发令人担忧。不仅如此，国内铜库存总量已创10年新高，一旦巨量融资铜猛兽出笼，将对铜市带来重创。

With imported losses lead to cost increase,Many investment boom,Keen to import copper financing of enterprises,In the past even if a little loss in the copper business,Can also through other channels,But now the reimbursement ability more worrying.Not only that,Domestic copper stock has record of 10 years,Once the huge financing copper minks beast,Takes a heavy toll of copper city.

　　“钢贸骗贷的故事完全有可能在铜融资重演！”业内人士近日发出警告。

"Steel trading cheat loan financing repeat the story may be copper!"The personage inside course of study has warned.

　

　融资铜这样炼成 Financing copper so tried

　　“如果以三个月伦铜期价为参照，在约定的时间内、比如本周，于伦敦金属市场上做一个买入交易，购入200吨伦铜，对应报价若为每吨7780美元，合计则为155.6万美元。按约定的美元兑人民币1:6.24计算，约合971万元。加上LME现货升贴水，运费，保险费和报关等杂费。假设现货升贴水为20美元，运保费一般为50美元，杂费为100元。最终每吨进口花费为（7780+20+50）×1.17×6.24+100=58871元。200吨总花费就是1177.42万元。”一位期货业内人士如是介绍铜融资过程中常见的点价模式。

"If in three months Aaron copper QiJia for reference,At the appointed time/Such as this week,In London metal to make a purchase transaction in the market,Buy 200 tons of copper Aaron,Corresponding offer for $7780 per ton,Total is $1.556 million.According to the agreed for the us dollar against renminbi. 24,About 9.71 million yuan.Add LME cash discount,The freight,Insurance premium and miscellaneous fees such as customs.Assumption that the spot/discount for $20,The premium is $50,Miscellaneous fees for 100 yuan.The final import cost for per ton(7780 + 20 + 50)X 1.17 x 6.24 + 100 = $58871.200 tons of total cost is 11.7742 million yuan."A futures copper financing process are introduced in the personage inside course of study if the common points in price mode.

　　凭着这份进口合同，融资人通过交付交易总额1%-1.5%的信用证开证费（企业的信誉越好，信用证开证费越低，甚至为0），交付交易总额20%-30%的保证金，就可以向银行申请一张信用证，承兑期一般为180天。然后，银行垫付资金给国外贸易商。一般一个月左右，200吨进口铜到达上海外高桥(600648,股吧)保税区。

With the import contract,Financiers trade through delivery of total 1% - 1.5% of the l/c issuing bank fee(The credit of the enterprise, the better,The l/c issuing bank fee is lower,It is even 0),Delivery trading margin of 20% 30% of the total,You can apply for a l/c to the bank,Acceptance period is 180 days.then,Bank paying money to foreign trade business.In general a month or so,Shanghai waigaoqiao import 200 tons of copper arrived(600648,Shares!)Free trade zone.

　　因为存在还款时间差，融资人此间可以进行生意周转，也不排除将资金“运作”到容易钱生钱的股市、楼市、民间借贷等领域的可能。

Because payment delay,Financiers here can do business turnover,Don't rule out the money"operation"To easily counterpoises money in the stock market/The property market/The folk lending in such fields as possible.

　　不仅如此，融资人还可以让保税区为这批进口铜提供保税仓库，并拿到相应的标准仓单。融资人带着仓单能向另一家银行申请质押融资，一旦获准，不排除再获得一笔巨额贷款的可能性。而且，当信用证快到期时，融资人可以继续申请新的合同贷款，不断循环操作。

Not only that,Financiers also can make the bonded area for this batch of imported copper provide bonded warehouse,And get the corresponding standard warehouse receipt.Financiers with the warehouse receipt to apply to another bank for pledge financing,Once approved,Don't rule out the possibility of get a huge loan.and,When the l/c will soon expire,Financiers can continue to apply for a loan New Deal,The cycle operation.

　　“各种成本算起来大概为10%左右，但在民间借贷利率疯狂、动辄三四成的时候，这根本不算什么。甚至有传闻，早期一些温州炒房团就是靠这一操作模式，把全国的房地产市场搅得风生水起。”南京弘业期货研究员蔡丽对《金证券》称。

"Various cost up to 10%,But in the folk lending interest rates/Easily into three or four,This don't.Even it is,Early some form of wenzhou group is depend on the operating mode,The national real estate market randy lerner exhortations."Nanjing Holly futures researcher CaiLi right[securities]said.

　　据悉，近年来包括锌、大豆等在内的大宗商品都曾被纳入融资客的视野，但铜最“深入人心”。她向《金证券》记者解释，铜的标准化程度很高，而且单价较高撬动资金多，变现能力较强，也适合长期存储，不像钢材容易生锈。

It is reported,In recent years, including zinc/Soybean, commodities have been included in view of financing,But the most"Thorough popular feeling".Her to[securities]The reporter explained,The standardization of copper degree is very high,And higher unit price move funds,Liquidation ability is stronger,Also suitable for long-term storage,Unlike steel is easy to rust.

　　这也导致近年来围绕铜融资的产业链迅猛发展。江苏一不愿具名的知名期货专家对《金证券》透露，“国内现在有专业的外贸代理商，国外也有深耕于此的卖家，经过他们精巧的设计，交易合同中的铜甚至可以在国内市场绕一圈，又回到国外。”采访中，记者就见识了一家期货公司专门制定的“有色金属融资方案”，对融资流程、成本进行了相当细致的介绍。

It also leads to rapid development in recent years around the industrial chain of copper financing.Jiangsu an anonymous famous futures experts on[securities]revealed,"Now has a domestic professional foreign trade agent,Foreign countries also have the deepening of the seller,After their sophisticated design,Transaction contract of copper can even around a circle in the domestic market,Back to overseas."In an interview,Reporters will see a futures company specially formulated"Non-ferrous metal financing plan",On the financing process/Cost of a fairly detailed introduction.

　　

钢贸第二？ Steel trade in the second?

　　不过，这个银根紧缩下的热火市场却因2012年钢贸风险的大爆发，而被推至风口浪尖。

but,The monetary tightening under the heat market for steel trade risk of the outbreak in 2012,And is pushed to the outlet wave.

　　据《金证券》了解，由于钢铁的真实需求有限，一些钢贸商囤货后重复抵押从银行获取贷款。钢贸企业从银行借来的钱都是短期贷款，但放出去的高利贷相对期限较长，且以投向房地产为主，随着国家对地产行业的调控，今年钢贸行业内老板的“跑路”事件接连发生，以致银行间传出“防盗防抢防钢贸”的口号。

According to the[securities]To understand,Due to the real demand of steel is limited,Some steel trading business store goods after repeated collateral to obtain loans from the bank.Steel trade enterprise of borrowed money from the bank are short-term loans,But out of usury relative to a longer period,And mainly to real estate,With state regulation of the real estate industry,The boss's steel trade industry this year"Run road"Events in,So that the spread between Banks"Guard against theft prevention against steel trading"The slogan of the.

　　在业内人士眼中，铜融资或在步钢贸的后尘。

In the sight of the personage inside course of study,Copper financing or step in the steel trading.

　　公开数据显示，由于货币政策逐现宽松、投资收益日益缩窄，2012年10月，我国未锻造的铜及铜材进口量为32.19万吨，下滑至15个月低点，市场普遍认为铜融资已失去了往日的广阔空间。不过，12月10日海关总署公告，11月中国未锻造的铜及铜材进口量为36.53万吨，同比减少19.18%，环比增加13.5%。

Public figures,Because by now loose monetary policy/Return on investment is becoming more and more narrow,In October 2012.,In China not forging of copper and copper imports for 321900 tons,Low down to 15 months,Market is generally accepted that copper financing has lost none of vast space.but,On dec. 10, the general administration of customs,November in China not forging of copper and copper imports for 365300 tons,Reduced by 19.18% year-on-year,Annulus comparing 13.5% increase.

　　值得一提的是，此间精炼铜占未锻造铜及铜材的比例高企，从10月的72％到11月的68％。据悉，正常融资交易水平下，这一比例在70%以下。

Be worth what carry is,Here a refined not forging copper and copper percentage of high,From October of 72% to 68% in November.It is reported,Under the normal financing transaction level,The rate below 70%.

　　申万研究员周小波指出，“前期精铜进口与铜材产量的比值持续下降，市场认为铜融资的风险在下降。但多年以来累积起的融资铜规模非常大，且重复抵押的增加将使得这一风险加剧。”

"All the researchers ZhouXiaoBo said,"Prophase of pure copper imports and the ratio of copper production continued to decline,Market that copper financing risk of falling.But over the years accumulated a financing scale of copper is very big,And the increase of mortgage will make the risk."

　　更让人担心的是，由于国内铜市上行动力不足，如今进口铜亏损扩大到2500元/吨，融资铜的成本在加大。

More let a person worry about is,Due to the domestic copper, lack of upward momentum,Now import copper loss expanded to 2500 yuan/ton,The cost of financing of copper on the increase.

　　即便如此，进口铜仍源源不断进入保税区仓库，后者的铜库存已达100万吨，较3月时的水平几乎翻番。国内铜库存总量已达10年新高。前述期货专家判断，“临近年底，企业资金面趋紧，才导致进口铜的掉头向上。”

Even so,Import copper is still flowing into the bonded warehouse,The latter copper stock has reached 1 million tons,Is almost double the level of march.Domestic copper stock has reached 10 years.The foregoing futures expert judgment,"Near the end of the year,Enterprise financing side tightening,To import copper turned up."

　　据申万研究员周小波估计，市场上铜融资的规模在700亿元左右，如果考虑重复抵押，这一规模将在千亿以上。这意味着，在多个投资领域普遍不景气的情况下，若融资方其他收益难以覆盖成本，或者资金链出现断裂，“钢贸骗贷的故事完全有可能在铜融资重演”。

According to the "all researchers ZhouXiaoBo estimate,On the market of copper financing scale in 70 billion yuan,If consider repeat pledge,The size will be more than in the billions.This means that,In more than one investment field under the recession of common,If RongZiFang other income to cover the cost,Or capital chain appear rupture,"Steel trading cheat loan financing repeat the story may be copper".

　　

“堰塞湖”危机 "The lake"The crisis

　　“钢贸没有统一仓库，货就存在钢材市场里，而钢材市场往往是若干家钢贸商联手成立的，开虚假仓单容易。但铜是第三方的国企注册仓库，管理要规范得多，难开假仓单，数量也较少，容易被监测。因此，铜融资很难重复抵押，没有想象那样的高风险。”上海一研究员并不认同周小波的看法。

"Steel trading no unified warehouse,The goods is in the steel market,And the steel market is often several home steel trading business together,A false of the warehouse receipt.But the copper is a third party warehouse registration of state-owned enterprises,Much more standard management,Hard drive off the warehouse receipt,Quantity is less,Easy to be monitored.so,Copper financing difficult to repeat pledge,Don't imagine that kind of risk."A researcher with the Shanghai not agree ZhouXiaoBo point of view.

　　但期货专家对《金证券》透露，融资人手中的仓单分为标准和非标准仓单，前者由上海期货交易所开具，并存放于指定的仓库，易获银行贷款；后者可由仓储公司开具，不排除对质押物价值“放水”，甚至为“一女多嫁”提供便利。

But the futures experts[securities]revealed,Financing by the warehouse receipt into standard and non-standard warehouse receipt,The former is issued by the Shanghai futures exchange,And stored in the designated warehouse,Easy for bank loans;The latter can be issued by the warehouse company,Don't rule out value of the pledge"water",Even for"More than a woman to marry"Provide convenience.

　　目前中国需求占全球铜消费的41%，是决定铜价走势的关键因素。但从2011年开始，由于融资铜一路狂奔，过分放大“中国需求”，反而让真正的以铜为原料的中国企业深受其害，承受巨大的成本波动。真正让业内人士忧虑的是，市场流行的一种说法是“上海保税区内的进口铜九成为融资铜”。这就像一个“击鼓传花”的游戏。目前国内货币市场存有宽松预期，一旦铜融资失去生存土壤，囤积的巨量铜必将倾巢而出，届时将对铜市造成重大冲击。

China accounts for 41% of the world's copper consumption,Is the key factor that affects the copper price movements.But starting in 2011,Due to the financing of copper run,Too much enlarged"China needs",Instead of the real of copper in China enterprise too,Bear the huge cost.Really is a worry for the personage inside course of study,The market popular a kind of view is"Shanghai free trade zone in the copper nine become financing copper imports".It's like a"With the flowers"The game of.At present domestic entities loose money market expectations,Once the copper financing lose their soil,Hoarding the huge amount of copper will come,Will of copper city has caused a serious impact.

　　《金证券》记者获悉，监管层此前正在通过银行对上海等地的有色金属融资情况进行摸查，要求银行上报涉及铜融资业务企业及融资规模等资料。11月份，更有部分银行已经停止批准用于回借和存放在保税仓库的铜的贷款。

[securities]Reporters learned that,After regulators are through the bank of Shanghai nonferrous metal MoZha financing,Request the bank report in copper financing business enterprise and the scale of financing, and other information.In November,More part of the bank has stopped for approval to borrow loans and stored in a bonded warehouse of copper.