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"Yinfeng Fire" Injured 87 Cotton Warehouse Receipts In The Industry: It Has Little Impact On The Market.

2019/4/18 13:53:00 8971

Grieved!

Another fire!

It is reported that around 17:20 on April 17th, Wuhan Dongxihu District Yinfeng warehousing logistics Co., Ltd. (hereinafter referred to as Hubei Yinfeng) a warehouse fire, the scene for a single cotton warehouse fire, government departments and fire fighters are organizing to fight, the fire has been effectively controlled, no casualties.

Subsequently, Zheng Shang promptly disclosed the information. In its official website and announcement to the media, the Hubei Yinfeng warehousing logistics Co., Ltd. was located in the E storeroom of Chaoyang Road 102, Donghu District, Wuhan City, Hubei Province, which was involved in a fire in April 17, 2019. It involved 87 cotton futures warehouse positions and about 3480 tons.

However, the impact of the fire was limited. As of April 17, 2019, there were 18197 cotton futures warehouse receipts in the whole market, about 727880 tons.

According to the announcement by Zheng Shang, at present, the warehouse and insurance companies are urged to make proper follow-up work.

At the same time, will suspend Hubei Yinfeng warehousing logistics limited liability company cotton futures warehousing business.

Relevant market participants told futures Daily reporters that the fire would not cause much impact on the market.

As we all know, cotton is a flammable product, so there are inevitably some fire accidents in the cotton industry chain including acquisition, processing plants and textile factories.

This fire will not have any effect on the cotton market, but it may force some of the delivery warehouses to carry out self inspection and rectification, and the progress of warehousing warehousing inspection will slightly slow down.

The market participants said.

As of last night's closing, cotton futures contract price was 15905 yuan / ton, according to 3480 tons, Hubei Yinfeng cotton loss of more than 55 million 350 thousand yuan.

Market participants said that after the warehousing of general cotton futures warehouse was put into storage, the warehouse would insure it. Therefore, the loss caused by the fire would also be reimbursement in accordance with the policy.

In addition, the futures Daily reporter learned that, in order to guard against the risk of delivery, Zheng Shang officially launched the unified insurance of futures warehouse receipts as early as June 1, 2017.

It is understood that as the first line of warehouse receipt risk management, the warehouse receipt unified insurance has obvious advantages compared with the traditional property insurance. First, it is safe, and the unified insurance coverage of the warehouse receipt covers the risks of liability, legal action and so on, and the scope of insurance is wider and the guarantee is greater.

Two, the premiums are low. The insurance premium of the warehouse receipt unified insurance is calculated daily according to the daily effective warehouse receipt quantity of the delivery warehouse. The insurance premium is collected and paid by the company from the warehouse storage fees of each delivery warehouse, reducing the formalities and improving the efficiency; because of the unified insurance, the premium rate is relatively low.

The three is to improve the risk management level of the delivery warehouse.

The announcement of Zheng Shang also indicated that the warehouses and insurance companies were urged to do a good job in the follow-up work.

"Although the direct loss to Hubei Yinfeng is relatively limited, it will have some inevitable impact on its corporate reputation and so on."

Market participants said.

The daily newspaper reporter read through Internet information that as a warehouse logistics company, Hubei Yinfeng reservoir area covers 350 acres, 36 storehouses, more than 60 thousand square meters of storage area, and about 200000 tons of cotton throughput per year.

After this accident, Hubei Yinfeng's circulation and storage business may be faced with a shrinking dilemma.

In fact, cotton is a flammable product. During storage, special attention should be paid to ventilation and cooling, especially wet cotton. The internal ventilation capacity is much lower than that of dry cotton. If the heat generated by the respiration and microorganism of cotton is not released, the temperature will rise, and it is easy to produce spontaneous combustion from inside to outside.

Frequent accidents also give the market a wake-up call.

All storehouses should be designed and put into operation in strict accordance with the requirements of the national standard. In the process of design and construction, they must be strictly designed and constructed in accordance with the existing technical specifications and standards for fire protection. Inflammable and explosive dangerous goods storehouses should be protected by explosion-proof electrical appliances and lighting. Electrical circuits must be laid out in accordance with the requirements of explosion-proof. At the same time, the maintenance and maintenance of fire protection facilities should be strengthened, and the qualified rate and integrity of fire protection facilities should be improved so as to keep them in good performance.