China

Iron

Ore

Futures

Delivery

Introduction中國(guó)鐵礦石期貨交割規(guī)則介紹2025/11/27More

English

Reportson【CITICFutures

International

ServicePlatform】

Abstract摘要?

The

DCE

ironorefutures

contract

hasestablishedawell-developed

delivery

system

centered

onclearlydefined

qualitystandards,apremium/discount

structure

for

multipledeliverable

brands,

anddiversifieddelivery

methods.

The

system

specifiesthe

qualityrequirements

andpremiums/discounts

for

all

deliverable

brands,

allowing

market

participants

to

selectthe

“cheapest-to-deliver”product

through

the

calculationof

the

futures-adjusted

price.

Thisenablesdifferentiated

delivery

of

spot

cargoes

with

varying

qualitiesunder

asinglestandardizedcontract,

ensuringthe

representativeness

andeffectiveness

of

the

futures

price.?

To

ensure

the

final

convergence

betweenthe

futures

andspot

markets,

the

exchangeoffers

multipledelivery

mechanisms—including

exchange

for

physicals

(EFP),

rolling

delivery,

pick-up

order

delivery,

andone-time

final

delivery—toaccommodate

thediverseneedsof

different

market

participants.

Thisrigorous

andwell-defined

system,

supplemented

by

substantial

penaltiesfordefault,

providesinstitutional

investorswithareliableframework

for

risk

management

andphysical

settlement,

servingasessentialinfrastructure

for

the

proper

functioning

of

the

futures

market.?

大商所鐵礦石期貨建立了一套成熟的的交割制度，其核心在于明確的質(zhì)量標(biāo)準(zhǔn)、多品牌下的升貼水體系，以及多元化的交割方式。該制度明確規(guī)定了可交割品牌的品質(zhì)要求與升貼水，市場(chǎng)參與者可以通過“折盤面價(jià)格”的計(jì)算選擇“最便宜可交割品”進(jìn)行交割，從而在統(tǒng)一合約下實(shí)現(xiàn)了不同品質(zhì)現(xiàn)貨的差異化交割，確保了期貨價(jià)格的代表性與有效性。?

為確保期貨與現(xiàn)貨市場(chǎng)的最終收斂，交易所設(shè)計(jì)了期轉(zhuǎn)現(xiàn)、滾動(dòng)交割、提貨單交割和一次性交割等多種方式，以適應(yīng)不同市場(chǎng)參與者的個(gè)性化需求。這套流程嚴(yán)謹(jǐn)、權(quán)責(zé)分明的制度，輔以高額違約罰則，為機(jī)構(gòu)投資者進(jìn)行風(fēng)險(xiǎn)管理和實(shí)物交收提供了可靠的制度保障，是期貨市場(chǎng)功能得以發(fā)揮的關(guān)鍵基礎(chǔ)設(shè)施。Risks:Basis

Fluctuation,

Operational

Risk,

Policy

Changes,Economic

Fluctuations

,etc.

風(fēng)險(xiǎn)提示：基差波動(dòng)、操作風(fēng)險(xiǎn)、政策變化、經(jīng)濟(jì)波動(dòng)等Thisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本報(bào)告非期貨交易咨詢業(yè)務(wù)項(xiàng)下服務(wù)，其中的觀點(diǎn)和信息僅作參考之用，不構(gòu)成對(duì)任何人的投資建議。我司不會(huì)因?yàn)殛P(guān)注、收到或閱讀本報(bào)告內(nèi)容而視相關(guān)人員為客戶；市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。1China

Futures

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ETFOptions中國(guó)股指期權(quán)與ETF期權(quán)套利CONTENTIron

OreDeliveryDeliveryTypes010204鐵礦石交割交割方式DeliveryProcessFees&Default03交割流程費(fèi)用和違約處理01IronOre

Delivery鐵礦石交割1.1

Contract

Details合約介紹Trade

CategoryContract

UnitDCEIronOreFutures100

metric

tonnesCNY/MTItemsFeQuality

Standards＝

61.0%PriceQuotationMinimumPriceFluctuation0.5

CNY/MTDaily

PriceLimits4%of

theprevioustradingday's

settlement

priceContract

Months

Jan,

Feb,Mar,Apr,May,

Jun,Jul,Aug,

Sep,Oct,

Nov,

DecSiO2=4.5%FromMondaytoFriday,

9:00amto10:15

am,10:30

amto11:30

PM,

13:30

PM

to15:00

PMTrading

Hours

Continuoustradinghours:

21:00

~23:00

tradinghoursonthepreviousday(Mondaynighttradinghoursare21:00

~23:00onFriday)Al2O3=2.5%Last

Trading

DayThe

10th

tradingdayofthe

contract

monthDelivery

FormPhysical

deliveryPS≤0.10%≤0.03%Product

CodeExchangeIDCEPositionAccountability/PositionLimitPositionlimitsareadjusted

accordingto

themonthsapproaching

thedelivery

month

andmarket

contingenciesSources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本報(bào)告非期貨交易咨詢業(yè)務(wù)項(xiàng)下服務(wù)，其中的觀點(diǎn)和信息僅作參考之用，不構(gòu)成對(duì)任何人的投資建議。我司不會(huì)因?yàn)殛P(guān)注、收到或閱讀本報(bào)告內(nèi)容而視相關(guān)人員為客戶；市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。51.1

Contract

Details合約介紹交易品種交易單位大連商品交易所鐵礦石期貨指標(biāo)標(biāo)準(zhǔn)品質(zhì)量標(biāo)準(zhǔn)＝

61.0%100噸/手元（人民幣）/噸報(bào)價(jià)單位最小變動(dòng)價(jià)位漲跌停板幅度合約交割月份0.5元/噸鐵（Fe）上一交易日結(jié)算價(jià)的4％1、2、3、4、5、6、7、8、9、10、11、12月二氧化硅（SiO2）=4.5%每周一至周五上午9:00~10:15,10:30~11:30,下午13:30~15:00連續(xù)交易時(shí)間：前一自然日21：00~23：00交易時(shí)間（周一夜盤交易時(shí)段為上周五的21：00~23：00）交易時(shí)間三氧化二鋁（Al2O3）=2.5%最后交易日交割方式合約月份第10個(gè)交易日實(shí)物交割磷（P）硫（S）≤0.10%≤0.03%交易代碼I上市交易所大連商品交易所隨著臨近交割月的月份不同，以及市場(chǎng)突發(fā)情況調(diào)整持倉(cāng)限制持倉(cāng)限制Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本報(bào)告非期貨交易咨詢業(yè)務(wù)項(xiàng)下服務(wù)，其中的觀點(diǎn)和信息僅作參考之用，不構(gòu)成對(duì)任何人的投資建議。我司不會(huì)因?yàn)殛P(guān)注、收到或閱讀本報(bào)告內(nèi)容而視相關(guān)人員為客戶；市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。61.2

Delivery

Standard交割標(biāo)準(zhǔn)PermissibleItemPremium/Discount

(CNY/MT)Range[60.0%,63.5%]

Compared

with61%,

discount

of

Xper

decrease

of0.1%;

premium

of

Xper

increase

of

0.1%[56.0%,60.0%)

Compared

with60%,

discount

of

X+1.5per

decrease

of

0.1%,

and

accumulated

withthe

discount

of

[60.0%,

63.5%]Compared

with63.5%,

premium

of

X+1.0per

increase

of

0.1%,

and

accumulated

withthe

premium

of[60.0%,Iron(Fe)≥56.0%>63.5%63.5%]Silicondioxide(SiO2)<4.5%Compared

with4.5%,

premium

of

0.5perdecrease

of

0.1%≤8.5%≤3.5%(4.5%,6.5%]

Compared

with4.5%,

discount

of

1.0per

increase

of0.1%(6.5%,8.5%]

Compared

with6.5%,

discount

of

1.5per

increase

of0.1%,

and

accumulated

withthe

discount

of

(4.5%,

6.5%]<1.0%Accounted

asper

1.0%Aluminumoxide(Al2O3)[1.0%,2.5%）

Compared

with2.5%,

premium

of

2.0perdecrease

of

0.1%(2.5%,3.5%]

Compared

with2.5%,

discount

of

3.0per

increase

of0.1%Phosphorus(P)(0.10%,0.12%]

Compared

with0.10%,

discount

of10.0

per

increase

of

0.01%(0.12%,0.15%]

Compared

with0.12%,

discount

of15.0

per

increase

of

0.01%,

and

accumulated

withthe

discount

of

(0.10%,0.12%](0.03%,0.10%]

Compared

with0.03%,

discount

of1.0per

increase

of

0.01%≤0.15%≤0.20%Sulfur

(S)(0.10%,0.20%]

Compared

with0.10%,

discount

of5.0per

increase

of

0.01%,

and

accumulated

withthe

discount

of(0.03%,

0.10%]In

particular,

the

sum

of

silicon

dioxide

(SiO2)

and

aluminum

oxide

(Al2O3)

shall

not

exceed

10%.

The

determination

method,

publication

time

and

implementation

time

for

the

Xvalue

inthe

qualitypremium/discount

of

Iron

(Fe)

itemare

asfollows:Publication

TimeDeterminationMethod

forX

ValueTakingthedaily

settlement

priceof

the

contractinthelatestdeliverymonthfromthe11th

trading

day

inSeptemberoftheprevious

year

tothe

10th

trading

day

inMarchof

thecurrent

year

tocalculatethearithmetic

mean

value.Ifsuchvalue<600

CNY/MT,then

X=1.0

CNY/MT;If600

CNY/MT≤such

value≤1,200

CNY/MT,then

X=1.5

CNY/MT;Ifsuchvalue>1,200

CNY/MT,then

X=2.0

CNY/MT.Implementation

TimeFromthefirst

trading

day

inOctoberof

the

current

year

tothelasttrading

day

inMarchof

thenextyearLasttrading

day

ineachMarchTakingthedaily

settlement

priceof

the

contractinthelatestdeliverymonthfromthe11th

trading

day

inMarchof

thecurrent

year

tothe

10th

tradingday

inSeptemberof

the

current

year

tocalculate

the

arithmetic

mean

value.Ifsuchvalue<600

CNY/MT,then

X=1.0

CNY/MT;Fromthefirst

trading

day

inAprilofthenext

year

tothe

lasttrading

dayinSeptemberof

thenext

yearLasttrading

day

inSeptembereachyearIf600

CNY/MT≤such

value≤1,200

CNY/MT,then

X=1.5

CNY/MT;Ifsuchvalue>1,200

CNY/MT,then

X=2.0

CNY/MT.Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本報(bào)告非期貨交易咨詢業(yè)務(wù)項(xiàng)下服務(wù)，其中的觀點(diǎn)和信息僅作參考之用，不構(gòu)成對(duì)任何人的投資建議。我司不會(huì)因?yàn)殛P(guān)注、收到或閱讀本報(bào)告內(nèi)容而視相關(guān)人員為客戶；市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。71.2

Delivery

Standard交割標(biāo)準(zhǔn)指標(biāo)允許范圍質(zhì)量升貼水（元/噸）[60.0%,63.5%]

與61%相比，每降低0.1%，扣價(jià)X；每升高0.1%，升價(jià)X[56.0%,60.0%)

與60%相比，每降低0.1%，扣價(jià)X+1.5，并與[60.0%,

63.5%]扣價(jià)累計(jì)計(jì)算鐵

(Fe)≥56.0%>63.5%<4.5%與63.5%相比，每升高0.1%，升價(jià)X+1.0，并與[60.0%,63.5%]升價(jià)累計(jì)計(jì)算與4.5%相比，每降低0.1%，升價(jià)0.5二氧化硅(SiO2)≤8.5%≤3.5%(4.5%,6.5%]

與4.5%相比，每升高0.1%，扣價(jià)1.0(6.5%,8.5%]

與6.5%相比，每升高0.1%，扣價(jià)1.5，并與(4.5%,

6.5%]扣價(jià)累計(jì)計(jì)算<1.0%以1.0%計(jì)價(jià)三氧化二鋁(Al2O3)[1.0%,2.5%）

與2.5%相比，每降低0.1%，升價(jià)2.0(2.5%,3.5%]

與2.5%相比，每升高0.1%，扣價(jià)3.0(0.10%,0.12%]

與0.10%相比，每升高0.01%，扣價(jià)10.0(0.12%,0.15%]

與0.12%相比，每升高0.01%，扣價(jià)15.0，并與(0.10%,0.12%]扣價(jià)累計(jì)計(jì)算(0.03%,0.10%]

與0.03%相比，每升高0.01%，扣價(jià)1.0磷(P)硫(S)≤0.15%≤0.20%(0.10%,0.20%]

與0.10%相比，每升高0.01%，扣價(jià)5.0，并與(0.03%，0.10%]扣價(jià)累計(jì)計(jì)算其中，二氧化硅（SiO2）與三氧化二鋁（Al2O3）合計(jì)不得超過10%。鐵（Fe）指標(biāo)質(zhì)量升貼水中

X數(shù)值的確定方法、公布和實(shí)施時(shí)間如下：公布時(shí)間X數(shù)值的確定方法取自上一年9月第11個(gè)交易日至當(dāng)年3月第10個(gè)交易日之間每日的最近交割月份合約的當(dāng)日結(jié)算價(jià)，計(jì)算算術(shù)平均值。實(shí)施時(shí)間自當(dāng)年10月第1個(gè)交易日至次年3月最后1個(gè)交易日每年3月最后1個(gè)交易日

若該值小于600元/噸，則X為1.0元/噸；若該值大于等于600元/噸且小于等于1200元/噸，則X為1.5元/噸；若該值大于1200元/噸，則X為2.0元/噸取自當(dāng)年3月第11個(gè)交易日至當(dāng)年9月第10個(gè)交易日之間每日的最近交割月份合約的當(dāng)日結(jié)算價(jià)，計(jì)算算術(shù)平均值。每年9月最后1個(gè)交易日

若該值小于600元/噸，則X為1.0元/噸；自次年4月第1個(gè)交易日至次年9月最后1個(gè)交易日若該值大于等于600元/噸且小于等于1200元/噸，則X為1.5元/噸；若該值大于1200元/噸，則X為2.0元/噸Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本報(bào)告非期貨交易咨詢業(yè)務(wù)項(xiàng)下服務(wù)，其中的觀點(diǎn)和信息僅作參考之用，不構(gòu)成對(duì)任何人的投資建議。我司不會(huì)因?yàn)殛P(guān)注、收到或閱讀本報(bào)告內(nèi)容而視相關(guān)人員為客戶；市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。81.3

Deliverable

Brands可交割品牌Premiums

&DiscountsBrandShort

NameBrandNameManufacturer（CNY/MT）AnsteelConcentratesHBISConcentratesBXSteelConcentratesTISCOConcentratesMagang

ConcentratesAnsteelMiningConcentratesHBISMining

ConcentratesBenxi

SteelMining

ConcentrateTISCOMining

ConcentratesBaosteelMagang

ConcentratesAnsteelMiningCo.,

Ltd.HBISMining

Co.,Ltd.Benxi

SteelMining

Co.,

Ltd.00000TISCOMining

CompanyAnhui

Magang

Mining

ResourcesGroup

Co.,Ltd.China

MinmetalsGroup

(TangShan

Caofeidian)

OreHoldings

Co.,Ltd.Minmetals

Standard

FinesMinmetals

Standard

Fines0KARARACONCENTRATECarajas

FINESKarara

Standard

Magnetite

ConcentrateKARARAMININGLTD0Carajas

IronOreAGGLOMERATEIRONORECONCENTRATEVALEINTERNATIONAL

S.A.15AGGLOMERATECONCENTRATEMETINVEST

INTERNATIONAL

S.A.00KUMBABRBFKUMBASTANDARD

FINE

OREKumba

Singapore（Pte）LtdVALEINTERNATIONAL

S.A.ValleyMetal(Shanghai)

Co.,Ltd.BrazilianBlend

Fines150NEWMAN

FINESNEWMAN

HIGH

GRADE

FINE

OREBHPBilliton

MarketingAG(Singapore

Branch)RioTinto

Commercial

Pte.Ltd.,PBFINESPILBARABLENDFINESRobe

RiverOreSalesPty.Ltd.

andHope

Downs

Marketing

CompanyPty.Ltd.CSN

MINERACAOS.A.BHPBilliton

MarketingAG(Singapore

Branch)RoyHillIronOrePtyLtd.15IOC6MACFINESROYHILLFINESJIMBLEBAR

FINESIRON

ORE

FINES-IOC6MACFINE

ORE0000ROY-FJIMBLEBAR

BLEND

FINEOREBHPBilliton

MarketingAG(Singapore

Branch)RioTinto

Commercial

Pte.Ltd.,SP10FSP10FINESRobe

RiverOreSalesPty.Ltd.

andHope

Downs

Marketing

CompanyPty.Ltd.CHICHESTER

METALS

PTY

LTDBHPBilliton

MarketingAG(Singapore

Branch)CHICHESTER

METALS

PTY

LTD0FMGBLEND

FINESYANDIFINESSUPER

SPECIAL

FINEFORTESCUE

BLENDFINESYANDIFINEORESUPER

SPECIAL

FINE000Note：Applicablesince

Iron

OreFutures

Contract

2312Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本報(bào)告非期貨交易咨詢業(yè)務(wù)項(xiàng)下服務(wù)，其中的觀點(diǎn)和信息僅作參考之用，不構(gòu)成對(duì)任何人的投資建議。我司不會(huì)因?yàn)殛P(guān)注、收到或閱讀本報(bào)告內(nèi)容而視相關(guān)人員為客戶；市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。91.3

Deliverable

Brands可交割品牌品牌簡(jiǎn)稱鞍鋼精粉河鋼精粉本鋼精粉太鋼精粉馬鋼精粉五礦標(biāo)準(zhǔn)粉品牌名稱鞍鋼礦業(yè)精粉河鋼礦業(yè)精粉本鋼礦業(yè)精粉太鋼嵐縣鐵精粉寶武馬鋼精粉五礦標(biāo)準(zhǔn)粉生產(chǎn)廠家品牌升貼水（元/噸）鞍鋼集團(tuán)礦業(yè)有限公司00河北鋼鐵集團(tuán)礦業(yè)有限公司本溪鋼鐵（集團(tuán)）礦業(yè)有限責(zé)任公司太原鋼鐵（集團(tuán)）有限公司礦業(yè)分公司安徽馬鋼礦業(yè)資源集團(tuán)有限公司中國(guó)五礦集團(tuán)（唐山曹妃甸）礦石控股有限公司KARARAMINING

LTD0000卡拉拉精粉卡拉加斯粉烏克蘭精粉KUMBAKarara

StandardMagnetite

ConcentrateCarajas

Iron

Ore0VALEINTERNATIONAL

S.A.150AGGLOMERATE

IRON

ORECONCENTRATEKUMBASTANDARDFINE

OREBrazilian

Blend

FinesMETINVEST

INTERNATIONAL

S.A.Kumba

Singapore（Pte）Ltd0VALEINTERNATIONAL

S.A.BRBF15巴西混合粉淡水河谷金屬（上海）有限公司BHPBilliton

Marketing

AG(Singapore

Branch)紐曼粉NEWMAN

HIGH

GRADEFINE

ORE0PB粉PILBARABLENDFINESRio

Tinto

Commercial

Pte.Ltd.、

RobeRiver

Ore

Sales

Pty.Ltd.和Hope

Downs

Marketing

Company

Pty.Ltd.15IOC6IRON

OREFINES-IOC6MAC

FINE

ORECSNMINERACAOS.A.BHPBilliton

Marketing

AG(Singapore

Branch)RoyHill

Iron

Ore

PtyLtd.0000麥克粉羅伊山粉金布巴粉ROY-FJIMBLEBAR

BLENDFINE

OREBHPBilliton

Marketing

AG(Singapore

Branch)SP10粉SP10FRio

Tinto

Commercial

Pte.Ltd.、Robe

River

Ore

SalesPty.

Ltd.和Hope

Downs

Marketing

Company

Pty.

Ltd.0FMG混合粉楊迪粉FORTESCUE

BLENDFINESYANDIFINE

ORECHICHESTER

METALS

PTYLTDBHPBilliton

Marketing

AG(Singapore

Branch)CHICHESTER

METALS

PTYLTD000超特粉SUPERSPECIALFINENote：Applicablesince

Iron

OreFutures

Contract

2312Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本報(bào)告非期貨交易咨詢業(yè)務(wù)項(xiàng)下服務(wù)，其中的觀點(diǎn)和信息僅作參考之用，不構(gòu)成對(duì)任何人的投資建議。我司不會(huì)因?yàn)殛P(guān)注、收到或閱讀本報(bào)告內(nèi)容而視相關(guān)人員為客戶；市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。101.4

Premiums

&Discounts升貼水QualityPremiums

/

BrandPremiums

Total

Premiums

/

Ironore

deliverables

must

bespecific

brandsproduced

by

manufacturers

approvedby

theexchange.BrandShort

NameFe鐵H2O水分Discounts質(zhì)量升貼水（CNY/MT）/Discounts品牌升貼水（CNY/MT）Discounts總升貼水（CNY/MT）品牌簡(jiǎn)稱PBFINESCarajas

FINESKumba61.665.363.862.561.761.560.860.560.758.558.356.856.965.665.8659815.5117.7531515030.5132.753

Asthe

DCEironore

contract

allows

multipledeliverable

brands

with

varying

quality

andpricing,

sellerstend

tochoose

the

most

cost-effective

option—typically

theone

with

thelowest

netfutures-adjusted

price.2.28.47.59.17.37.28.59BRBF35.814.8-215050.814.8-2NEWMAN

FINESIOC60

Recently,

Kumba

,NewmanFinesandCarajasFINEShavebeen

thecheapest

deliverablebrands.MACFINES-0.5-61.5-4.5-49.3-77.8-144.5-148.455.9760-0.5-61.5-4.5-49.3-77.8-144.5-148.455.976JIMBLEBAR

FINESROYHILLFINESSP10F00The

adjusted

priceis

calculatedas:

AdjustedPrice=RMB

Spot

Price/(1–

MoistureContent)–

Total

Premium/Discount.0FMGBLEND

FINESYANDIFINES8.6900SUPER

SPECIALFINEKARARACONCENTRATEHBISConcentratesAnsteelConcentratesBXSteelConcentrates7.87.268.790

鐵礦石可交割品必須為交易所認(rèn)可的指定品牌。0由于大商所鐵礦石期貨允許多個(gè)品質(zhì)和價(jià)格不同的品牌交割，賣方通常會(huì)選擇性價(jià)比最高的品牌——一般是折盤面價(jià)格最低的品種。07007065960060

折盤面價(jià)格=

人民幣現(xiàn)貨價(jià)格

/（1

–

水分）–總升貼水。Minmetals

Standard

Fines61.58.915.5015.5AGGLOMERATECONCENTRATEMagang

Concentrates64.7659.4491763001763近期Kumba

、

紐曼粉和卡拉加斯粉是最低價(jià)可交割品牌。Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本報(bào)告非期貨交易咨詢業(yè)務(wù)項(xiàng)下服務(wù)，其中的觀點(diǎn)和信息僅作參考之用，不構(gòu)成對(duì)任何人的投資建議。我司不會(huì)因?yàn)殛P(guān)注、收到或閱讀本報(bào)告內(nèi)容而視相關(guān)人員為客戶；市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。1102Delivery

Types交割方式2.1

Concept

Introduction概念介紹

Delivery:

Delivery

refers

totheprocess

bywhichbothparties

toafutures

contract

close

theiropenpositions

throughthe

transfer

ofownershipof

theunderlyingcommodity,

inaccordance

withtheterms

of

thecontractand

theexchange's

rules.

Simply

put,when

acontract

reachesmaturity,

thebuyerwithanopenposition

paysthefull

amount

andtakes

deliveryof

thephysicalcommodity,whiletheseller

deliversthecommodity

andissues

aVAT

invoice.

Standard

Warrant:

Astandard

warrantisaphysical

deliveryreceiptissued

byan

exchange-designated

deliverywarehouseafter

thegoodshavebeeninspected,

confirmed

tomeet

quality

standards,

andofficially

registered.

Itisuniformly

standardizedbythe

exchange.Last

Trading

Day

:The

last

dayon

whichacontractcan

betraded.For

ironorefutures

ontheDalian

Commodity

Exchange

(DCE),

thisis

thetenthtradingday

of

thecontractmonth.Last

DeliveryDay

:The

final

day

for

completing

thedeliveryof

acontract.

ForDCE’s

industrial

products,

this

isthe

thirdtrading

dayafter

thelast

tradingdayof

thecontractmonth.Delivery

viaWarrant:This

refers

towhena

member

deliversastandardwarranttotheexchangeon

behalf

of

theseller.

The

exchangethenreleases

thefull

margin

corresponding

totheshort

position

inthe

nearbydeliverymonth,

whileprofit

and

lossaresettled

incash.交割：是指期貨合約的買賣雙方按照合約條款和交易所規(guī)則，通過標(biāo)的商品所有權(quán)轉(zhuǎn)移來了結(jié)未平倉(cāng)頭寸的過程。簡(jiǎn)單來說，當(dāng)合約到期時(shí)，持有多頭頭寸的買方支付全額貨款并提取實(shí)物商品，持有空頭頭寸的賣方則交付商品并開具增值稅發(fā)票。

標(biāo)準(zhǔn)倉(cāng)單：是由交易所指定交割倉(cāng)庫(kù)在貨物檢驗(yàn)合格、確認(rèn)符合質(zhì)量標(biāo)準(zhǔn)并完成注冊(cè)后簽發(fā)的實(shí)物交割憑證，由交易所統(tǒng)一規(guī)范管理。最后交易日：指某合約可以進(jìn)行交易的最后一天。以大連商品交易所（DCE）鐵礦石期貨為例，最后交易日為合約月份的第十個(gè)交易日。最后交割日：指完成該合約交割的最后期限。對(duì)大商所工業(yè)品而言，最后交割日為合約月份最后交易日后的第三個(gè)交易日。倉(cāng)單交割：指會(huì)員代表賣方向交易所提交標(biāo)準(zhǔn)倉(cāng)單進(jìn)行交割。交易所隨即釋放該近期交割月份空頭倉(cāng)位對(duì)應(yīng)的全部保證金，盈虧以現(xiàn)金方式結(jié)算。Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本報(bào)告非期貨交易咨詢業(yè)務(wù)項(xiàng)下服務(wù)，其中的觀點(diǎn)和信息僅作參考之用，不構(gòu)成對(duì)任何人的投資建議。我司不會(huì)因?yàn)殛P(guān)注、收到或閱讀本報(bào)告內(nèi)容而視相關(guān)人員為客戶；市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。132.2

Delivery

Types：Overview交割方式：概覽This

referstoanegotiated

agreement

between

twoparties

holding

positions

in

thesamedelivery

month

contract,wherebothparties

agreetosettletheir

futures

positions

atapre-agreed

priceand

simultaneously

executethephysicaltransaction:

theseller

delivers

thephysical

commodity

andthebuyermakes

thecorresponding

payment.Exchange

forPhysicals(EFP)After

thelast

trading

dayofacontract,theexchange

organizes

all

remaining

openpositions

for

final

delivery.Opposingpositions

under

thesameclient

codeareautomatically

offsetandnot

subjecttodelivery.Theclosingpricefor

suchpositionsiscalculated

basedonthefinal

delivery

settlement

price.One-TimeDeliveryDuring

aspecified

period

in

themonth

priortothedelivery

month,

both

buyerandseller

mayvoluntarily

apply

fordelivery.

Theexchangeorganizes

matching

andsupervises

theentirephysical

delivery

processaccordingtoprescribedprocedures.This

isaform

ofearly

physicaldelivery.Delivery

byPick-UpOrderFromthefirsttrading

dayofthedelivery

month

uptothetrading

daybeforethelast

trading

day,sellers

withnet

shortpositions

may

apply

todeliver

through

standardwarehouse

warrants

orrailcar

delivery.Theexchange

thenmatches

buyersandsellers

andsupervises

thecompletion

ofdelivery

within

thespecified

period.Rolling

Delivery期轉(zhuǎn)現(xiàn)交割一次性交割提貨單交割滾動(dòng)交割指雙方持有同一交割月份合約的持倉(cāng)，通過協(xié)商一致，在約定價(jià)格下對(duì)期貨頭寸進(jìn)行對(duì)敲平倉(cāng)，并同時(shí)完成現(xiàn)貨交易：賣方交付實(shí)物商品，買方支付相應(yīng)貨款。在合約最后交易日之后，交易所對(duì)所有未平倉(cāng)合約統(tǒng)一組織最終交割。相同客戶編號(hào)下的對(duì)沖頭寸將自動(dòng)對(duì)沖，不參與交割。其平倉(cāng)價(jià)格按照最終交割結(jié)算價(jià)計(jì)算。在交割月份前一個(gè)月份的指定時(shí)間內(nèi)，買賣雙方可自愿申請(qǐng)交割。交易所按規(guī)定程序組織配對(duì)并監(jiān)督整個(gè)實(shí)物交割過程，這是提前進(jìn)行實(shí)物交割的一種方式。在交割月份的第一個(gè)交易日至最后交易日前一交易日期間，凈空頭會(huì)員可申請(qǐng)通過標(biāo)準(zhǔn)倉(cāng)單或鐵路車板進(jìn)行交割。交易所據(jù)此組織買賣雙方配對(duì)，并在規(guī)定時(shí)間內(nèi)監(jiān)督完成交割。Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本報(bào)告非期貨交易咨詢業(yè)務(wù)項(xiàng)下服務(wù)，其中的觀點(diǎn)和信息僅作參考之用，不構(gòu)成對(duì)任何人的投資建議。我司不會(huì)因?yàn)殛P(guān)注、收到或閱讀本報(bào)告內(nèi)容而視相關(guān)人員為客戶；市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。142.2.1

Exchangefor

Physicals

(EFP)期轉(zhuǎn)現(xiàn)交割A(yù)pplicationandEFPTypesSubmitmaterialsObligationsPayment

anddeliveryDelivery

feesChargedaccording

tothedelivery

feeApprovalEFPApplication;

SpotTradeAgreement;

RelevantPayment

theseller

member

shall

deliver

theProof;Supporting

Documents

for

corresponding

quantity

of

standardGoodsOwnership(StandardWarehouse

Receipts,Warehouse

EntrySlips,

Inventorypayment

calculated

at

theagreed

priceLists,

etc.)

totheexchangeaccount.Approvedby11:30

ontheapprovalday,Applications

submittedbefore

11:30

on

thetrading

dayshall

beapproved

bytheexchangeon

thesameday.Theexchangeshall

handlethewarehouse

receiptdelivery

and

paymentsettlement.StandardWarehouseReceipt

EFPwarehouse

receipts

totheexchange;thebuyer

member

shall

transfer

thefullstandard

oftheproduct.Thedelivery

of

goods

andpayment

settlement

shall

bedetermined

through

mutualnegotiation

betweenthetrading

parties,

and

theexchangeassumes

noEFPApplication;

SpotPurchase-Aftercompleting

thespot

transaction,The

transactionshall

be

chargedaccording

tothetrading

feestandard

oftheproduct.TheexchangeshallSaleAgreement;

Relevantprocess

theapplication

PaymentCertification;withinthreetrading

days

Supporting

GoodsOwnershipbothtrading

parties

shall

submit

proof

ofgoods

delivery

and

payment

totheexchange.Theexchange

reservestheright

tosupervise

and

verifytheNon-StandardWarehouseReceipt

EFPupon

receipt.Documents

(WarehouseReceipts,

Inventory

Lists,

etc.)

transaction.guarantee

responsibility.?

Notes:All

industrialfu