China’s SHFE to launch bitumen futures trading on 9 October

24 September 2013 05:10  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Shanghai Futures Exchange (SHFE) will launch trading of bitumen futures contracts on 9 October, the exchange announced late on Monday.

Eight contracts from February 2014 to September 2015 will be traded initially, including BU1402, BU1403, BU1406, BU1409, BU1412, BU1503, BU1506 and BU1509, the SHFE said in a statement.

Deposit rate will be 6% of contract amount, and the maximum price changes in one session will be 4% of the session’s base price.

Seven companies, consisting of PetroChina Fuel Oil, CNOOC Oil and Gas, Sinochem Hongrun, Jinhai Hongye, Shandong Kinshi, Thailand’s Tipco Asphalt and South Korea’s SK Energy, have registered their brands in SHFE as delivery cargoes.

The first three companies’ delivery cargoes will be settled at standard futures prices. Jinhai Hongye and Shandong Kinshi’s cargoes will be settled at a discount of yuan (CNY) 50/tonne ($8.20/tonne), while Tipco and SK Energy’s cargoes will be at a premium of CNY50/tonne over standard prices, the SHFE said.

Meanwhile, the SHFE has picked seven delivery points, four of which are based in Jiangsu province, two are located in Zhejiang province and one in Guangdong province.

($1 = CNY6.12)

By: Fanny Zhang
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index