FROM: The Shanghai Futures Exchange
TO: All Members
SUBJECT: Notification on the Supplemental Provisions on Hot-rolled Coil Products for Futures Delivery
FILING SERIAL: SQBF [2014] No. 26
After careful consideration, the Exchange hereby makes the following supplemental provisions on Hot-rolled Coil products futures delivery in a response to the characteristics of trade in spot market and customer's needs.
At the time when a client is going short with delivery of hot-rolled futures contact, the warrant used for delivery of the commodity shall meet the following requirements:
1. Each warrant backed the hot-rolled coil shall be the commodity produced by the producer registered with the Exchange, and attached with the corresponding quality certificate:
2. Each batch of hot-rolled coil products used for futures delivery shall be loaded into the certified delivery warehouse within 45 days for creation of the warrant. The production date of hot-rolled coil consisting each warrant shall not exceed 10 consecutive days.
3. Warrants will not be issued unless the goodness of them is confirmed by the Exchange's certified delivery warehouse.
4. The range of weight of deliverable coil is between 14 tons/coil and 31 tons/coil.
5. At the time when a client is going short with delivery of hot-rolled futures contact, the thickness of commodity used for futures delivery shall meet the requirements as below:
Same thickness is allowable for delivery quantity≤900 tons.
In case where the delivery quantity＞900 tons and ≤1800 tons, there will be at least 2 thickness, with the delivery quantity for each thickness no greater than 60% of the total delivery quantity.
In case where the delivery quantity＞1800 tons and ≤3600 tons, there will be at least 3 thickness, with the delivery quantity for each thickness no greater than 45% of the total delivery quantity.
In case where the delivery quantity＞3600 tons and ≤7200 tons, there will be at least 4 thickness, with the delivery quantity for each thickness no greater than 35% of the total delivery quantity.
In case where the delivery quantity＞7200 tons and ≤12000 tons, there will be at least 5 thickness, with the delivery quantity for each thickness no greater than 25% of the total delivery quantity.
In case where the delivery quantity＞12000 tons and ≤18000 tons, there will be at least 7 thickness, with the delivery quantity for each thickness no greater than 20% of the total delivery quantity.
In case where the delivery quantity＞18000 tons, there will be at least 8 thickness, with the delivery quantity for each thickness no greater than 15% of the total delivery quantity.
The exception is that the same client goes long and short with the commodity for delivery on the Exchange
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