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Iron Ore Futures Contract of Dalian Commodity Exchange ("DCE")

Product

Iron Ore

Trading Unit

100 MT/Lot

Price Quote Unit

CNY/MT

Minimum Tick Size

0.5 CNY/MT

Daily Price Limit Range*

4% of last settlement price

Contract Months

Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, Dec

Trading Hours

9:00 - 11:30 a.m., 1:30 - 3:00 p.m., Beijing Time, Monday to Friday, and other trading hours announced by DCE

Last Trading Day

The 10th trading day of the contract month

Last Delivery Day

The 3rd trading day after the last trading day

Deliverable Grades

Iron Ore Delivery Quality Standard of DCE (F/DCE I001-2013)

Delivery Point

The delivery warehouses and delivery locations of iron ore designated by DCE

Minimum Trading Margin*

5% of the contract value

Delivery Form

Physical delivery

Ticker Symbol

I

Listed Exchange

DCE

Note: DCE may adjust the daily price limit ranges and the trading margins of each contract according to market conditions. For details of current trading parameters of each contract, please see below website:

www.dce.com.cn/DCE/TradingClearing/Business%20Parameters/Trading%20Parameters/index.html

Disclaimer: This English translation may be used for reference only. In cases there is any discrepancy between the English version and the original Chinese version, the original Chinese version shall prevail. Dalian Commodity Exchange may change or update this English translation without any prior notice and shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or change with regard to this English translation.

Iron Ore Delivery Quality Standard of Dalian Commodity Exchange ("DCE") (F/DCE I001-2017)

(According to DCE [2017] No. 276, this standard will be implemented from the launch of 1809 contract of iron ore.)

1  Main content and applicable scope

1.1  The standard herein (the "Standard") stipulates the quality requirement, testing methods, inspection rules, transportation requirements, etc. for iron ore delivered at DCE.

1.2  The iron ore as stated in the Standard refers to iron ore fines and concentrates made from mined natural iron ores through crushing, beneficiation and other procedures, which can be used to produce ore agglomerates such as sinters and pellets.

1.3  The Standard applies to standard and substitute products delivered under the iron ore futures contract of DCE.

2  Cited rules and standards

The provisions of the following documents are incorporated as the provisions of the Standard by reference. For those cited documents noted with dates, all of their following amendments (excluding corrections) and revised versions shall not be applied to the Standard; for those without noted dates, their latest versions shall be applied to the Standard.

GB/T 10322.1-2000 Sampling and Preparation of Samples of Iron Ore

GB/T 6730.5-2007 Determination of Total Iron Content of Iron Ore

GB/T 6730.62-2005 Determination of Calcium, Silicon, Magnesium, Titanium, Phosphorus, Manganese, Aluminum and Barium Content of Iron Ore

GB/T 6730.61-2005 Determination of Carbon and Sulfur Content of Iron Ore

GB/T 6730.54-2004 Determination of Lead Content of Iron Ore

GB/T 6730.53-2004 Determination of Zinc Content of Iron Ore

GB/T 6730.36-1986 Determination of Copper Content by Atomic Absorption Spectrophotometry

GB/T 6730.45-2006 Determination of Arsenic Content of Iron Ore

GB/T 6730.69-2010 Determination of Fluorine and Chlorine Content of Iron Ore

GB/T 6730.49-1986 Determination of Sodium and Potassium Content by Atomic Absorption Spectrophotometry

GB/T 6730.22-1986 Determination of Titanium Content by Diantipyrine Methane Photometry

GB/T 10322.7-2004 Determination of Size Distribution of Iron Ore by Sieving

GB/T 10322.5-2000 Determination of Moisture Content of Iron Ore of a Consignment

Terminologies and definitions under GB/T 20565 shall be applied to the Standard.

3  Terms and definitions

Terms and definitions under GB/T 20565 shall be applied in this Standard.

4  Quality requirements

4.1  Quality requirements of standard products

Item

Quality Standards

Iron (Fe)

=62.0%

Silicon Dioxide (SiO2)

≤4.0%

Aluminum Oxide (Al2O3)

≤2.5%

Phosphorus (P)

≤0.07%

Sulfur (S)

≤0.03%

Trace Elements

Lead (Pb) ≤0.02%
Zinc (Zn) ≤0.02%
Copper (Cu) ≤0.20%
Arsenic (As) ≤0.02%
Titanium Dioxide (TiO2) ≤0.80%
Chlorine + Fluorine ≤0.20%
Potassium Oxide (K2O) + Sodium Oxide (Na2O) ≤0.30%

Size Range

No more than 20% are broader than 6.3 mm and no more than 35% are finer than 0.15 mm

4.2  Allowances (premiums/discounts) for quality difference of substitute products

Item

Scope of Tolerance

Premium/Discount (CNY/MT)

Iron (Fe)

≥60.0%

≥60.0% and <62.0%:

Discount of 1.5 per 0.1% of decrease

>62.0% and ≤65.0%:

Premium of 1.0 per 0.1% of increase

>65.0%:

Pricing at 65.0%

Silicon dioxide (SiO2) + Aluminum oxide (Al2O3)

≤8.5%

0

Silicon dioxide (SiO2)

≤6.5%

>4.0% and ≤4.5%:

Discount of 1.0 per 0.1% of increase;

>4.5% and ≤6.5%:

Discount of 2.0 per 0.1% of increase

(calculated accumulatively)

Aluminum oxide (Al2O3)

≤3.5%

>2.5% and ≤3.0%:

Discount of 1.5 per 0.1% of increase;

>3.0% and ≤3.5%:

Discount of 3.0 per 0.1% of increase

(calculated accumulatively)

Phosphorus (P)

≤0.15%

>0.07% and ≤0.10%:

Discount of 1.0 per 0.01% of increase

>0.10% and ≤0.15%:

Discount of 3.0 per 0.01% of increase

(calculated accumulatively)

Sulfur (S)

≤0.20%

Discount of 1.0 per 0.01% of increase

Size Range

No less than 70% are finer than 0.075 mm

0

4.3  Iron ores are priced on dry basis, where moisture content shall be subject to weight deduction. The measured moisture rounded up to one decimal place shall be deducted when determining the weight of the delivered physical iron ores (e.g. 6.3% weight shall be deducted for moisture content measures at 6.32%).

5  Testing methods and inspection rules

5.1  Sampling and preparation of samples shall be subject to the standards in GB/T10322.1-2000.

5.2  Determination of iron content shall be subject to the standards in GB/T6730.5-2007.

5.3  Determination of silicon dioxide (SiO2), aluminum oxide (Al2O3) and phosphorus contents shall be subject to the standards of GB/T6730.62-2005.

5.4  Determination of sulfur content shall be subject to the standards in GB/T6730.61-2005.

5.5  Determination of lead content shall be subject to the standards in GB/T 6730.54-2004.

5.6  Determination of zinc content shall be subject to the standards in GB/T 6730.53-2004.

5.7  Determination of copper content shall be subject to the standards in GB/T 6730.36-1986.

5.8  Determination of arsenic content shall be subject to the standards in GB/T 6730.45-2006.

5.9  Determination of fluorine content shall be subject to the standards in GB/T 6730.69-2010.

5.10  Determination of chlorine content shall be subject to the standards in GB/T 6730.69-2010.

5.11  Determination of potassium oxide content shall be subject to the standards in GB/T 6730.49-1986.

5.12  Determination of sodium oxide content shall be subject to the standards in GB/T 6730.49-1986.

5.13  Determination of titanium dioxide content shall be subject to the standards in GB/T 6730.22-1986.

5.14  Determination of size range shall be subject to the standards in GB/T10322.7-2004.

5.15  Determination of moisture content shall be subject to the standards in GB/T10322.5-2000.

6  Transportation requirements

Iron ore products shall be shipped in clean train carriages, vehicle carriages, steamship holds or other means of transport.

7  Additional note

The Standard shall be subject to the interpretation of DCE.

Disclaimer: This English translation may be used for reference only. In cases there is any discrepancy between the English version and the original Chinese version, the original Chinese version shall prevail. Dalian Commodity Exchange may change or update this English translation without any prior notice and shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or change with regard to this English translation.

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