Iron Ore Delivery Quality Standard of Dalian Commodity Exchange ("DCE") (F/DCE I001-2019)

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 into the Standard through its citation. 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 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

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

3 Terms and definitions

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

4 Quality requirements

4.1 Quality requirements of standard products

Item

Quality Standards

Iron (Fe)

=62.0%

Silicon Dioxide (SiO2)

≤5.0%

Aluminum Oxide (Al2O3)

≤2.5%

Phosphorus (P)

≤0.10%

Sulfur (S)

≤0.03%

4.2 Quality premiums/discounts of substitute products

Item

Premium/Discount (CNY/MT)

Iron (Fe)

Discount of 1.0 per 0.1% of decrease

Premium of 1.0 per 0.1% of increase

Silicon dioxide (SiO2)

Discount of 1.0 per 0.1% of increase

Aluminum oxide (Al2O3)

Discount of 1.0 per 0.1% of increase

Phosphorus (P)

Discount of 5.0 per 0.01% of increase

Sulfur (S)

Discount of 1.0 per 0.01% of increase

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 calculating the weight of the handing-over iron ores (e.g., 6.3% weight shall be deducted for measured moisture of 6.32%).

  1. Testing methods and inspection rules
    1. Sampling and preparation of samples shall be subject to the standards in GB/T10322.1-2000.
    2. Determination of iron content shall be subject to the standards in GB/T6730.5-2007.
    3. Determination of silicon dioxide (SiO2), aluminum oxide (Al2O3) and phosphorus contents shall be subject to the standards of GB/T6730.62-2005.
    4. Determination of sulfur content shall be subject to the standards in GB/T6730.61-2005.
    5. Determination of size range shall be subject to the standards in GB/T10322.7-2004.
    6. Determination of moisture content shall be subject to the standards in GB/T10322.5-2000.
  2. Transportation requirements

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

  1. Additional note

The Standard shall be subject to the interpretation of DCE.

 Iron Ore Delivery Quality Standard of Dalian Commodity Exchange ("DCE") (F/DCE I004-2021)

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 into the Standard through its citation. 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 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

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

3  Terms and definitions

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

4  Quality requirements

4.1  Quality requirements of standard products

Item

Quality Standards

Iron (Fe)

=61.0%

Silicon Dioxide (SiO2)

=4.5%

Aluminum Oxide (Al2O3)

=2.5%

Phosphorus (P)

≤0.10%

Sulfur (S)

≤0.03%

4.2  Quality difference and premiums/discounts of substitute products

Item

Permissible Range

Premium/Discount (CNY/MT)

Iron (Fe)

≥56.0%

[60.0%,63.5%]

Compared with 61%, discount of X per decrease of 0.1%; premium of X per increase of 0.1%

[56.0%,60.0%)

Compared with 60%, discount of X+1.5 per decrease of 0.1%, and accumulated with the discount of [60.0%, 63.5%]

>63.5%

Compared with 63.5%, premium of X+1.0 per increase of 0.1%, and accumulated with the premium of [60.0%, 63.5%]

Silicon dioxide (SiO2)

≤8.5%

<4.5%

Compared with 4.5%, premium of 0.5 per decrease of 0.1%

(4.5%,6.5%]

Compared with 4.5%, discount of 1.0 per increase of 0.1%

(6.5%,8.5%]

Compared with 6.5%, discount of 1.5 per increase of 0.1%, and accumulated with the discount of (4.5%, 6.5%]

Aluminum oxide (Al2O3)

≤3.5%

<1.0%

Accounted as per 1.0%

[1.0%,2.5%)

Compared with 2.5%, premium of 2.0 per decrease of 0.1%

(2.5%,3.5%]

Compared with 2.5%, discount of 3.0 per increase of 0.1%

Phosphorus (P)

≤0.15%

(0.10%,0.12%]

Compared with 0.10%, discount of 10.0 per increase of 0.01%

(0.12%,0.15%]

Compared with 0.12%, discount of 15.0 per increase of 0.01%, and accumulated with the discount of (0.10%,0.12%]

Sulfur (S)

≤0.20%

(0.03%,0.10%]

Compared with 0.03%, discount of 1.0 per increase of 0.01%

(0.10%,0.20%]

Compared with 0.10%, discount of 5.0 per increase of 0.01%, and accumulated with the 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 X value in the quality premium/discount of Iron (Fe) item are as follows:

Publication Time

Determination Method for X Value

Implementation Time

Last trading day in each March

Taking the daily settlement price of the contract in the latest delivery month from the 11th trading day in September of the previous year to the 10th trading day in March of the current year to calculate the arithmetic mean value.

If such value<600 CNY/MT, then X=1.0 CNY/MT;

If 600 CNY/MT≤such value≤1,200 CNY/MT, then X=1.5 CNY/MT;

If such value>1,200 CNY/MT, then X=2.0 CNY/MT.

From the first trading day in October of the current year to the last trading day in March of the next year

Last trading day in September each year

Taking the daily settlement price of the contract in the latest delivery month from the 11th trading day in March of the current year to the 10th trading day in September of the current year to calculate the arithmetic mean value.

If such value<600 CNY/MT, then X=1.0 CNY/MT;

If 600 CNY/MT≤such value≤1,200 CNY/MT, then X=1.5 CNY/MT;

If such value>1,200 CNY/MT, then X=2.0 CNY/MT.

From the first trading day in April of the next year to the last trading day in September of the next year

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 calculating the weight of the handing-over iron ores (e.g., 6.3% weight shall be deducted for measured moisture of 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 size range shall be subject to the standards in GB/T10322.7-2004.

5.6  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.

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