On June 26th, the Shanghai Futures Exchange (“SHFE”) officially announced the announcement. The grade and quality specifications of fuel oil futures contract will be adjusted from 180CST to RMG380, and the RMG380 fuel oil futures contract will be listed on July 16, 2018.

The amended Fuel Oil Futures Contract and related Implementing Rules, which have been accepted by the SHFE Board of Directors and reported to the China Securities Regulatory Commission, is hereby released and shall be effective as of July 1,2018

SHFE amended Fuel Oil Futures Contract:

1. Contract Size: 50 metric tons/lot amended to 10 metric tons/lot
2. Price Quotation: RMB Yuan/metric ton amended to RMB Yuan/metric ton (exclusive of tax).
3. Listed Contracts: Monthly contract of the most recent 12 months from January to December (excluding the Spring Festival) amended to Monthly contract of the most recent 12 months from January to December.
4. Grade and Quality Specifications: Fuel oil 180 CST or higher grades (refer to Annex for detailed quality requirements) amended to Marine fuel oil, RMG 380 (sulfur content level I or II) or higher grades (refer to Annex for detailed quality requirements);
5. Trading Hours: 9:00 a.m. to 11:30 a.m., 1:30 p.m. to 3:00 p.m., amended to 9:00 a.m. to 11:30 a.m., 1:30 p.m. to 3:00 p.m. and other time periods specified by the Exchange (Beijing Time).
6. Last Trading Day: The last trading day of the month prior to the contract month amended to the last trading day of the month prior to the contract delivery month. The last trading day may be adjusted by the Exchange in view of legal holidays in China.

According to the announcement, the 180CST fuel oil futures contract has been terminated since June 27, 2018. The RMG380 fuel oil futures contract will be listed in July 16, 2018.

The first listing new contracts are FU1901, FU1902, FU1903, FU1904, FU1905, FU1906 and FU1907. The listing time is July 16, 2018, call auction is from 8:55 a.m. to 9:00 a.m. and open for auction at 9:00 a.m. The new contract has a continuous transaction time of 21:00-23:00 from Monday to Friday.

The new contract margin rate is 10% of the contract value; the limit is 6%, and the first day is 12% of the benchmark price. The trans fee is 0.05‰ of the turnover, and Closing-out Today’s Positions suspend trans fee. The benchmark price will be announced on the first trading day before the contract is listed.

6月26日，上期所正式发布通知，燃料油期货合约交割品级拟由180燃料油调整为保税380燃料油，保税380燃料油期货合约将于2018年7月16日挂牌。燃料油期货合约及业务规则修改方案已经理事会审议通过。

上期所对《上海期货交易所燃料油期货合约》进行了全面修订：

一、 交易单位“50吨/手”修改为“10吨/手”；

二、 报价单位“元（人民币）/吨”修改为“元（人民币）/吨（交易报价为不含税价格）”；

三、“合约交割月份”修改为“合约月份”，并将“1-12月（春节月份除外）”修改为“1-12月”，保持合约的连续性；

四、交割品级“180CST燃料油（具体质量规定见附件）或质量优于该标准的其他燃料油”修改为：“RMG 380船用燃料油（硫含量为I级、II级）或者质量优于该标准的船用燃料油（具体质量规定见附件）”；

五、交易时间“上午9:00-11:30，下午1:30-3:00”修改为“上午9:00-11:30，下午1:30-3:00和交易所规定的其他交易时间”；

六、最后交易日“合约交割月份前一月份的最后一个交易日”修改为“合约月份前一月份的最后一个交易日；交易所可以根据国家法定节假日调整最后交易日”。


根据上期所相关通知，自2018年6月27日起，已挂牌的燃料油期货合约终止交易。修订后的保税380燃料油期货合约将于2018年7月16日正式挂牌。

首批挂牌新合约为FU1901、FU1902、FU1903、FU1904、FU1905、FU1906、FU1907。挂牌时间为2018年7月16日，当日8:55-9:00集合竞价，9:00开盘。新合约连续交易时间为每周一至周五21:00-23:00。

新合约交易保证金为合约价值的10%；涨跌停板幅度为6%，首日涨跌停板幅度为基准价的12%。交易手续费成交金额的万分之零点五，平今仓暂免收交易手续费。基准价将在合约挂牌前一交易日公布。

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