培训课件：中国铁矿石期货交割规则介绍

China

Iron

Ore

Futures

Delivery

Introduction中国铁矿石期货交割规则介绍2025/11/27More

English

Reportson【CITICFutures

International

ServicePlatform】

Abstract摘要✓

The

DCE

ironorefutures

contract

hasestablishedawell-developed

delivery

system

centered

onclearlydefined

qualitystandards,apremium/discount

structure

for

multipledeliverable

brands,

anddiversifieddelivery

methods.

The

system

specifiesthe

qualityrequirements

andpremiums/discounts

for

all

deliverable

brands,

allowing

market

participants

to

selectthe

“cheapest-to-deliver”product

through

the

calculationof

the

futures-adjusted

price.

Thisenablesdifferentiated

delivery

of

spot

cargoes

with

varying

qualitiesunder

asinglestandardizedcontract,

ensuringthe

representativeness

andeffectiveness

of

the

futures

price.✓

To

ensure

the

final

convergence

betweenthe

futures

andspot

markets,

the

exchangeoffers

multipledelivery

mechanisms—including

exchange

for

physicals

(EFP),

rolling

delivery,

pick-up

order

delivery,

andone-time

final

delivery—toaccommodate

thediverseneedsof

different

market

participants.

Thisrigorous

andwell-defined

system,

supplemented

by

substantial

penaltiesfordefault,

providesinstitutional

investorswithareliableframework

for

risk

management

andphysical

settlement,

servingasessentialinfrastructure

for

the

proper

functioning

of

the

futures

market.✓

大商所铁矿石期货建立了一套成熟的的交割制度，其核心在于明确的质量标准、多品牌下的升贴水体系，以及多元化的交割方式。该制度明确规定了可交割品牌的品质要求与升贴水，市场参与者可以通过“折盘面价格”的计算选择“最便宜可交割品”进行交割，从而在统一合约下实现了不同品质现货的差异化交割，确保了期货价格的代表性与有效性。✓

为确保期货与现货市场的最终收敛，交易所设计了期转现、滚动交割、提货单交割和一次性交割等多种方式，以适应不同市场参与者的个性化需求。这套流程严谨、权责分明的制度，辅以高额违约罚则，为机构投资者进行风险管理和实物交收提供了可靠的制度保障，是期货市场功能得以发挥的关键基础设施。Risks:Basis

Fluctuation,

Operational

Risk,

Policy

Changes,Economic

Fluctuations

,etc.

风险提示：基差波动、操作风险、政策变化、经济波动等Thisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。1China

Futures

ResearchFramework中国期货研究框架系列报告*Click

onthe

hyperlink

of

report

titles

toread

historical

reportsEnergy

&Chemicals能化Macro

Economy

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中国原油期货研究框架20240619

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中国液化石油气研究框架20240202

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LLDPE

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Methanol

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SCFIS(EUROPE)Research

Framework

中国集运指数研究框架20240717

China

Macro

EconomyFramework

中国宏观经济研究框架20240814

US

Macro

EconomyFramework

美国宏观经济研究框架Equity

Index

股指20250724

Hang

Seng

Biotech

Index

Research

Framework

恒生生物科技指数研究框架20240130

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Equity

Index

Futures

Framework

中国股指期货研究框架20241119

H.K.

Equity

Index

Futures

Framework

港股期货分析框架National

Bond

国债AgriculturalProducts

农业20240131

China

Government

Bond

Futures

Framework

中国国债期货研究框架20241016

US

Treasury

Bond

Research

Framework

美国国债研究框架20250811

China

Soybean

Meal

Research

Framework

中国豆粕期货研究框架20251015

China

Soybean

Oil

Research

Framework

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China

Rapeseed

Meal

Research

Framework

中国菜粕研究框架20250521

China

Rapeseed

Oil

Research

Framework

中国菜油研究框架20250826

China

Palm

Oil

Futures

Research

Framework

中国棕榈油期货研究框架20240208

China

Live

Hog

Futures

Framework

中国生猪期货研究框架20250425

China

Corn

Price

Long-cycle

Review

中国玉米价格长周期复盘20250722

China

Natural

Rubber

Research

Framework

中国天然橡胶期货研究框架Exchange

Rate

汇率20250124

Exchange

Rate

Analysis

Framework

汇率分析框架20250221

Long-Term

Framework

of

The

US

Dollar

Index

美元指数长周期框架RiskManagement

风险管理20250924

China

Steel

Futures

钢材期货/20250701

China

Iron

Ore

Futures

铁矿石期货20250618

China

PlasticFutures

塑料期货/ChinaFreight

&

Fuel

Oil

Futures

航运和船燃期货Metals

金属CrossBorderArbitrage

跨境套利20240205

China

Gold

Futures

Framework

中国黄金期货研究框架20240206

China

Copper

Futures

Framework

中国铜期货研究框架20240207

China

Iron

Ore

Futures

Framework

中国铁矿石期货研究框架20240808

China

Steels

Research

Framework

中国钢材产业研究框架20240618

China

Lithium

Research

Framework

中国锂产业研究框架20241209

SiliconMetal

Research

Framework

工业硅研究框架20251031

Metal

钢材

/

20250912

Palm

Oil

棕油

/

20250325

Natural

Rubber天然橡胶

/20250116

Soybean

豆类

/

20250115

Copper

铜

/

20250114

Iron

Ore

铁矿石

/

20221104Crude

Oil

原油20240830

StatisticalRegression

Strategy

Model

中国期货跨境套利统计回归

/20250731China

Equity

Index

and

ETFOptions中国股指期权与ETF期权套利CONTENTIron

OreDeliveryDeliveryTypes010204铁矿石交割交割方式DeliveryProcessFees&Default03交割流程费用和违约处理01IronOre

Delivery铁矿石交割1.1

Contract

Details合约介绍Trade

CategoryContract

UnitDCEIronOreFutures100

metric

tonnesCNY/MTItemsFeQuality

Standards＝

61.0%PriceQuotationMinimumPriceFluctuation0.5

CNY/MTDaily

PriceLimits4%of

theprevioustradingday's

settlement

priceContract

Months

Jan,

Feb,Mar,Apr,May,

Jun,Jul,Aug,

Sep,Oct,

Nov,

DecSiO2=4.5%FromMondaytoFriday,

9:00amto10:15

am,10:30

amto11:30

PM,

13:30

PM

to15:00

PMTrading

Hours

Continuoustradinghours:

21:00

~23:00

tradinghoursonthepreviousday(Mondaynighttradinghoursare21:00

~23:00onFriday)Al2O3=2.5%Last

Trading

DayThe

10th

tradingdayofthe

contract

monthDelivery

FormPhysical

deliveryPS≤0.10%≤0.03%Product

CodeExchangeIDCEPositionAccountability/PositionLimitPositionlimitsareadjusted

accordingto

themonthsapproaching

thedelivery

month

andmarket

contingenciesSources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。51.1

Contract

Details合约介绍交易品种交易单位大连商品交易所铁矿石期货指标标准品质量标准＝

61.0%100吨/手元（人民币）/吨报价单位最小变动价位涨跌停板幅度合约交割月份0.5元/吨铁（Fe）上一交易日结算价的4％1、2、3、4、5、6、7、8、9、10、11、12月二氧化硅（SiO2）=4.5%每周一至周五上午9:00~10:15,10:30~11:30,下午13:30~15:00连续交易时间：前一自然日21：00~23：00交易时间（周一夜盘交易时段为上周五的21：00~23：00）交易时间三氧化二铝（Al2O3）=2.5%最后交易日交割方式合约月份第10个交易日实物交割磷（P）硫（S）≤0.10%≤0.03%交易代码I上市交易所大连商品交易所随着临近交割月的月份不同，以及市场突发情况调整持仓限制持仓限制Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。61.2

Delivery

Standard交割标准PermissibleItemPremium/Discount

(CNY/MT)Range[60.0%,63.5%]

Compared

with61%,

discount

of

Xper

decrease

of0.1%;

premium

of

Xper

increase

of

0.1%[56.0%,60.0%)

Compared

with60%,

discount

of

X+1.5per

decrease

of

0.1%,

and

accumulated

withthe

discount

of

[60.0%,

63.5%]Compared

with63.5%,

premium

of

X+1.0per

increase

of

0.1%,

and

accumulated

withthe

premium

of[60.0%,Iron(Fe)≥56.0%>63.5%63.5%]Silicondioxide(SiO2)<4.5%Compared

with4.5%,

premium

of

0.5perdecrease

of

0.1%≤8.5%≤3.5%(4.5%,6.5%]

Compared

with4.5%,

discount

of

1.0per

increase

of0.1%(6.5%,8.5%]

Compared

with6.5%,

discount

of

1.5per

increase

of0.1%,

and

accumulated

withthe

discount

of

(4.5%,

6.5%]<1.0%Accounted

asper

1.0%Aluminumoxide(Al2O3)[1.0%,2.5%）

Compared

with2.5%,

premium

of

2.0perdecrease

of

0.1%(2.5%,3.5%]

Compared

with2.5%,

discount

of

3.0per

increase

of0.1%Phosphorus(P)(0.10%,0.12%]

Compared

with0.10%,

discount

of10.0

per

increase

of

0.01%(0.12%,0.15%]

Compared

with0.12%,

discount

of15.0

per

increase

of

0.01%,

and

accumulated

withthe

discount

of

(0.10%,0.12%](0.03%,0.10%]

Compared

with0.03%,

discount

of1.0per

increase

of

0.01%≤0.15%≤0.20%Sulfur

(S)(0.10%,0.20%]

Compared

with0.10%,

discount

of5.0per

increase

of

0.01%,

and

accumulated

withthe

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

Xvalue

inthe

qualitypremium/discount

of

Iron

(Fe)

itemare

asfollows:Publication

TimeDeterminationMethod

forX

ValueTakingthedaily

settlement

priceof

the

contractinthelatestdeliverymonthfromthe11th

trading

day

inSeptemberoftheprevious

year

tothe

10th

trading

day

inMarchof

thecurrent

year

tocalculatethearithmetic

mean

value.Ifsuchvalue<600

CNY/MT,then

X=1.0

CNY/MT;If600

CNY/MT≤such

value≤1,200

CNY/MT,then

X=1.5

CNY/MT;Ifsuchvalue>1,200

CNY/MT,then

X=2.0

CNY/MT.Implementation

TimeFromthefirst

trading

day

inOctoberof

the

current

year

tothelasttrading

day

inMarchof

thenextyearLasttrading

day

ineachMarchTakingthedaily

settlement

priceof

the

contractinthelatestdeliverymonthfromthe11th

trading

day

inMarchof

thecurrent

year

tothe

10th

tradingday

inSeptemberof

the

current

year

tocalculate

the

arithmetic

mean

value.Ifsuchvalue<600

CNY/MT,then

X=1.0

CNY/MT;Fromthefirst

trading

day

inAprilofthenext

year

tothe

lasttrading

dayinSeptemberof

thenext

yearLasttrading

day

inSeptembereachyearIf600

CNY/MT≤such

value≤1,200

CNY/MT,then

X=1.5

CNY/MT;Ifsuchvalue>1,200

CNY/MT,then

X=2.0

CNY/MT.Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。71.2

Delivery

Standard交割标准指标允许范围质量升贴水（元/吨）[60.0%,63.5%]

与61%相比，每降低0.1%，扣价X；每升高0.1%，升价X[56.0%,60.0%)

与60%相比，每降低0.1%，扣价X+1.5，并与[60.0%,

63.5%]扣价累计计算铁

(Fe)≥56.0%>63.5%<4.5%与63.5%相比，每升高0.1%，升价X+1.0，并与[60.0%,63.5%]升价累计计算与4.5%相比，每降低0.1%，升价0.5二氧化硅(SiO2)≤8.5%≤3.5%(4.5%,6.5%]

与4.5%相比，每升高0.1%，扣价1.0(6.5%,8.5%]

与6.5%相比，每升高0.1%，扣价1.5，并与(4.5%,

6.5%]扣价累计计算<1.0%以1.0%计价三氧化二铝(Al2O3)[1.0%,2.5%）

与2.5%相比，每降低0.1%，升价2.0(2.5%,3.5%]

与2.5%相比，每升高0.1%，扣价3.0(0.10%,0.12%]

与0.10%相比，每升高0.01%，扣价10.0(0.12%,0.15%]

与0.12%相比，每升高0.01%，扣价15.0，并与(0.10%,0.12%]扣价累计计算(0.03%,0.10%]

与0.03%相比，每升高0.01%，扣价1.0磷(P)硫(S)≤0.15%≤0.20%(0.10%,0.20%]

与0.10%相比，每升高0.01%，扣价5.0，并与(0.03%，0.10%]扣价累计计算其中，二氧化硅（SiO2）与三氧化二铝（Al2O3）合计不得超过10%。铁（Fe）指标质量升贴水中

X数值的确定方法、公布和实施时间如下：公布时间X数值的确定方法取自上一年9月第11个交易日至当年3月第10个交易日之间每日的最近交割月份合约的当日结算价，计算算术平均值。实施时间自当年10月第1个交易日至次年3月最后1个交易日每年3月最后1个交易日

若该值小于600元/吨，则X为1.0元/吨；若该值大于等于600元/吨且小于等于1200元/吨，则X为1.5元/吨；若该值大于1200元/吨，则X为2.0元/吨取自当年3月第11个交易日至当年9月第10个交易日之间每日的最近交割月份合约的当日结算价，计算算术平均值。每年9月最后1个交易日

若该值小于600元/吨，则X为1.0元/吨；自次年4月第1个交易日至次年9月最后1个交易日若该值大于等于600元/吨且小于等于1200元/吨，则X为1.5元/吨；若该值大于1200元/吨，则X为2.0元/吨Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。81.3

Deliverable

Brands可交割品牌Premiums

&DiscountsBrandShort

NameBrandNameManufacturer（CNY/MT）AnsteelConcentratesHBISConcentratesBXSteelConcentratesTISCOConcentratesMagang

ConcentratesAnsteelMiningConcentratesHBISMining

ConcentratesBenxi

SteelMining

ConcentrateTISCOMining

ConcentratesBaosteelMagang

ConcentratesAnsteelMiningCo.,

Ltd.HBISMining

Co.,Ltd.Benxi

SteelMining

Co.,

Ltd.00000TISCOMining

CompanyAnhui

Magang

Mining

ResourcesGroup

Co.,Ltd.China

MinmetalsGroup

(TangShan

Caofeidian)

OreHoldings

Co.,Ltd.Minmetals

Standard

FinesMinmetals

Standard

Fines0KARARACONCENTRATECarajas

FINESKarara

Standard

Magnetite

ConcentrateKARARAMININGLTD0Carajas

IronOreAGGLOMERATEIRONORECONCENTRATEVALEINTERNATIONAL

S.A.15AGGLOMERATECONCENTRATEMETINVEST

INTERNATIONAL

S.A.00KUMBABRBFKUMBASTANDARD

FINE

OREKumba

Singapore（Pte）LtdVALEINTERNATIONAL

S.A.ValleyMetal(Shanghai)

Co.,Ltd.BrazilianBlend

Fines150NEWMAN

FINESNEWMAN

HIGH

GRADE

FINE

OREBHPBilliton

MarketingAG(Singapore

Branch)RioTinto

Commercial

Pte.Ltd.,PBFINESPILBARABLENDFINESRobe

RiverOreSalesPty.Ltd.

andHope

Downs

Marketing

CompanyPty.Ltd.CSN

MINERACAOS.A.BHPBilliton

MarketingAG(Singapore

Branch)RoyHillIronOrePtyLtd.15IOC6MACFINESROYHILLFINESJIMBLEBAR

FINESIRON

ORE

FINES-IOC6MACFINE

ORE0000ROY-FJIMBLEBAR

BLEND

FINEOREBHPBilliton

MarketingAG(Singapore

Branch)RioTinto

Commercial

Pte.Ltd.,SP10FSP10FINESRobe

RiverOreSalesPty.Ltd.

andHope

Downs

Marketing

CompanyPty.Ltd.CHICHESTER

METALS

PTY

LTDBHPBilliton

MarketingAG(Singapore

Branch)CHICHESTER

METALS

PTY

LTD0FMGBLEND

FINESYANDIFINESSUPER

SPECIAL

FINEFORTESCUE

BLENDFINESYANDIFINEORESUPER

SPECIAL

FINE000Note：Applicablesince

Iron

OreFutures

Contract

2312Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。91.3

Deliverable

Brands可交割品牌品牌简称鞍钢精粉河钢精粉本钢精粉太钢精粉马钢精粉五矿标准粉品牌名称鞍钢矿业精粉河钢矿业精粉本钢矿业精粉太钢岚县铁精粉宝武马钢精粉五矿标准粉生产厂家品牌升贴水（元/吨）鞍钢集团矿业有限公司00河北钢铁集团矿业有限公司本溪钢铁（集团）矿业有限责任公司太原钢铁（集团）有限公司矿业分公司安徽马钢矿业资源集团有限公司中国五矿集团（唐山曹妃甸）矿石控股有限公司KARARAMINING

LTD0000卡拉拉精粉卡拉加斯粉乌克兰精粉KUMBAKarara

StandardMagnetite

ConcentrateCarajas

Iron

Ore0VALEINTERNATIONAL

S.A.150AGGLOMERATE

IRON

ORECONCENTRATEKUMBASTANDARDFINE

OREBrazilian

Blend

FinesMETINVEST

INTERNATIONAL

S.A.Kumba

Singapore（Pte）Ltd0VALEINTERNATIONAL

S.A.BRBF15巴西混合粉淡水河谷金属（上海）有限公司BHPBilliton

Marketing

AG(Singapore

Branch)纽曼粉NEWMAN

HIGH

GRADEFINE

ORE0PB粉PILBARABLENDFINESRio

Tinto

Commercial

Pte.Ltd.、

RobeRiver

Ore

Sales

Pty.Ltd.和Hope

Downs

Marketing

Company

Pty.Ltd.15IOC6IRON

OREFINES-IOC6MAC

FINE

ORECSNMINERACAOS.A.BHPBilliton

Marketing

AG(Singapore

Branch)RoyHill

Iron

Ore

PtyLtd.0000麦克粉罗伊山粉金布巴粉ROY-FJIMBLEBAR

BLENDFINE

OREBHPBilliton

Marketing

AG(Singapore

Branch)SP10粉SP10FRio

Tinto

Commercial

Pte.Ltd.、Robe

River

Ore

SalesPty.

Ltd.和Hope

Downs

Marketing

Company

Pty.

Ltd.0FMG混合粉杨迪粉FORTESCUE

BLENDFINESYANDIFINE

ORECHICHESTER

METALS

PTYLTDBHPBilliton

Marketing

AG(Singapore

Branch)CHICHESTER

METALS

PTYLTD000超特粉SUPERSPECIALFINENote：Applicablesince

Iron

OreFutures

Contract

2312Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。101.4

Premiums

&Discounts升贴水QualityPremiums

/

BrandPremiums

Total

Premiums

/

Ironore

deliverables

must

bespecific

brandsproduced

by

manufacturers

approvedby

theexchange.BrandShort

NameFe铁H2O水分Discounts质量升贴水（CNY/MT）/Discounts品牌升贴水（CNY/MT）Discounts总升贴水（CNY/MT）品牌简称PBFINESCarajas

FINESKumba61.665.363.862.561.761.560.860.560.758.558.356.856.965.665.8659815.5117.7531515030.5132.753

Asthe

DCEironore

contract

allows

multipledeliverable

brands

with

varying

quality

andpricing,

sellerstend

tochoose

the

most

cost-effective

option—typically

theone

with

thelowest

netfutures-adjusted

price.2.28.47.59.17.37.28.59BRBF35.814.8-215050.814.8-2NEWMAN

FINESIOC60

Recently,

Kumba

,NewmanFinesandCarajasFINEShavebeen

thecheapest

deliverablebrands.MACFINES-0.5-61.5-4.5-49.3-77.8-144.5-148.455.9760-0.5-61.5-4.5-49.3-77.8-144.5-148.455.976JIMBLEBAR

FINESROYHILLFINESSP10F00The

adjusted

priceis

calculatedas:

AdjustedPrice=RMB

Spot

Price/(1–

MoistureContent)–

Total

Premium/Discount.0FMGBLEND

FINESYANDIFINES8.6900SUPER

SPECIALFINEKARARACONCENTRATEHBISConcentratesAnsteelConcentratesBXSteelConcentrates7.87.268.790

铁矿石可交割品必须为交易所认可的指定品牌。0由于大商所铁矿石期货允许多个品质和价格不同的品牌交割，卖方通常会选择性价比最高的品牌——一般是折盘面价格最低的品种。07007065960060

折盘面价格=

人民币现货价格

/（1

–

水分）–总升贴水。Minmetals

Standard

Fines61.58.915.5015.5AGGLOMERATECONCENTRATEMagang

Concentrates64.7659.4491763001763近期Kumba

、

纽曼粉和卡拉加斯粉是最低价可交割品牌。Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。1102Delivery

Types交割方式2.1

Concept

Introduction概念介绍

Delivery:

Delivery

refers

totheprocess

bywhichbothparties

toafutures

contract

close

theiropenpositions

throughthe

transfer

ofownershipof

theunderlyingcommodity,

inaccordance

withtheterms

of

thecontractand

theexchange's

rules.

Simply

put,when

acontract

reachesmaturity,

thebuyerwithanopenposition

paysthefull

amount

andtakes

deliveryof

thephysicalcommodity,whiletheseller

deliversthecommodity

andissues

aVAT

invoice.

Standard

Warrant:

Astandard

warrantisaphysical

deliveryreceiptissued

byan

exchange-designated

deliverywarehouseafter

thegoodshavebeeninspected,

confirmed

tomeet

quality

standards,

andofficially

registered.

Itisuniformly

standardizedbythe

exchange.Last

Trading

Day

:The

last

dayon

whichacontractcan

betraded.For

ironorefutures

ontheDalian

Commodity

Exchange

(DCE),

thisis

thetenthtradingday

of

thecontractmonth.Last

DeliveryDay

:The

final

day

for

completing

thedeliveryof

acontract.

ForDCE’s

industrial

products,

this

isthe

thirdtrading

dayafter

thelast

tradingdayof

thecontractmonth.Delivery

viaWarrant:This

refers

towhena

member

deliversastandardwarranttotheexchangeon

behalf

of

theseller.

The

exchangethenreleases

thefull

margin

corresponding

totheshort

position

inthe

nearbydeliverymonth,

whileprofit

and

lossaresettled

incash.交割：是指期货合约的买卖双方按照合约条款和交易所规则，通过标的商品所有权转移来了结未平仓头寸的过程。简单来说，当合约到期时，持有多头头寸的买方支付全额货款并提取实物商品，持有空头头寸的卖方则交付商品并开具增值税发票。

标准仓单：是由交易所指定交割仓库在货物检验合格、确认符合质量标准并完成注册后签发的实物交割凭证，由交易所统一规范管理。最后交易日：指某合约可以进行交易的最后一天。以大连商品交易所（DCE）铁矿石期货为例，最后交易日为合约月份的第十个交易日。最后交割日：指完成该合约交割的最后期限。对大商所工业品而言，最后交割日为合约月份最后交易日后的第三个交易日。仓单交割：指会员代表卖方向交易所提交标准仓单进行交割。交易所随即释放该近期交割月份空头仓位对应的全部保证金，盈亏以现金方式结算。Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。132.2

Delivery

Types：Overview交割方式：概览This

referstoanegotiated

agreement

between

twoparties

holding

positions

in

thesamedelivery

month

contract,wherebothparties

agreetosettletheir

futures

positions

atapre-agreed

priceand

simultaneously

executethephysicaltransaction:

theseller

delivers

thephysical

commodity

andthebuyermakes

thecorresponding

payment.Exchange

forPhysicals(EFP)After

thelast

trading

dayofacontract,theexchange

organizes

all

remaining

openpositions

for

final

delivery.Opposingpositions

under

thesameclient

codeareautomatically

offsetandnot

subjecttodelivery.Theclosingpricefor

suchpositionsiscalculated

basedonthefinal

delivery

settlement

price.One-TimeDeliveryDuring

aspecified

period

in

themonth

priortothedelivery

month,

both

buyerandseller

mayvoluntarily

apply

fordelivery.

Theexchangeorganizes

matching

andsupervises

theentirephysical

delivery

processaccordingtoprescribedprocedures.This

isaform

ofearly

physicaldelivery.Delivery

byPick-UpOrderFromthefirsttrading

dayofthedelivery

month

uptothetrading

daybeforethelast

trading

day,sellers

withnet

shortpositions

may

apply

todeliver

through

standardwarehouse

warrants

orrailcar

delivery.Theexchange

thenmatches

buyersandsellers

andsupervises

thecompletion

ofdelivery

within

thespecified

period.Rolling

Delivery期转现交割一次性交割提货单交割滚动交割指双方持有同一交割月份合约的持仓，通过协商一致，在约定价格下对期货头寸进行对敲平仓，并同时完成现货交易：卖方交付实物商品，买方支付相应货款。在合约最后交易日之后，交易所对所有未平仓合约统一组织最终交割。相同客户编号下的对冲头寸将自动对冲，不参与交割。其平仓价格按照最终交割结算价计算。在交割月份前一个月份的指定时间内，买卖双方可自愿申请交割。交易所按规定程序组织配对并监督整个实物交割过程，这是提前进行实物交割的一种方式。在交割月份的第一个交易日至最后交易日前一交易日期间，净空头会员可申请通过标准仓单或铁路车板进行交割。交易所据此组织买卖双方配对，并在规定时间内监督完成交割。Sources：DCE,

CITIC

FuturesThisreport

isnot

aservice

under

the

futures

trading

consulting

business.

Theopinions

andinformation

provided

are

for

reference

only

and

donot

constituteinvestment

adviceto

anyone.

CITIC

Futures

do

not

consider

relevant

personnel

as

clientdueto

the

attention,

receipt,

orreading

of

this

report本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。142.2.1

Exchangefor

Physicals

(EFP)期转现交割ApplicationandEFPTypesSubmitmaterialsObligationsPayment

anddeliveryDelivery

feesChargedaccording

tothedelivery

feeApprovalEFPApplication;

SpotTradeAgreement;

RelevantPayment

theseller

member

shall

deliver

theProof;Supporting

Documents

for

corresponding

quantity

of

standardGoodsOwnership(StandardWarehouse

Receipts,Warehouse

EntrySlips,

Inventorypayment

calculated

at

theagreed

priceLists,

etc.)

totheexchangeaccount.Approvedby11:30

ontheapprovalday,Applications

submittedbefore

11:30

on

thetrading

dayshall

beapproved

bytheexchangeon

thesameday.Theexchangeshall

handlethewarehouse

receiptdelivery

and

paymentsettlement.StandardWarehouseReceipt

EFPwarehouse

receipts

totheexchange;thebuyer

member

shall

transfer

thefullstandard

oftheproduct.Thedelivery

of

goods

andpayment

settlement

shall

bedetermined

through

mutualnegotiation

betweenthetrading

parties,

and

theexchangeassumes

noEFPApplication;

SpotPurchase-Aftercompleting

thespot

transaction,The

transactionshall

be

chargedaccording

tothetrading

feestandard

oftheproduct.TheexchangeshallSaleAgreement;

Relevantprocess

theapplication

PaymentCertification;withinthreetrading

days

Supporting

GoodsOwnershipbothtrading

parties

shall

submit

proof

ofgoods

delivery

and

payment

totheexchange.Theexchange

reservestheright

tosupervise

and

verifytheNon-StandardWarehouseReceipt

EFPupon

receipt.Documents

(WarehouseReceipts,

Inventory

Lists,

etc.)

transaction.guarantee

responsibility.✓

Notes:All

industrialfu