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How is the delivery price determined when futures are delivered?
The settlement price of futures contracts in China is usually the settlement price on the date of contract delivery or the settlement price on the last trading day of futures contracts. The pricing of delivery goods is based on the delivery settlement price, plus the premium of different grades of goods quality and the premium of different delivery warehouses and benchmark delivery warehouses.

Extended data

Although physical delivery accounts for a small proportion in the whole futures contract, it is physical delivery and this potential that make the changes of futures prices synchronized with the changes of related spot prices, and gradually approach with the approach of contract expiration date. Physical delivery is essentially a spot transaction.

The physical delivery in futures trading is the continuation of futures trading, at the junction of futures market and spot market, and it is the bridge and link between futures market and spot market. Therefore, the physical delivery in futures trading is the basis of the existence of the futures market and the fundamental premise for the two major economic functions of the futures market to play. Some enterprises, especially production enterprises, can also effectively avoid the risk of rising raw material prices through physical delivery of futures.

Baidu encyclopedia-futures delivery