Legal analysis: See table 1 and table 2 for the benchmark and substitution of iron ore futures delivery and the setting of premium and discount. The index system includes iron grade, silica, alumina, sulfur, phosphorus, trace elements content and particle size. In order to stabilize the enterprise's expectation of receiving goods and enhance the direction of the disk price, Dashang has set the benchmark delivery product as fine ore with iron grade of 62%, and fine ore and concentrate with iron grade above 60% can replace delivery. Both use the same indicator setting system. Iron grade, silica, alumina, sulfur and phosphorus content are the main indicators, and trace elements are "restrictive" indicators, and the requirements of benchmark products and substitutes are the same. Iron ore is weighed on a dry basis.

Legal basis: Article 2 of the Regulations on Quality Responsibility of Industrial Products? Product quality refers to the relevant national laws and regulations, quality standards and the requirements for product applicability, safety and other characteristics stipulated in the contract.

Product quality responsibility refers to the responsibility that the product quality does not meet the above requirements and causes losses to users.