Chapter 2 Delivery Process

Article 6 Delivery Procedure:

(1) First Delivery Day

2. Seller Delivery Standard warehouse receipts (rebar, wire rod and hot-rolled coil futures contracts also allow submission of factory standard warehouse receipts). The seller will deliver the valid standard warehouse receipts that have paid off the storage fees to the exchange through the standard warehouse receipt management system on the first delivery day.

Article 8 After the physical delivery is completed, if the buyer has objections to the quality or quantity of the delivered commodities (delivery commodities with objections to natural rubber and silver should be in the designated delivery warehouse), the buyer shall do so in the month of physical delivery. Before the 15th of the following month (including that day, if it falls on a legal holiday, it will be postponed to the first working day after the holiday), a written application must be submitted to the exchange, and the quality supervision and inspection agency designated by the exchange (lead) must also be provided. , the quality appraisal conclusion issued by the silver-designated quality supervision and inspection agency (the list will be announced separately by the exchange). If the application is not submitted within the time limit, the buyer will be deemed to have no objection to the delivered commodities, and the exchange will no longer accept applications with objections to the delivered commodities. However, if there are other provisions in paragraph 2 of this article regarding quality and quantity objections to delivery commodities of rebar, wire rod and hot-rolled coils, those provisions shall prevail.

After the physical delivery of rebar, wire rod and hot-rolled coils is completed, if the buyer has objections to the quality and quantity of the delivered goods (the delivery goods with objections should be in the designated delivery warehouse), they should Before the 15th of the month following the physical delivery month (including the day, if it falls on a legal holiday, it will be postponed to the first working day after the holiday), a written application must be submitted to the exchange, and the quality supervision and inspection designated by the exchange must be provided at the same time. The quality appraisal conclusion issued by the institution (the list of designated quality supervision and inspection institutions for rebar, wire rod and hot-rolled coil will be separately announced by the exchange). The validity period of each batch of rebar, wire rod and hot-rolled coils for delivery shall cover the last delivery day of this delivery. Even if the validity deadline of each batch of delivered rebar, wire rod and hot-rolled coils is earlier than the submission deadline of the quality objection period, if the quality appraisal conclusion of the batch of commodities is unqualified, the seller’s actual quality of the delivered commodities will be Full responsibility remains.

Chapter 10 Delivery of Hot-rolled Coils

Article 64 Delivery unit: 300 tons.

Article 65 The delivery grade can be found in the "Shanghai Futures Exchange Hot Rolled Coil Futures Standard Contract".

Article 66 Quality Regulations for Hot-rolled Coils for Delivery

Hot-rolled coils for delivery shall be registered commodities produced by manufacturers registered with the Exchange.

The shape, size, weight and allowable deviation of the hot-rolled coils for delivery shall comply with GB/T3274-2007 "Carbon Structural Steel and Low Alloy Structural Steel Hot-rolled Thick Steel Plate and Steel Strip" or JISG3101-2010 "Rolled Steel for General Structural Use" and other relevant regulations.

The validity period of each batch of hot-rolled coils for delivery is 360 days from the date of production. The earliest production date of the hot-rolled coils for each warehouse receipt is regarded as the production date of the warehouse receipt.

Article 67 Specifications of Delivery Commodities

The hot-rolled coils of each warehouse receipt shall be composed of commodities from the same manufacturer, the same brand, width and thickness.

Article 68 Packaging and stacking of hot-rolled coils for delivery

The packaging, markings and quality certificates of hot-rolled coils for delivery shall comply with GB/T3274-2007 "Carbon Plain Structural Steel and Low Alloy Structural Steel Hot-rolled Thick Steel Plate and Steel Strip" or JISG3101-2010 "Rolled Steel for General Structural Use" and other relevant regulations.

The underlying objects of each warehouse receipt of hot-rolled coils for delivery shall be stacked as one stacking position.

Article 69: Necessary documents for delivery of goods

The product quality certificate issued by the registered production enterprise shall be provided.

Article 70 Measurement and Overfill and Shortage

The delivery of hot-rolled coils shall be measured by actual weighing. The physical excess or shortfall of each hot-rolled coil standard warehouse receipt shall not exceed ±5%. The pound difference shall not exceed ±0.3%.

Article 71 During the delivery period, if standard warehouse receipts, special value-added tax invoices, payment and other delivery matters are completed before 14:00 on the same day, the exchange will clear the corresponding delivery matters on the same day Position margin. If the transaction is completed after 14:00 on the same day, the exchange will refund the margin of the delivery position on the next trading day.

Article 72 Delivery location: Delivery warehouse designated by the exchange (designated by the exchange and announced separately).

Chapter 11 Delivery of Natural Rubber

Article 73 Delivery Unit: Physical delivery shall be made per lot or an integral multiple thereof.

For the delivery grade of Article 74, please refer to the "Shanghai Futures Exchange Natural Rubber Standard Contract".

Article 75 The registered brands of domestic natural rubber shall be separately announced by the exchange.

Article 76 Packaging:

(1) The outer packaging of domestic natural rubber (SCRWF) shall be double-packed with polyethylene film and polypropylene woven bag, and each package shall be The content is 33.3kg, 30 bags per ton, no overflow or shortage. The size of the rubber bag is 670×330×200mm. The outside of the rubber bag should be marked with: standard rubber grade code, net weight, manufacturer name or factory code, production date, production license number, etc.

(2) The imported No. 3 cigarette film is a plastic package covered with film. The weight of the plastic package of each delivery batch should be consistent. The standard unit weight is 111.11kg, 9 packages per ton, and no overflow. short. The weight of non-standard parts can be measured according to the actual weight, and a weight difference of ±0.2% and an overweight and underweight of ±3% are allowed.

Article 77 Necessary documents for delivery of commodities:

(1) Domestic natural rubber (SCRWF) shall be delivered in a country designated by the exchange that is consistent with the physical product. The original quality inspection certificate (or inspection/appraisal report) issued by the statutory inspection agency.

(2) When delivering the physical delivery of imported No. 3 cigarette film, the imported goods declaration form, the original or copy of the commodity inspection certificate, the foreign trade contract, the customs’ special payment note for import duties, and the special customs collection of value-added tax must be provided Copy of payment slip.

(3) The inspection method is sampling inspection. The sampling location shall be in the designated delivery warehouse after storage. Sampling at stations, docks, etc. during transportation is strictly prohibited. The inspection batch size shall be less than 100 tons (including 100 tons) as one inspection batch, and the inspection batch exceeding 100 tons shall be divided into several batches for inspection.

If national taxation, commodity inspection and other policies are adjusted, their regulations shall be followed, and the document requirements for relevant imported goods shall be separately issued by the exchange.

Article 78 Validity Period:

(1) The validity period for delivery of domestic natural rubber (SCRWF) in the warehouse is the last delivery month of the second year of the year of production. Converted to spot for the period. If the domestic natural rubber produced in the current year is to be used for physical delivery, it must be put into storage before June of the next year (excluding June) at the latest. It shall not be used for delivery after the deadline.

(2) The validity period for delivery of imported No. 3 cigarette film in the warehouse is eighteen months from the date of issuance of the commodity inspection certificate. If it exceeds the period, it will be converted into spot goods. No. 3 cigarette film used for physical delivery shall be put into the warehouse within six months from the date of issuance of the commodity inspection certificate, otherwise it shall not be used for delivery.

(3) The commodity inspection certificate and quality inspection certificate (or test/appraisal report) of the natural rubber in the warehouse are valid for 90 days from the date of issuance. After the expiration of the period, the corresponding commodities must be re-inspected and passed the inspection before they can be used for the next delivery.

Article 79 Natural rubber arriving at the warehouse must be dry and clean. When accepting the goods, the designated delivery warehouse shall unpack and inspect 10% of the entire batch of delivery commodities and re-sew them. If it is found that the surface is aged and cracked, rained, damp, mildewed, blackened, severely polluted, etc. that affects its use, it will be rejected and shall not be used for delivery.

Article 80 The subject matter listed in the standard warehouse receipt shall be natural rubber of the same batch and packaging specifications.

Article 81 The delivery and settlement price of natural rubber futures: The delivery and settlement price of natural rubber futures is the weighted average price of the transaction price based on the transaction volume in the last five trading days of the contract.

After receiving the delivery payment from the buyer member, the exchange will refund the margin for the delivery position. If the exchange believes that the goods delivered this time may have quality objections, it has the right to refund the delivery position deposits of the seller members who have no objections in this delivery on the first working day after the 15th of the month following the delivery month. .

Article 82 Delivery location: Delivery warehouse designated by the exchange.

Chapter 12 Delivery of Silver

Article 83 Delivery Unit: 30 kilograms

Article 84 For delivery grades, see "Shanghai Futures Trading" Exchange Standard Silver Futures Contract.

Article 85 Delivery commodities

should be commodities with registered trademarks produced by manufacturers registered with the Exchange.

Article 86 Specifications of Delivery Commodities

The specifications of silver ingots for delivery are 15 kg ± 1 kg and 30 kg ± 2 kg.

The silver ingots in each warehouse receipt should be products produced by the same manufacturer, with the same brand, the same registered trademark, and the same block shape.

Article 87 Packaging of Delivery Commodities

There are no packaging requirements for silver ingots entering and exiting the warehouse.

Article 88 Necessary Documents for Delivery of Commodities

(1) Domestic Commodities: A product quality certificate issued by a registered manufacturer shall be provided.

(2) Imported commodities: Documentation requirements for relevant imported commodities will be separately released by the exchange.

Article 89 Overage, underage and weight difference: The overage and underweight of each silver ingot standard warehouse receipt shall not exceed ±2 kilograms, and the weight difference of each silver ingot shall not exceed ±1 gram.

Article 90 Inspection of the quantity (weight) of silver ingots entering storage

The designated delivery warehouse shall count the incoming silver ingots and weigh them one by one. Within the specified weight difference range, the weight of each silver ingot shall be based on the weight indicated on the quality certificate of the manufacturer.

Article 91 During the delivery period, if standard warehouse receipts, special value-added tax invoices, payment and other delivery matters are completed before 14:00 on the same day, the exchange will clear the corresponding delivery matters on the same day Position margin. If the transaction is completed after 14:00 on the same day, the exchange will refund the margin of the delivery position on the next trading day.

Article 92 Delivery location: Delivery warehouse designated by the exchange (designated by the exchange and announced separately).

Chapter 13 Futures to Cash

Article 93: Futures to spot means that members (customers) holding contracts of the same month in opposite directions reach consensus and submit to the exchange After submitting an application and obtaining the approval of the exchange, the exchange will close the positions of the contracts they hold respectively at the price specified by the exchange. At the same time, they will carry out positions with the same quantity, same variety and same direction as the subject matter of the futures contract at the price agreed by both parties. A simple act of exchange.

Article 94 The period of EFP is from the listing date of the EFP contract to the two trading days (including that day) before the last trading day of the delivery month.

After reaching an agreement between the buyer and seller members (customers) holding the same delivery month contract, they should go to the exchange to apply for EFP procedures before 14:00 on the trading day within the above period, and fill in the A uniformly printed EFP application form.

If non-standard warehouse receipts are used for delivery, copies of the relevant sales agreement and bill of lading should be provided.

Article 95 EFP is only applicable to historical positions of all listed products on the Exchange, and is not applicable to new positions opened on the application date.

Article 96 The delivery settlement price of EFP shall be the agreed price reached by the buyer and seller members (customers).

Article 97 The corresponding delivery month futures positions originally held by buyers and sellers who apply for EFP shall be determined by the exchange as the delivery month contract on the trading day before the application date before 15:00 on the application date. Close the position at the settlement price.

Article 98 The trading margin for EFP is calculated based on the settlement price of the delivery month futures contract on the trading day before the application date.

Article 99 The exchange of EFP notes (including payment for goods and warehouse receipts) shall be completed on the Exchange before 14:00 on the trading day after the application date.

Article 100 The delivery payment for EFP shall be transferred by internal transfer.

Article 101 The seller shall submit a special value-added tax invoice to the exchange within seven days after completing the EFP procedures. If the seller delivers the special value-added tax invoice before 14:00, the exchange will refund the corresponding deposit to the seller after verification. If it is delivered after 14:00, the exchange will refund the corresponding margin at the settlement of the next trading day. The Exchange will issue a special VAT invoice to the buyer within the next working day after receiving the special VAT invoice from the seller.

Failure to submit VAT invoices on time will be handled in accordance with the relevant provisions of the "Shanghai Futures Exchange Settlement Rules".

Article 102 If delivery is not completed within the time limit stipulated in Article 99 of this Chapter, the provisions on delivery default in these delivery rules shall apply; in the event of a dispute over the quality of the physical delivery, the buyer shall A quality objection application must be submitted within 25 days after the bill exchange date, and the quality appraisal conclusion issued by the quality supervision and inspection agency designated by the Exchange must be provided at the same time.

Disputes involving the physical quality of non-standard warehouse receipts will be coordinated and handled by the relevant members, and the exchange does not assume guarantee liability.

Article 103 Any non-bona fide EFP behavior shall be dealt with in accordance with the relevant provisions of the "Measures for Handling Violations of Shanghai Futures Exchange".

Article 104: The exchange will announce relevant information on EFP in a timely manner.

Chapter 14 Delivery Fees

Article 105 Both parties making physical delivery shall pay delivery fees to the exchange respectively. Copper is 2 yuan/ton, aluminum is 2 yuan/ton, zinc is 2 yuan/ton, rebar and wire rod is 1 yuan/ton, and natural rubber is 4 yuan/ton. The delivery fees for lead, silver and hot-rolled coil futures are determined by the exchange and announced separately.

Article 106 The expense items and standards incurred during the period of goods entering, leaving and being stored in the warehouse shall be determined by the Exchange.

Article 107 The normal charging items and fee calculation methods of designated delivery warehouses are as follows:

(1) Warehouse entry fee, exit fee, loading and unloading fee, packaging (loading) bag) fees, sorting (sorting) fees, transfer fees, agency fees, expedited fees and labor operation fees that require special processing, paper standard warehouse receipt printing fees and other fees approved by the exchange, shall be determined by the designated delivery warehouse based on For actual projects and services, legal settlement vouchers will be issued in accordance with prescribed standards. After verification by the delivery owner, the cargo owner will make a lump sum payment to the designated delivery warehouse.

(2) Storage fees are charged on a daily basis. The storage costs before the last delivery date (including that day) shall be borne by the seller, and the storage costs after the last delivery date shall be borne by the buyer. After the fee is charged, the designated delivery warehouse will indicate the storage fee payment end date on the standard warehouse receipt. The cargo owner should go to the designated delivery warehouse to complete the payment procedures before the end of each month, and can pay in advance.

The charging standards for natural rubber designated delivery warehouses are determined by the exchange and will be announced separately.

The charging standards for designated delivery warehouses of copper, aluminum and zinc are determined by the exchange and will be announced separately.

The charging standards for designated delivery warehouses of rebar, wire rod and hot-rolled coils are determined by the exchange and will be announced separately.

The charging standards for lead and silver designated delivery warehouses are determined by the exchange and will be announced separately.

Chapter 15 Delivery Default

Article 108 Any of the following acts shall constitute a delivery default:

(1) Delivery is required The seller fails to deliver the standard warehouse receipt in full within the time limit;

(2) The buyer fails to pay the full payment within the specified delivery period;

(3) The seller delivers The goods do not meet the prescribed standards.

Article 109 When calculating the quantity of defaulted contracts delivered by the buyer, 20% of the contract value as liquidated damages and compensation shall be reserved for the defaulted portion.

The formula for calculating the quantity of defaulted contracts delivered by buyers and sellers is:

Quantity of defaulted contracts delivered by sellers (lots) = quantity of standard warrants payable (lots) - standard warrants delivered Quantity (lots)

The buyer’s delivery default contract quantity (lots) = (payment due - payment delivered) ÷ (1-20%) ÷ delivery settlement price ÷ trading unit

Article 110: After a delivery default occurs, the exchange shall notify the defaulting party and the corresponding non-defaulting party before 16:30 on the day when the default occurs.

The observant party shall submit its intention to terminate delivery or continue delivery to the exchange in writing before 11:00 on the next trading day. If the selection intention is not submitted within the time limit, the exchange will terminate the delivery.

Article 111 If a delivery default is constituted, the defaulting party shall pay 5% of the contract value of the defaulted part as liquidated damages, and shall be dealt with in the following manner:

(1) Seller In case of default, the buyer can make one of the following choices:

1. Terminate delivery: the exchange refunds the buyer’s payment;

2. Continue delivery: the exchange determines that the seller has breached the contract. An announcement for the purchase of standard warehouse receipts will be issued on the first trading day, and the purchase will be organized within seven trading days. If the acquisition is successful, the exchange will pay the buyer a standard warehouse receipt; if the acquisition fails, the seller will pay 15% of the contract value of the defaulted part to the buyer as compensation, and the exchange will refund the buyer's delivery payment and then terminate the delivery. The seller shall bear all economic losses and expenses arising from the acquisition.

(2) If the buyer defaults, the seller can make one of the following choices:

1. Terminate delivery: the exchange returns the seller’s standard warrant;

2. Continue delivery: The exchange will issue a standard warehouse receipt auction announcement on the next trading day after it is determined that the buyer has defaulted, and organize an auction within seven trading days.

If the auction is successful, the exchange will pay the seller the delivery price; if the auction fails, the buyer will pay 15% of the contract value of the defaulted part to the seller as compensation, and the exchange will return the seller's standard warrant and terminate the delivery. The buyer shall bear all economic losses and expenses arising from the auction.

After delivery is terminated, the exchange’s delivery guarantee liability terminates.

Article 112: The purchase price shall not be higher than 125% of the delivery and settlement price, and the auction price shall not be lower than 75% of the delivery and settlement price.

Article 113 If both the buyer and the seller breach the contract, the exchange will terminate delivery and impose a fine of 5% of the value of the defaulted contract on both parties.

Article 114: When a member defaults on partial delivery, the standard warehouse receipts or payment received by the defaulting member can be used to deal with the default.

Article 115 If a member intentionally breaches the contract during the physical delivery process, it will be dealt with in accordance with the relevant provisions of the "Shanghai Futures Exchange Measures for Handling Violations."

Article 116 The member party and the designated delivery warehouse that have breached the contract are obliged to provide evidence related to the breach of contract. If a member refuses to provide evidence, it will not affect the determination of the fact of breach of contract.

Article 117 If there is a dispute between the cargo owner and the designated delivery warehouse regarding the inspection results of the delivered goods, it will generally be resolved through joint inspection by both parties. You can also submit it to the quality inspection agency designated by the exchange for re-inspection, and the re-inspection results will be the basis for resolving disputes.

Chapter 16 Supplementary Provisions

Article 118 The delivery regulations for fuel oil, gold, petroleum asphalt, etc. shall be separately issued by the exchange.

Article 119 The organization and implementation measures for spot contract transactions and standard warehouse receipt transactions will be formulated separately.

Article 120: Anyone who violates the provisions of these Rules shall be dealt with by the Exchange in accordance with the relevant provisions of the "Measures for Handling Violations of Shanghai Futures Exchange".

Article 121 The right to interpret these rules belongs to Shanghai Futures Exchange.

Article 122 These detailed rules shall come into effect on the day of the year. (Implemented from the date of listing of hot-rolled coil futures.)