Iron ore risk control
Time Gradient Margins
As of the launch on DCE, through the commodity futures contracts entering the delivery month, DCE will gradually increase the trading margins of such contracts as per the time periods. As the delivery month approaches, the contract margins will be gradually increased by 10% and finally by 20%
Price Limit
DCE formulates the daily maximum price fluctuation ranges for any and all futures contracts, which is a certain proportion of the settlement price of the preceding trading day and may be adjusted by DCE as per the market conditions. Currently, the iron ore price limit is 8%
Position Limit Policy
DCE‘s position limit refers to the maximum amount of the speculative position of a certain futures contract on the unilateral calculation basis that may be held by the members or clients as prescribed by DCE. (The position limit applies to the non-futures company members and clients other than futures company members and overseas brokers, subject to unilaterally calculated position and non-net position management.)
Large Position Report Policy
There is a large position report requirement.
1. The reporting standards shall be no less than 80% of the speculative position quantity limit.
2. The reporting standards shall contain fund and position information.
3. The reporting flows are as follows:
(i) The clients report through a futures company member; and
(ii) The clients that engage an overseas broker to conduct futures trading shall report through its overseas broker which then report through the futures company member. (The names of the clients of the overseas brokers will be kept confidential from the members.)
Forced Liquidation Policy
1. The forced liquidation refers to one of the compulsory measures under which DCE conducts liquidation against the relevant position upon the member's or client's violation.
2. The circumstances of forced liquidation cover those caused by the member's insufficiency in funds, the client's excess position,violation or any other reasons.
3. The execution price of the forced liquidation is formed through the market trading.
4. The quotation price of the forced liquidation is the price limit prices.
5. On account of overseas clients' time difference and inconvenient fund transfer, the forced liquidation time is prolonged to 13:30.
On December10, 2012, China Securities Regulatory Commission (CSRC) officially approved Dalian Commodity Exchange to carry out Iron Ore futures transactions. On May 4, 2018 DCE officially launched the introduction of overseas traders business of Iron ore futures.
Dalian Commodity Exchange Iron Ore Futures Contract
| Product | Iron ore |
| Trading Unit | 100MT/Contract |
| Price Quote | CNY/MT |
| Tick Size | Tick Size |
| Daily Price Limit | 4% of last settlement price |
| 4% of last settlement price | Contract Months |
| Trading Hours | 9:00 - 11:30 am, 13:30 - 15:00 pm Beijing Time, Monday - Friday, with extended hours trading session from 21:00 to 23:30 pm, and other trading hours announced by DCE |
| Last Trading Day | 10th trading day of the delivery month |
| Last Delivery Day | 3rd trading day after the last trading day |
| Deliverable Grades | In accordance with DCE Iron Ore Delivery Quality Standard |
| Delivery Location | The warehouses and delivery locations designated by DCE |
| Minimum Trading Margin | 5% of the contract value |
| Delivery Form | Physical delivery |
| Exchange | Dalian Commodity Exchange |
Par grade product quality requirements （Effective from I1809 contract）
| Target | Quality Standard |
| Iron (Fe) | =62.0% |
| Silicon dioxide (SiO2) | ≤4.0% |
| Aluminum oxide (Al2O3) | ≤2.5% |
| Phosphorus (P) | ≤0.07% |
| Sulfur (S) | ≤0.03% |
| Trace elements
| Lead (Pb) ≤0.02% |
| Grain size | Not more than 20% are broader than 6.3 mm and not more than 35% are finer than 0.15 mm |
On December10, 2012, China Securities Regulatory Commission (CSRC) officially approved Dalian Commodity Exchange to carry out Iron Ore futures transactions. On May 4, 2018 DCE officially launched the introduction of overseas traders business of Iron ore futures.
Dalian Commodity Exchange Iron Ore Futures Contract
| Product | Iron ore |
| Trading Unit | 100MT/Contract |
| Price Quote | CNY/MT |
| Tick Size | Tick Size |
| Daily Price Limit | 4% of last settlement price |
| 4% of last settlement price | Contract Months |
| Trading Hours | 9:00 - 11:30 am, 13:30 - 15:00 pm Beijing Time, Monday - Friday, with extended hours trading session from 21:00 to 23:30 pm, and other trading hours announced by DCE |
| Last Trading Day | 10th trading day of the delivery month |
| Last Delivery Day | 3rd trading day after the last trading day |
| Deliverable Grades | In accordance with DCE Iron Ore Delivery Quality Standard |
| Delivery Location | The warehouses and delivery locations designated by DCE |
| Minimum Trading Margin | 5% of the contract value |
| Delivery Form | Physical delivery |
| Exchange | Dalian Commodity Exchange |
Par grade product quality requirements （Effective from I1809 contract）
| Target | Quality Standard |
| Iron (Fe) | =62.0% |
| Silicon dioxide (SiO2) | ≤4.0% |
| Aluminum oxide (Al2O3) | ≤2.5% |
| Phosphorus (P) | ≤0.07% |
| Sulfur (S) | ≤0.03% |
| Trace elements
| Lead (Pb) ≤0.02% |
| Grain size | Not more than 20% are broader than 6.3 mm and not more than 35% are finer than 0.15 mm |
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