Fuel Oil Contract Specification

Updated on：09-17-2012

Underlying Product	Fuel Oil
Trading Unit	50 ton/lot
Quotation Unit	Yuan (RMB)/ton
Tick Size	1 Yuan/ton
Daily Price Limit	Within range of 5% above or below the settlement price of the previous trading day
Contract Months	January to December(Except the Spring Festival)
Trading Hours	9:00 am to 11:30 am, 1:30 pm to 3:00 pm
Last Trading Day	The last trading day of the month prior to the delivery month
Delivery Duration	Five consecutive business days after the last trading day (postponed if legal holidays)
Deliverable Grades	Fuel oil,180CST or higher standard (refer to the Attachement for detailed quality requirement)
Delivery Sites	Certified Delivery Warehouse
Minimum Transaction Margin	8% of contract value
Delivery Method	Physical Delivery
Trading Code	FU
Listed Bourse	SHFE

The Attachment of SHFE Standard Contracts of Fuel Oil

1. Delivery Unit
The delivery unit of Fuel Oil prescribed in the standard contract is 10 lots (100 tons). And the delivery quantity shall be integral times of delivery unit.

2. Prescription of Quality
Quality Standard of Fuel Oil of SHFE

Physical and Chemical Properties	Limit	Test Method
Density（15℃，kg/l）	Maximum 0.991	ASTM D1298
Kinematic Viscosity（50℃，mm2/s）	Maximum 180	ASTM D445
Ash on Weight Basis（m/m,%）	Maximum 0.10	ASTM D482
Couradson Carbon Residue（m/m,%）	Maximum 15	ASTM D189/D4530
Pour Point（℃）	Maximum 30	ASTM D97
Water by Distillation Volume（V/V,%）	Maximum 0.5	ASTM D95
Flash Point（℃）	No less than 60	ASTM D93
Sulfur (m/m,%）	Maximum 3.5	ASTM D4294
Total Existent Sediment（m/m,%）	Maximum 0.10	ASTM D4870 (accelerated ageing)
Vanadium（mg/kg）	Maximum 150	IP 501
NHV（cal/g）	No less than 9400	ASTM D240
Aluminium+ Silicon（mg/kg）	Maximum 80	IP 501
Sodium（mg/kg）	Maximum 50	IP 501
Waste lube oil Calcium + zinc（mg/kg） or Calcium + Phosphorus（mg/kg）	Maximum 30+15 or Maximum 30+15	IP 501
Total Acid Value （mgKOH/g）	Maximum 2.5	ASTM D664

3. The Designated Oil Depots
Designated and announced by the Exchange separately.