The Notice on the Matters Relating to the Launch and Trading of Coking Coal Futures Contract issued by DCE on March 18 shows that coking coal futures contracts will be traded in market as of March 22, 2013 (Friday).
According to the Notice, the first group of contracts to be launched and traded includes JM1307, JM1308, JM1309, JM1310, JM1311, JM1312, JM1401, JM1402 and JM1403. Their posted benchmark prices will be notified on the trading day before their launch.
Under the provisions of DCE, the margin of coking coal futures contracts is temporarily set at 5% of the contract value, the trading limit is temporarily 4% of the settlement price of the previous trading day, and the trading limit on the first launch day of a new contract shall be 8% of its posted benchmark price. The trading commission is 0.01% of the trading contract amount. DCE shall announce each member’s trading volume and open interests of coking coal futures contract of a trading day after the settlement of that day.
In addition, DCE announced that it designates China Certification & Inspection Group Inspection Co., Ltd., China Coal Research Institute and Sinosteel Anshan Research Institute of Thermo-energy Co., Ltd. as the quality inspection agencies for coking coal. It makes Tianjin Port Bulk Cargo Exchange Market Co., Ltd., Jiangsu Lianyungang Port Co., Ltd., Rizhao Port Co., Ltd., Qingdao Port (Group) Co., Ltd., Tangshan Port Logistics Co., Ltd. and Shanxi Coke Group Tianjin Warehousing Co., Ltd. the designated delivery warehouses of coking coal, and Shanxi Coking Coal Group Co., Ltd. and Shanxi Meijin Energy Co., LTD the designated delivery factory warehouses of coking coal. DCE also sets a maximum limit to warehouse-in and warehouse-out fees.