LME Steel HRC Shanghai contract specifications

The commercial go-live date is planned for October 2026 and will be confirmed by Notice and subject to regulatory non-objection.

Contract code	HS
Contract type	Futures
Deliver type	Cash settled
Lot size	10 metric tonnes
Contract period	Monthly out to 12 months
Price quotation	US dollars per tonne
Clearable currency	US dollars
Minimum price fluctuation (tick size) per tonne		Outright	Carries
	LMEselect	$0.10	$0.10
	Inter-office	$0.10	$0.10
Termination of trading	15th of the month until 8:00 London time. If the 15th day of a month falls on a public holiday or weekend in any of the People’s Republic of China, the UK or the USA, the last trading day in respect of that month shall be the last day prior to the 15th, which is a trading day in the People’s Republic of China and is also a business day in the UK and the USA
Daily settlement procedure	LME Trading Operations will calculate daily settlement values based on its published procedure
Final settlement procedure1	Final settlement, following termination of the trading for a contract month, will be based on CPAL’s “Steel HRC Shanghai (SHFE) monthly USD” price 1, which is available from 11:00 London time on the last trading day2
Trading venues	LMEselect and inter-office telephone
Trading hours	LMEselect		01:00 - 19:00 London time
	Inter-office telephone		24 hours a day
Margining	Realised variation margins applied

¹ Indicative overview of CPAL’s methodology for “Steel HRC Shanghai (SHFE) monthly USD”. On the last trading day CPAL uses the CNY denominated daily SHFE Hot-Rolled Coil Futures Contract settlement price published by the Shanghai Futures Exchange of the futures contract expiring in the next calendar month and will convert it into USD using the USD/CNY FX rate published once per business day at 9:15 a.m. Beijing time by the China Foreign Exchange Trade System (“CFETS”). For the avoidance of any doubt:

• In January CPAL will publish the February CPAL Steel HRC Shanghai (SHFE) Monthly USD Settlement Price using the SHFE HRC daily settlement price for the futures expiring in February.
• In February, CPAL will publish the March CPAL Steel HRC Shanghai (SHFE) Monthly USD Settlement Price using the SHFE HRC daily settlement price for the futures expiring in March.

This outline of CPAL’s methodology is indicative-only and the up-to-date full methodology is published from time to time by CPAL.

² _{Market data provided by SHFE is used under licence as a source of information for certain products and services of the LME and its affiliates. SHFE has no other affiliation with the products and services of LME and its affiliates and does not sponsor, endorse, recommend, or promote any of the products or services of LME and its affiliates. SHFE has no obligation or liability concerning the products and services of LME and its affiliates. SHFE does not guarantee (and makes no representation as to) the accuracy and/or completeness of the market data provided to LME and its affiliates and assumes no responsibility for any errors, omissions, or interruptions therein. Any agreement or arrangement between SHFE and LME and its affiliates does not constitute any commitment or warranty to third parties, nor does it create any third-party beneficiary.}

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