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Big business hours cut iron ore fines for late fees

Big business hours cut iron ore fines for late fees

2017/06/05 12:17

  The Dalian Mercantile Exchange issued 11 notices, revised the "Dalian commodity exchange standard warehouse management approach", the time period of cut in iron ore output when the owner according to the specified speed and time delivery to the factory base pay late fees standard, and further clarify the payment calculation method. The revised rules begin with the I1703 contract.

 

  Big business hours cut iron ore fines for late fees

 

  According to the notice, the revision of rules mainly involves three aspects: first, to reduce the iron ore futures delivery costs, the time period of cut iron ore from the factory library when the payment standard: 19 days after the date of cancellation in the warehouse (including the day) within the payment standard for 0.1 yuan / ton; · more than 19 days, payment standard for 0.5 yuan / ton; second, · to further clarify the payment algorithm, firstly according to the number of daily as of the date should be provided without mentioning goods to calculate the date of the payment, and then sum the total daily fines; third, clear responsibility for the factory library. The owner in the 19 calendar days after the date of cancellation of warehouse receipts to the plant library delivery, the varieties of unified factory library is no longer in accordance with the standard futures bear the responsibility.

 

  In order to protect the value of the iron ore warehouse receipts and reduce the value of commodities by time factors, the rules define the responsibilities and rights of the buyers and sellers in the process of warehouse receipts delivery. According to reports, in order to further reduce the cost of customer participation in delivery, the big business is actively studying the adjustment of iron ore warehouse, delivery costs, such as the ceiling, in order to better service to industrial customers.

 

  Market participants believe that the rules can be further modified to reduce the delivery costs of iron ore futures, and promote the effective convergence of the current market to maintain fair.