PIX Northern Bleached Softwood Kraft Pulp, standard dryness 90 % air dry, standard strength characteristic, brightness 88 and standard ECF/TCF, Price reference CIF North Atlantic or North Sea Port (European Port) denominated in USD.

The index price is set before any customer specific rebates.

NBSKNOREXECO Pulp NBSK Europe Future
Underlying ProductFastmarkets FOEX PIX Northern Bleached Softwood Kraft (NBSK) Pulp, standard dryness 90 % air dry, standard strength characteristic, brightness 88 and standard ECF/TCF, Price reference: delivered, standard delivery and payment terms, denominated in USD. The index price is set before any customer specific rebates.
Benchmark providerFastmarkets Benchmark Administration Oy
Codes
MiFID II Venue Product Code:NBSK_Europe / ECC product code: NFNM Ticker code prefix: NBSK
Monthly sequencesAll products traded are legally monthly Products.
Lot size1 Lot equals 1 MT.
Minimum tradable volume100 MT per month.
Volume tick size 100 MT per month.
Minimum Block size500 MT per month.
Contract VolumeThe Contract Volume is MT per month NBSK Pulp * number of months of the Contract.
Contract PriceIn USD/MT with two decimal places.
Minimum price fluctuation (“ticksize”)
The minimum price fluctuation is 1.00 USD/MT.
Trading Days Norwegian trading calendar. Please see Attachment 1 to this Appendix.
Index Days Tuesdays within the month. Index is released at 12:00 Finland time (CET + 1).
Last Trading Day The Last Trading Day is the last Index Day of the month. If the last Index day of the month is not a Norwegian business day, the Last trading day is the Norwegian business day prior to the last Index day. Please see figure 1 in Appendix 01.
Final SettlementFinal settlement takes place on the first Settlement Day after the Last Trading Day (T+1). Final settlement is based on the monthly NOREXECO Final Settlement Index (NFSI) which will be published at 11.00 CET on the last trading day. NFSI is the arithmetic mean, two decimals rounded, of the weekly PIX Pulp NBSK indices included in the month. See Appendix 7 – Final Settlement and Daily Settlement Prices.
Daily Settlement PricesDaily Settlement Prices are calculated according to the Rulebook Appendix 7 – Final Settlement and Daily Settlement Prices.

PIX Bleached Hardwood Kraft Pulp, standard dryness 90 % air dry, standard strength characteristic, brightness 88 and standard ECF/TCF, Price reference CIF North Atlantic or North Sea Port (European Port) denominated in USD.

The index price is set before any customer specific rebates.

BHKPNOREXECO Pulp BHKP Europe Futures
Underlying ProductFastmarkets FOEX PIX Bleached Hardwood Kraft Pulp (BHKP), standard dryness 90 % air dry, standard strength characteristic, brightness 88 and standard ECF/TCF, Price reference: delivered, standard delivery and payment terms, denominated in USD. The index price is set before any customer specific rebates.
Benchmark providerFastmarkets Benchmark Administration Oy
CodesMiFID II Venue Product Code: BHKP_Europe / ECC product code: NFBM Ticker code prefix: BHKP
Monthly sequencesAll products traded are legally monthly Products.
Lot size1 Lot equals 1 MT.
Minimum tradable volume100 MT per month.
Volume tick size100 MT per month.
Minimum Block size500 MT per month.
Contract VolumeThe Contract Volume is MT per month BHKP Pulp * number of months of the Contract.
Contract PriceIn USD/MT with two decimal places.
Minimum price fluctuation (“tick size”)The minimum price fluctuation is 1.00 USD/MT.
Trading DaysNorwegian trading calendar.
Index DaysTuesdays within the month. Index is released at 12:00 Finland time (CET + 1).
Last Trading DayThe Last Trading Day is the last Index Day of the month. If the last Index day of the month is not a Norwegian business day, the Last Trading day is the Norwegian business day prior to the last Index day. Please see figure 1 in Appendix 01.
Final SettlementFinal settlement takes place on the first Settlement Day after the Last Trading Day (T+1).
Final settlement is based on the monthly NOREXECO Final Settlement Index (NFSI) which will be published at 11.00 CET on the last trading day. NFSI is the arithmetic mean, two decimals rounded, of the weekly PIX Pulp BHKP indices included in the month. See Appendix 7 – Final Settlement and Daily Settlement Prices.
Daily Settlement PricesDaily Settlement Prices are calculated according to the Rulebook Appendix 7 – Final Settlement and Daily Settlement Prices.

The Final Delivery Settlement Price of the Bleached Softwood Kraft Pulp Futures Contract traded on the Shanghai Futures Exchange (SHFE), exclusive of VAT and converted to USD.

The SHFE contract is based on Bleached Softwood Kraft Pulp physically delivered at designated China inland storage facilities. The NOREXECO contract is financially settled against the NOREXECO Shanghai Final Index (NSFI).

NBSKSHNOREXECO Shanghai Pulp Future
Underlying ProductThe Final Delivery Settlement Price of the Bleached Softwood Kraft Pulp Futures Contract traded on the Shanghai Futures Exchange (SHFE), exclusive of VAT and converted to USD.
The SHFE contract is based on Bleached Softwood Kraft Pulp physically delivered at designated China inland storage facilities. The NOREXECO contract is financially settled against the NOREXECO Shanghai Final Index (NSFI).
Benchmark providerNOREXECO
CodesMiFID II Venue Product Code: NBSKSH / ECC product code: NFSM Ticker code prefix: NBSKSH / : NBSKSH
Monthly sequencesAll products traded are legally monthly Products.
Lot size1 Lot equals 1 MT.
Minimum tradable volume100 MT per month.
Volume tick size100 MT per month.
Minimum Block Trade size500 MT per month.
Contract VolumeThe Contract Volume is number of MT in each month of the Contract * number of months in the Contract.
Contract PriceIn USD/MT with two decimal places.
Minimum Price Fluctuation (“tick size”)The minimum price fluctuation is 1.00 USD/MT.
Trading daysNorwegian trading calendar.
Index DayThe Index Day is the Last Trading Day of the contract at SHFE, China.
Last Trading dayThe Last Trading Day is the day when SHFE publishes the SHFE Final Delivery Settlement Price. This is in general on the 15th day of the month, but subject to weekends and movable Chinese holidays. If the 15th day is not a SHFE business day, the publication day is moved to the next SHFE business day. If the publishing day is not a NOREXECO business day, the Last Trading day is moved to the next NOREXECO business day.
Trading hoursFrom 13:00 CET to 17:00 CET. (UTC+1 winter, UTC+2 summer) equals 20:00 CST to 24:00 CST winter and 19:00 CST to 23:00 CST summer (CST is UTC+8 all year)
Final SettlementFinal settlement takes place on the first Settlement Day after the Last trading day (T+1).
Final settlement is based on the SHFE Final Delivery Settlement Price that is published in RMB/MT on the expiration day. NOREXECO deducts the prevailing VAT and converts to USD/MT by using WM/Refinitiv FX rates on the expiration day to calculate the NOREXECO Shanghai Final Index (NSFI) in USD/MT, rounded with two decimals. The NSFI will be published by 17:00 CET on the Last Trading day. See Appendix 7 – Final Settlement and Daily Settlement Prices.
Daily settlement pricesDaily Settlement prices are calculated according to the Rulebook Appendix 7 – Final Settlement and Daily Settlement Prices.
NBSKNBSK CIF China Future
Underlying productNorthern Bleached Softwood Kraft (NBSK) Pulp, standard dryness 90 % air dry, standard strength characteristic, brightness 88 and standard ECF/TCF, Price reference: delivered (cost, insurance and freight), standard delivery and payment terms, denominated in USD.
Benchmark providerFastmarkets Benchmark Administration Oy
Venue Product CodeNBSKCIFChina
Minimum tradable volume100 MT per month.
Volume tick size100 MT per month.
Contract volumeThe Contract Volume is MT per month NBSK Pulp number of months of the Contract.
Trading Days​Norwegian trading calendar.
Last trading dayThe Last Trading Day is the last Assessments Day of the month. If the last Assessments day of the month is not a Norwegian business day, the Last trading day is the Norwegian business day prior to the last Assessments day.​
Final SettlementFinal settlement takes place on the first Settlement Day after the Last Trading Day (T+1).​

Final settlement is based on the monthly NOREXECO Final Settlement Index (NFSI). NFSI is the arithmetic mean, two decimals rounded, of the weekly RISI NBSK CIF China Assessments included in the month.
BHKPNOREXECO Pulp Pix BHKP China Net Future​
Underlying productPIX Bleached Hardwood Kraft Pulp (BHKP), standard dryness 90 % air dry,​ standard strength characteristic, brightness 88 and standard ECF/TCF, Price​ reference: delivered, standard delivery and payment terms, denominated in USD
Benchmark provider​Fastmarkets Benchmark Administration Oy
Venue Product Code​BHKP_China
Minimum tradable volume100 MT per month.​
Volume tick size100 MT per month
Contract volumeThe Contract Volume is MT per month BHKP Pulp number of months of the Contract.​
Trading DaysNorwegian trading calendar.
Last trading dayThe Last Trading Day is the last Index Day of the month. If the last Index day of the month is not a Norwegian business day, the Last trading day is the Norwegian business day prior to the last Index day.​
Final SettlementFinal settlement takes place on the first Settlement Day after the Last Trading Day (T+1).​



Final settlement is based on the monthly NOREXECO Final Settlement Index (NFSI). NFSI is the arithmetic mean, two decimals rounded, of the weekly PIX Pulp BHKP China Net indices included in the month.​