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.
| NBSK | NOREXECO Pulp NBSK Europe Future |
|---|---|
| Underlying Product | Fastmarkets 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 provider | Fastmarkets Benchmark Administration Oy |
| Codes | MiFID II Venue Product Code:NBSK_Europe / ECC product code: NFNM Ticker code prefix: NBSK |
| Monthly sequences | All products traded are legally monthly Products. |
| Lot size | 1 Lot equals 1 MT. |
| Minimum tradable volume | 100 MT per month. |
| Volume tick size | 100 MT per month. |
| Minimum Block size | 500 MT per month. |
| Contract Volume | The Contract Volume is MT per month NBSK Pulp * number of months of the Contract. |
| Contract Price | In 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 Settlement | Final 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 Prices | Daily 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.
| BHKP | NOREXECO Pulp BHKP Europe Futures |
|---|---|
| Underlying Product | Fastmarkets 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 provider | Fastmarkets Benchmark Administration Oy |
| Codes | MiFID II Venue Product Code: BHKP_Europe / ECC product code: NFBM Ticker code prefix: BHKP |
| Monthly sequences | All products traded are legally monthly Products. |
| Lot size | 1 Lot equals 1 MT. |
| Minimum tradable volume | 100 MT per month. |
| Volume tick size | 100 MT per month. |
| Minimum Block size | 500 MT per month. |
| Contract Volume | The Contract Volume is MT per month BHKP Pulp * number of months of the Contract. |
| Contract Price | In USD/MT with two decimal places. |
| Minimum price fluctuation (“tick size”) | The minimum price fluctuation is 1.00 USD/MT. |
| Trading Days | Norwegian trading calendar. |
| 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 Settlement | Final 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 Prices | Daily 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).
| NBSKSH | NOREXECO Shanghai Pulp Future |
|---|---|
| Underlying Product | 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). |
| Benchmark provider | NOREXECO |
| Codes | MiFID II Venue Product Code: NBSKSH / ECC product code: NFSM Ticker code prefix: NBSKSH / |
| Monthly sequences | All products traded are legally monthly Products. |
| Lot size | 1 Lot equals 1 MT. |
| Minimum tradable volume | 100 MT per month. |
| Volume tick size | 100 MT per month. |
| Minimum Block Trade size | 500 MT per month. |
| Contract Volume | The Contract Volume is number of MT in each month of the Contract * number of months in the Contract. |
| Contract Price | In USD/MT with two decimal places. |
| Minimum Price Fluctuation (“tick size”) | The minimum price fluctuation is 1.00 USD/MT. |
| Trading days | Norwegian trading calendar. |
| Index Day | The Index Day is the Last Trading Day of the contract at SHFE, China. |
| Last Trading day | The 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 hours | From 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 Settlement | Final 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 prices | Daily Settlement prices are calculated according to the Rulebook Appendix 7 – Final Settlement and Daily Settlement Prices. |
| NBSK | NBSK CIF China Future |
|---|---|
| Underlying product | Northern 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 provider | Fastmarkets Benchmark Administration Oy |
| Venue Product Code | NBSKCIFChina |
| Minimum tradable volume | 100 MT per month. |
| Volume tick size | 100 MT per month. |
| Contract volume | The Contract Volume is MT per month NBSK Pulp number of months of the Contract. |
| Trading Days | Norwegian trading calendar. |
| Last trading day | The 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 Settlement | Final 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. |
| BHKP | NOREXECO Pulp Pix BHKP China Net Future |
|---|---|
| Underlying product | 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 |
| Benchmark provider | Fastmarkets Benchmark Administration Oy |
| Venue Product Code | BHKP_China |
| Minimum tradable volume | 100 MT per month. |
| Volume tick size | 100 MT per month |
| Contract volume | The Contract Volume is MT per month BHKP Pulp number of months of the Contract. |
| Trading Days | Norwegian trading calendar. |
| 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. |
| Final Settlement | Final 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. |