Pulp
Pulp futures on NOREXECO: NBSK Shanghai, BHKP China Net, BHKP Europe, and NBSK Europe contract specifications.
| 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 Administrator | 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 Unit | 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 | 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. |
| Daily Settlement Prices | Daily Settlement prices are calculated according to the Rulebook Appendix 7 – Final Settlement and Daily Settlement Prices. |
| Price Index (PIX) | The NOREXECO contract is financially settled against the NOREXECO Shanghai Final Index (NSFI). |
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