Product specification
Futures
The future contracts are daily mark-to-market and cash settled contracts with no physical delivery. The settlement is against the average of the daily spot price from TSI (The Steel Index) in the delivery period.
Options
Option contracts offered on Iron Ore are Asian style average priced options with automatic exercise of all in-the-money options at the last day of the settlement period. The option premium is cash settled on the trading day.
For full product specification click here.
| Underlying product | Futures | Options |
| CHN62FE , CFR China, 62% Fe Fines Delivered Chinese Port | X | X |
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Underlying |
Index |
Index Provider |
Closing Price Provider |
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Price quotation |
USD/dmt |
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Minimum price fluctuation |
USD 0.01 per dry metric ton |
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Contract value |
#Lots x Lot size x Price |
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Delivery Period
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Month: First Index Day of month to last Index Day of month Quarter: First Index Day of the Quarter to last Index Day of the Quarter. A Quarter Contract will be split equally into 3 Month Contracts on the Trading Day and settled as Month Contract. Year: First Index Day of the Year to last Index Day of the Year. A Year Contract will be split equally into 12 Month Contracts on the Trading Day and settled as Month Contracts. |
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Final Settlement Day |
Last index day of the Delivery Period. |
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Settlement Price |
The arithmetic average of the Spot Prices for the relevant Underlying Product over the number of Index Days in the Delivery Period. |
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Lot size |
1 lot = 1,000 dry metric ton |
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Minimum lots per contract |
0.01 lot in all Products |
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