10月27日，伦敦金属交易所（以下简称LME）正式推出以上海期货交易所（以下简称上期所）热轧卷板期货结算价为基准、以美元计价并采用现金结算的期货合约。这是我国金属期货价格首次通过结算价授权形式，应用于境外成熟期货交易所上市的期货合约。此次授权不仅有效扩展了人民币在大宗商品国际贸易中的应用场景，助力人民币国际化进程，而且为全球钢铁贸易提供了更加便利的风险管理工具，体现了国际成熟市场对中国特色期货品种的认可，进一步夯实了上海钢材期货的国际定价基准地位。

新合约代码为HS，每手10吨，以美元/吨报价，采用现金结算，提供连续12个月的月度合约。合约交割结算价格以上期所热轧卷板期货次月到期合约在LME合约到期日的结算价为基础，经中国外汇交易中心（CFETS）公布的美元兑人民币（USD/CNY）汇率汇率中间价换算确定。合约设计充分考虑上期所热轧卷板期货市场流动性特点及国际钢铁贸易习惯，为全球钢铁生产、贸易、加工和消费企业提供更加多元的风险管理选择。

为支持新合约平稳上市和市场培育，LME配套推出专项流动性激励计划，促进电子交易市场流动性形成。据LME提供的数据，截至上市首日伦敦时间18:00，LMEselect电子盘成交880手，叠加RIB/IDB办公室交易，当日清算总成交量2513手。中信、南华、BANDS、FIS等机构积极参与交易。

此次合作充分发挥我国钢铁产业规模基础、上期所期货市场价格发现功能和LME国际市场网络优势。我国是全球最大的钢铁生产国和消费国，上期所热轧卷板期货市场规模大、流动性较好，其价格已逐步成为亚太、中东、北非、南美等地区进口中国板材的重要定价参考。依托LME成熟的国际会员网络和交易清算体系，更多境外市场主体能够便捷使用“上海价格”，满足国际钢铁贸易定价和风险管理需求。

近年来，上期所持续丰富产品供给，优化运行机制，积极稳妥推动双向对外开放，先后开展结算价授权国际合作、落地特定品种期货及期权、引入合格境外投资者、推动上期所平台国际化、跨境交割等一揽子措施，深度参与全球大宗商品价格形成，有效服务全球客户贸易定价、风险管理与资源配置需求。目前，上期所共有11个特定品种面向境外交易者开放，47个品种向合格境外投资者开放，基本覆盖全部品种。上期所客户已经遍布全球数十个国家和地区，参与者涵盖产业链上下游企业、贸易公司及金融机构等多类客户群体。

上期所相关负责人表示，未来上期所将继续坚持服务实体经济的根本宗旨，围绕加快建成世界一流交易所目标，秉持更加开放包容的态度，持续探索中国特色期货监管制度和业务模式，为上海国际金融中心建设贡献期货力量。

LME Steel HRC Shanghai Futures Officially Launched

Expanding the International Application of Shanghai Prices

27 October 2026 — The London Metal Exchange (LME) has officially launched a US dollar-denominated, cash-settled futures contract based on the settlement price of the Shanghai Futures Exchange (SHFE) hot-rolled coil (HRC) futures. This marks the first time that a Chinese metal futures price has been used, through a settlement price licensing arrangement, as the benchmark for a futures contract listed on an established overseas futures exchange.

The new contract, with the code HS, has a lot size of 10 metric tonnes, is quoted in US dollars per metric tonne and is cash-settled. It offers 12 consecutive monthly contract maturities. The final settlement price is determined by reference to the settlement price of SHFE HRC futures contract expiring in the following month, as recorded on the LME contract's expiry date, converted into US dollars at the USD/CNY Central Parity Rate published by the China Foreign Exchange Trade System (CFETS). The contract design takes into account the liquidity characteristics of SHFE HRC futures and international steel trading practices, providing steel producers, traders, processors and end-users worldwide with an additional tool for price risk management.

To support the smooth launch of the contract and the development of market liquidity, the LME has introduced a dedicated liquidity incentive programme to encourage electronic trading. According to data provided by the LME, as of 18:00 London time, 880 lots had traded on LMEselect. Including trades executed in the inter-office market through RIBs/IDBs, total cleared volume for the day stood at 2,513 lots. CITIC, Nanhua, BANDS and FIS were among the institutions actively participating in the market.

The licensing arrangement makes Shanghai steel prices directly available to overseas markets, facilitating risk management in international steel trade. It also represents the recognition of a Chinese futures product by an established overseas market and further reinforces the role of Shanghai steel futures as an international pricing benchmark. This is an important achievement in deepening practical international cooperation in China’s futures market, advancing high-standard opening-up and supporting the development of Shanghai as an international financial centre.

The collaboration combines the scale of China's steel industry, SHFE's price discovery capabilities and the LME's extensive international market network. China is the world's largest producer and consumer of steel. SHFE HRC futures have developed into a large and liquid market, with prices increasingly serving as an important pricing reference for imports of Chinese flat steel products into the Asia-Pacific, the Middle East, North Africa and South America. Leveraging the LME's established international membership network and trading and clearing infrastructure, the new contract enables a broader range of overseas market participants to access Shanghai prices for international steel trade pricing and risk management.

In recent years, SHFE has continued to expand its product offerings, enhance market mechanisms and steadily advance two-way opening-up. Key initiatives include licensing settlement price for international use, opening designated futures and options products to overseas participants, expanding access for Qualified Foreign Investors (QFIs), advancing the internationalization of SHFE platform, and facilitating cross-border physical delivery. These initiatives have strengthened SHFE's role in global commodity price formation and enhanced its capacity to serve international clients in trade pricing, risk management and resource allocation. Currently, SHFE offers 11 international products directly accessible to overseas participants and 47 QFI-accessible products, covering almost its entire product portfolio. Its client base spans dozens of countries and regions, encompassing producers, end-users, trading companies and financial institutions across the commodity value chain.