China approves polysilicon futures
The CSRC has approved the registration of polysilicon futures and options on the Guangzhou Futures Exchange (GFE), marking a key step in developing risk management tools for the solar supply chain.
The GFE has since revealed contract details and trading rules, along with an open call for designated delivery warehouses and quality inspection agencies.
Polysilicon futures will begin trading on Dec. 26, followed by options on Dec. 27. The standard contract size for futures is 3 metric tons per lot.
Initial trading margins are set at 9% of the contract value, and the daily price limit is 14% above or below the listing benchmark on the first trading day. After that, the margin and price limits will adjust to 9% and 7%, respectively, based on the prior day's settlement price.
The first contracts will include delivery months from June to December 2025, labeled PS2506 through PS2512. Trading will occur Monday through Friday, except holidays, with specific morning and afternoon sessions.
Futures will carry a transaction fee of 0.01% of the trade value, while options fees are set at CNY 2 ($0.28) per lot. Initial options orders will be limited to limit-price and stop-limit instructions, with a maximum batch size of 100 lots.
GFE is seeking delivery warehouses in key polysilicon production regions, including Inner Mongolia, Sichuan, Yunnan, Shaanxi, Gansu, Qinghai, Ningxia, and Xinjiang, reflecting the industry’s geographic concentration.
The approval of polysilicon derivatives addresses rising price volatility and structural imbalances between supply and demand in the solar-grade polysilicon market.
The China Photovoltaic Industry Association (CPIA) has said that price fluctuations for polysilicon reached 227%, 63%, and 280% in 2021, 2022, and 2023, respectively. These price swings have underscored the critical need for risk management tools in the sector, which is central to China’s clean energy goals.
GFE has also introduced futures for industrial silicon and lithium carbonate, key materials in the renewable energy sector. These contracts, launched in December 2022 and July 2023, have shown strong market activity, with average daily trading volumes of CNY 13.7 billion and CNY 29.4 billion by November 2024.
Polysilicon futures and options are expected to enhance the stability and efficiency of China’s solar value chain, helping companies hedge against volatility, manage risks, and strengthen market confidence as the country expands its renewable energy capacity.
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