In China, HSFO is priced based on the quotes for 

Singapore 380 CST (3.50%), with reference to the price 

of fuel oil futures listed on SHFE. Currently there is no 

internationally accepted benchmark price for LSFO, 

mostly because of the impact of IMO’s 2020 sulfur cap on 

both the output and demand of middle distillates. Before 

an active and widely accepted benchmark price for LSFO 

emerges, the market will mainly refer to the price of 10 

ppm diesel, supplemented by available quotes for LSFO.

声明：本资料仅用于投资者教育，不构成任何投资建议。我们力求本资料信息准确可靠，但对这些信息的准确性、完整性或及时性不作保证，亦不对因使用该等信息而引发的损失承担任何责任，投资者不应以该等信息取代其独立判断或仅根据该等信息做出决策。基金有风险，投资须谨慎。