Fuel oil is one of the relatively market-based commodities 

in China’s oil market. The SHFE fuel oil futures was first 

launched in 2004. Following its introduction, it has seen 

orderly trading activities, facilitated hedging and price 

discovery, and served as a benchmark for both domestic 

and foreign physical fuel oil markets. Since 2009, changes 

to tax policies have brought dramatic changes to the 

consumption structure in the physical market, with bonded 

380 CST marine fuel becoming the predominant product 

in demand. To align with this trend, in 2011 SHFE changed 

the deliverable grade of fuel oil futures from 180 CST 

fuel oil to 180 domestic-trade marine fuel, and, following 

another amendment to the futures contract in 2018, to 

RMG 380 bonded marine fuel. This most recent change 

has not only created a domestic pricing mechanism for 

bonded fuel oil, but also invigorated trading activities and 

brought many functional benefits, and was enthusiastically 

received by all market participants.

The IMO global sulfur limit which came into effect on 

January 1, 2020, is poised to transform the global marine 

fuel market. It will fundamentally improve the environment 

at ports, in sea, and around the globe; but it will also bring 

opportunities and challenges to oil refiners. To adapt 

to market changes and support the industry, INE has 

launched the internationally oriented LSFO futures, which 

will help create a rational pricing mechanism within the 

LSFO industry, enhance China’s influence in the pricing of 

bonded marine fuel and the country’s competitiveness in 

the global market, and promote the qualitative growth of 

the industry.

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