SHFE listed bonded 380 CST fuel oil futures on July 

16, 2018. Since then, trading volume has been growing 

steadily and the product is fulfilling its functions. Because 

that product is traded on the basis of “net pricing and 

bonded delivery,” the experience gained from operating 

that market can be readily transferred to the LSFO futures 

market. After the official implementation of IMO’s 2020 

global sulfur limit, LSFO has become a mainstream 

product internationally, whereas HSFO is still being used 

by ships with scrubbers as well as for power generation 

and oil refining. Therefore, INE LSFO futures and SHFE 

fuel oil futures serve different markets and are mutually 

complementary. Together, they allow the two exchanges 

to cope with disruptive industry changes and the varying 

needs of industry clients. Following the listing of LSFO 

futures, SHFE will develop a plan for the transition from 

high sulfur to low sulfur fuel oil to ensure an orderly 

market.

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