Shanghai Futures Exchange (SHFE) hereby releases the revised Lead Futures Contract Specifications of Shanghai Futures Exchange (the Specifications) and Lead Futures Rules of Shanghai Futures Exchange (the Rules), which have been reviewed and adopted by its Board of Directors and reported to the China Securities Regulatory Commission.
The revised Specifications and Rules and the delivery discount shall take effect starting from lead futures contract PB2703 as of March 17, 2026. The delivery discount of the substitute relative to the standard deliverable as set forth in the Specifications is 150 yuan/ ton. Following the completion of delivery for lead futures contract PB2702, secondary lead ingots that conform to the grade and quality specifications for substitute set forth in the Specifications will be eligible to apply for the registration of standard warrant.
All related parties shall issue reminders before the implementation of the revised Specifications and Rules.
Please visit the official website of SHFE for the Chinese version. If there is any discrepancy between the English version and the Chinese version, the Chinese version shall prevail.
Appendices：
