China debuted its first polysilicon futures on the Guangzhou Futures Exchange on Thursday.
The total volume of trading reached 32.855 billion yuan (about 4.5 billion U.S. dollars) on Thursday morning.
Polysilicon options contracts will be added on Friday.
China is the world's largest producer, consumer and importer of polysilicon.
Polysilicon is a key material for the photovoltaic industry.
Price fluctuation for polysilicon reached 280 percent in China in 2023.
The Guangzhou Futures Exchange is offering seven polysilicon futures contracts.
The benchmark listing price for the futures was 38,600 yuan per metric ton.
At 09:00 upon opening, the main polysilicon futures contract surged by as much as 13.99 percent, hitting the upper limit at 44,000 yuan per metric ton.
The momentum then weakened, with the increase narrowing to around 7 percent, and prices stabilizing at approximately 41,000 yuan per metric ton.
"The polysilicon futures are able to provide long-term price signals and risk management tool for relevant enterprises, help enterprises with reasonable planning of production capacity layout and arrangements of production and operation, guide the industry in optimizing resource allocation, resisting risks of price fluctuations, and stabilizing production and operation, and enhance the resilience and security of industrial and supply chains," said Chen Ruigang, an official of Guangzhou Futures Exchange.
China's first polysilicon futures debut
Chinese Premier Li Qiang on Tuesday stressed the importance of improving the conduct of officials, building integrity and combating corruption in government work, which will provide a strong guarantee to achieve the goals and tasks of the 15th Five-Year Plan period (2026-2030).
Li, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks at a State Council meeting on clean governance.
Addressing the meeting, Li called for higher standards and more practical measures in exercising full and rigorous Party self-governance, with the aim of ensuring relevant efforts are implemented across all aspects and processes of government work.
He also called for a more resolute, vigorous approach to implementing the CPC Central Committee's decisions and arrangements, as well as efforts to ensure officials have the correct understanding of what it means to perform well.
Moreover, Li called for further work to combat pointless formality and reduce the burden on primary-level officials, and to strengthen audit-based and accounting oversight to ensure the secure, efficient use of public funds and assets.
He also emphasized the need to deal with corruption issues in key areas seriously, as well as those that occur at people's doorsteps.
Ding Xuexiang, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chinese vice premier, presided over the meeting.
Li Xi, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and secretary of the CPC Central Commission for Discipline Inspection, attended the meeting.
Chinese premier urges integrity, anti-corruption efforts in government work
