China's Dalian Commodity Exchange (DCE) officially launched benzene futures on Tuesday, with benzene options to be launched later in the day.
The trading of futures and options for benzene, an important chemical raw material, has been green-lighted by the China Securities Regulatory Commission (CSRC) on June 20.
At 9:00 Tuesday, benzene futures commenced trading on the DCE.
The first batch of listed contracts includes four varieties, with a trading unit of 30 tonnes per lot and a delivery unit of 30 tonnes, adopting physical delivery.
Experts say the the launch of benzene futures and options will furnish the industry with effective risk management tools and enhance China's say in pricing at global benzene market.
"The launch of benzene futures and options will fill the gap in risk management tools for raw materials in the aromatics industrial chain. Together with the already listed styrene futures and options, they will form a comprehensive hedging toolkit, more efficiently helping enterprises on the industrial chain to stabilize profits and maintain steady production and operations," said Yan Lin, senior manager of the DCE's Commodity Department.
Benzene is a crucial organic chemical raw material, closely linked to national economic development and public livelihoods.
Its upstream supply relies on two major energy sources - oil and coal, and its downstream applications span three key industries: synthetic resins, synthetic fibers, and synthetic rubber.
It is widely used in textiles, home appliances, tires, dyes, and other products.
China is the world's largest producer and consumer of benzene.
In 2024, China's benzene output reached 25.13 million tonnes, with apparent consumption hitting 29.26 million tonnes.
Its market scale has exceeded 208.6 billion yuan (about 29 billion U.S. dollars).
China launches benzene futures
Mongolian President Ukhnaa Khurelsukh met with Wang Yi, a member of the Political Bureau of the Communist Party of China Central Committee and Chinese foreign minister, in Ulan Bator on Saturday.
During the meeting, Khurelsukh said the Mongolia-China relationship has become a model for inter-state relations in the region.
The two countries have consistently respected each other's independence, sovereignty and territorial integrity, while deepening mutually beneficial cooperation across various sectors, he said, noting that bilateral trade is expected to reach 20 billion U.S. dollars this year.
Describing China as Mongolia's good neighbor, Khurelsukh said that developing friendly relations with China is a top priority of Mongolia's foreign policy.
Khurelsukh said Mongolia is committed to the one-China principle, regarding Taiwan as an inalienable part of China's territory, and opposes any form of "Taiwan independence" activities. It also considers matters related to Hong Kong, Xizang and Xinjiang as China's internal affairs. Mongolia will not do anything that harms China's interests, regardless of its relations with other countries.
He also noted that Mongolia is willing to strengthen cooperation with China in regional and international affairs.
For his part, Wang said China has always put China-Mongolia relations at an important place in its neighborhood diplomacy, noting that China has both the will and the capability to be a neighbor that Mongolia can rely on, a trustworthy friend, and a partner in accelerating its development.
Wang reaffirmed China's respect for Mongolia's independence, sovereignty and territorial integrity, as well as the development path that Mongolia has chosen for itself.
He expressed readiness to work more closely with Mongolia to align development strategies, tap into the full potential of bilateral cooperation, advance existing collaboration in areas such as connectivity, energy and mineral resources, trade and investment, and create new growth drivers for cooperation in key minerals, green development, the digital economy, and other emerging fields.
During his three-day visit, Wang is also scheduled to meet with Mongolian Prime Minister Nyam-Osor Uchral and hold talks with Foreign Minister Batmunkh Battsetseg.
Mongolian president meets Chinese FM
Mongolian president meets Chinese FM
