On July 22, 2025, at 9:00 AM, propylene futures were officially listed on the Zhengzhou Commodity Exchange (ZCE), with corresponding options contracts launching on the same day. This milestone marks a significant advancement in China's chemical derivatives market.

Propylene is a fundamental petrochemical product and China's largest olefin variety. As a mid-stream product in the industrial chain, propylene is derived from upstream raw materials including crude oil, naphtha, coal, methanol, and propane, while its downstream products include polypropylene, propylene oxide, and acrylonitrile. In 2024, China's apparent propylene consumption reached 55.36 million tons with a market value of approximately 384.5 billion RMB, reinforcing its position as the world's largest producer and consumer.

Key Contract Specifications

The ZCE has designed contracts based on extensive industry consultation:

· Contract Code: PL

· Trading Unit: 20 tons/lot

· Minimum Price Fluctuation: RMB 1/ton

· Trading Hours: 9:00-11:30 AM, 1:30-3:00 PM; Night session: 9:00-11:00 PM

· Initial Listed Contracts: PL2601, PL2602, PL2603, PL2604, PL2605, PL2606, PL2607

· Daily Price Limit: ±4% (±8% on first trading day)

· Last Trading Day: 10th trading day of the delivery month

· Last Delivery Day: 13th trading day of the delivery month

· Minimum Margin: 7% of contract value (6% for hedging positions)

· Transaction Fee: 0.02% of transaction value

· Delivery Standard: Type I propylene conforming to GB/T 7716-2024 standard with water content ≤20mg/kg

Standard Warehouse Receipt Validity: Standard warehouse receipts registered before the 15th trading day of January, March, May, July, September, and November must be cancelled before the 15th trading day of the respective month.