Article 1
In order to ensure normal delivery business operation of Hot Rolling Steel Plates (hereinafter referred to as the Steel Plates) at the Tianjin Bohai Commodity Exchange (hereinafter referred to as the Exchange), and to regulate the Steel Plates delivery activities of the designated warehouses (hereinafter referred to as the Warehouses ), this Rules is enacted subject to the Interim Measures of Tianjin Bohai Commodity Exchange for Trading Market Supervision and Administration, Jin Zheng Fa [2009] No 32. and the Rules of Tianjin Bohai Commodity Exchange for Continuous Spot Trading Management.
Article 2
The delivery business of the Steel Plates shall be operated in accordance with this Rules. The Exchange, traders and the Warehouses shall comply with the Rules.
Article 3
The designated Steel Plates warehouses refer to the warehouses designated by the Exchange to provide physical delivery and storage services for the Steel plates listed in the e-contracts in order to fulfill the obligation of the contracts.
Article 4
The designated manufacturers refer to those large steel manufacturers that the Exchange has acknowledged to be able to manufacture qualified products that meet the specifications of the contracts for the Steel plates.
Article 5
A Registered Warehouse Receipt refers to a valid document that evidences that the trader has delivered the qualified commodity to warehouse and received the Exchange’s approval and registration. The documents also assure certain quantity and quality for a batch of one commodity.
Article 6
Any trader who submits the delivery declaration has to be a legal entity that is registered with the Industrial and Commercial Administration Department, possesses a corresponding Steel Plates business license, and relates to the Steel Plates’ production, operation or consumption activities.
Article 7 Entry of Commodity:
7.1.1
Application for the entry of commodities
Traders shall submit the Application for Entry to the Warehouse according to the Warehouse’s requirements before delivering commodities. The application shall include the manufacturer’s name, the grade, the specifications, the weight, and the quantity, as well as the applicant’s official seal.
7.1.2
The Warehouse shall decide, within one business day, whether to approve the application within, considering both its capacity and the commodity owner’s willingness and indicate the deadline for the commodity entry if the application gets approved.
7.2 Entry of commodity
7.2.1.
Traders shall deliver commodities to the Warehouse indicated in the Application for Entry within a specified time limit. Traders shall submit the Product Quality Certificate (original or a photocopy with the trader’s official seal) issued by the designated manufacturer to the Warehouse.
7.2.2
The Warehouse shall inspect and verify the arrived commodity in accordance with the rules of the Exchange.
7.2.3
The commodity owner is supposed to be present while his or her commodity is being inspected; otherwise, it will be deemed that the commodity owner accepts the inspection result given by the Warehouse.
7.2.4
After a commodity owner has finished arranging the commodity entry as per the Warehouse’s request, the Warehouse shall issue the Exchange’s standard-formed Warehouse Receipt to the owner. The Warehouse Receipt consists of two identical portions; the Warehouse and the commodity owner each keep one portion.
Article 8
The commodity referred to in the Warehouse Receipt can only be claimed either against the Bill of Lading issued by the Exchange or by the original Warehouse Receipt.
Article 9 Formation of the Registered Warehouse Receipt
9.1 Application
9.1.1
Traders who possess Warehouse Receipts can submit an Application for Registered Warehouse Receipt in written form to the Clearing Department of the Exchange.
9.1.2.
The trader shall pay off all storage-related fees up until the day of application.
9.1.3
The quantity of Steel Plates applied for the Registered Warehouse Receipt must be an integral multiple of 300 tons.
9.1.4
The registered trademarks of the Steel Plates applied for the Registered Warehouse Receipt shall be approved by the Exchange. Traders shall submit the Product Quality Certificate (original or a photocopy with the trader’s official seal) issued by the designated manufacturer to the Warehouse.
9.2 Verification & Approval
Upon receiving the Application for Registered Warehouse Receipt and the original Warehouse Receipt, the Delivery Department of the Exchange shall, within 2 trading days, contact the Warehouse, verify the contents of the Warehouse Receipt as to the quantity and quality of the Steel Plates, and decide whether to issue the Registered Warehouse Receipt.
9.3 Issuance
For those Warehouse Receipts qualified for registration, the Delivery Department of the Exchange shall generate corresponding Registered Warehouse Receipts and issue these to the trader.
After the Registered Warehouse Receipt has come into effect, the Exchange shall inform the Warehouse. The commodity referred to in the Registered Warehouse Receipt shall only be picked up against a corresponding Bill of Lading.
Article 10
The Registered Warehouse Receipt shall be in circulation in paper form for physical delivery service.
The usage of Registered Warehouse Receipts in the physical delivery process shall be in accordance with the Detailed Delivery Rules of the Exchange.
Article 11
After the delivery matching, the Exchange will issue a Bill of Lading to buyers according to the Registered Warehouse Receipts that buyers have received. The Bill of Lading shall be stamped by the Delivery Department of the Exchange and then be faxed to the buyers. The buyers shall then stamp their own official seal on the Bill of Lading and the nominated person can pick up the goods at the corresponding Warehouse with personal identification within the date stipulated on the Bill of Lading.
The Exchange shall also fax the Bill of Lading with the Delivery Department’s seal to the warehouse. After a detailed verification, the Warehouse shall arrange delivery for the traders.
Article 12
With the permission of the Warehouse, traders holding a Bill of Lading may choose to have a new Warehousing Services Agreement and obtain new Warehouse Receipts.
Article 13 Stockpiling of the Commodity
The Steel Plates referred to in each Registered Warehouse Receipt should be produced by the same manufacturer. All products in each Receipt should be on the same trademark, the same grade, and with the same width and thickness. The earliest date on any of the Steel Plates referred to in the Receipt manufactured is taken to be the manufacturing date for this Receipt.
Each batch of a commodity referred to in one Registered Warehouse Receipt should be placed separately.
Article 14 Specification for the Manufacturing Date of the Commodity
When the delivery declarations are successfully matched, the underlying product should not be expired. The expiry date for every batch of Steel Plates is five months after it is manufactured. The Registered Warehouse Receipts are only issued to the Steel Plates that are delivered to the Warehouses within three months of manufacture.
Article 15 Surplus or Shortage Clauses
15.1
The surplus or shortage of physical products for each Registered Warehouse Receipt shall not be beyond ±5%.
15.2
Under the circumstance of surplus or shortage, the buyers shall balance payment using the settlement price of the trading date, on which the delivery declaration was successfully matched for the calculation.
Article 16
Buyers are entitled to authorize a designated Quality Inspection Institution (approved by the Exchange) to do an inspection on the quality of the Steel Plates.
Article 17
In case of any disputes about the quality or the quantity of the Steel Plates, the buyer shall submit an application to the Exchange in written form within 6 business days after the successful matching date, and is obligated to submit the Quality Inspection Certificate issued by a designated Quality Inspection Institution within 9 business days (the 9th business day is inclusive) after the successful matching date.
It shall be deemed the buyer is satisfied with the commodity picked up if no claim for dispute declaration is submitted within the above-mentioned period of time. The Exchange shall not accept any overdue applications.
Article 18
The Exchange reserves the right to interpret the said Delivery Rules.
Article 19
Please refer to the Measures for Registered Warehouse Receipts Management, the Detailed Delivery Rules, or other applicable rules, for matters not mentioned herein.
Article 20
This Regulation shall become effective as of the date of promulgation.
Tianjin Bohai Commodity Exchange Ltd.
2010-02-01
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