On January 8, 2024, Zhengzhou Commodity Exchange issued a notice on the revision of the business rules for flat glass futures, changing the national standard number cited in the business rules for glass futures from the original national standard GB 11614-2009 to the new national standard GB 11614-2022, and changing the delivery product name from the original national standard first-class product to the new national standard ordinary level, while keeping other requirements unchanged. This revision will come into effect from the glass futures contract FG2502, which will be listed in February this year.
The reporter learned that in the early stage, the new national standard for glass, the National Standard for Flat Glass of the People's Republic of China (GB 11614-2022), replaced the original national standard (GB 11614-2009) and was officially implemented. The new national standard mainly simplifies the glass quality classification from the original national standard of qualified products, first-class products, and excellent products to two levels: ordinary level and high-quality processing level. At the same time, some appearance quality indicators have been adjusted. Among them, the indicators for ordinary level products are slightly relaxed compared to the original national standard first-class products, while the indicators for high-quality processing level products are stricter than the original national standard first-class products.
To match the updated content of the new national standard and adapt to the new market development situation, Zhengzhou Institute of Commerce conducted research on glass production, trade, consumer enterprises, as well as quality inspection institutions, futures companies and other market groups. Interviewees generally stated that the quality of ordinary and first-class products is basically the same, and there is no price difference in spot goods. At the same time, there has been no significant change in the mainstream demand for flat glass in the market, and it remains consistent with the thickness, specifications, etc. corresponding to glass futures delivery products.