Zhejiang Exchange Price Reference Data¶
Price data extracted from CCB Futures datasets covering three trading mechanisms at the Zhejiang International Commodities Exchange. All prices in CNY/ton unless otherwise noted.
Crude Oil (原油) - Listing Market¶
| Date | Price (CNY/t) | Volume (t) | Transaction Value (CNY) |
|---|---|---|---|
| 2020-09 to 2025-12 | 281 - 4,860 | 2,117 - 170,000 per lot | Total: 335,794 t / 654M CNY |
29 transactions over 5+ years. Crude oil volumes are large per transaction (up to 170,000 tons per listing), suggesting bulk cargo or pipeline delivery arrangements.
Gasoline Prices (Listing Market)¶
92# Gasoline (92#汽油)¶
- Period: Oct 2017 - Mar 2026 (1,573 transactions)
- Price range: 3,598 - 9,900 CNY/ton
- Total volume: 9,191,563 tons
- Total value: 69.6 billion CNY
95# Gasoline (95#汽油)¶
- Period: Oct 2017 - Mar 2026 (1,131 transactions)
- Price range: 4,585 - 9,840 CNY/ton
- Total volume: 7,370,291 tons
- Total value: 55.4 billion CNY
98# Gasoline (98#汽油)¶
- Period: Mar 2023 - Mar 2026 (86 transactions)
- Price range: 7,526 - 9,560 CNY/ton
- Total volume: 562,119 tons
- Total value: 4.7 billion CNY
Diesel Prices (Listing Market)¶
Vehicle Diesel (车用柴油)¶
- Period: Dec 2017 - Mar 2026 (1,659 transactions)
- Price range: 4,000 - 9,600 CNY/ton
- Total volume: 10,551,894 tons
- Total value: 76.5 billion CNY (largest single commodity by value)
0# Diesel (0#柴油)¶
- Period: Feb 2019 - Aug 2022 (359 transactions)
- Price range: 500 - 8,603 CNY/ton
- Total volume: 859,378 tons
- Total value: 4.5 billion CNY
-20# Diesel (冬季用, -20#柴油)¶
- Period: Sep 2019 - Oct 2020 (12 transactions)
- Price range: 5,890 - 8,112 CNY/ton
Fuel Oil Prices (Listing Market)¶
Fuel Oil (燃料油)¶
- Period: Dec 2016 - Mar 2026 (3,571 transactions)
- Price range: 2 - 9,000 CNY/ton (excludes test-period outliers: effective range ~1,500-9,000)
- Total volume: 9,656,450 tons
- Total value: 55.9 billion CNY
Low-Sulfur Fuel Oil RMG380 (RMG380燃料油（低硫）)¶
- Period: Mar 2021 - Jun 2023 (39 transactions)
- Price range: 2,382 - 8,700 CNY/ton
- Total volume: 69,236 tons
Jet Fuel (3#喷气燃料油)¶
- Period: Sep 2021 - Feb 2023 (7 transactions)
- Price range: 4,430 - 7,699 CNY/ton
Naphtha (石脑油) - Listing Market¶
- Period: Aug 2019 - Dec 2025 (138 transactions)
- Price range: 4,730 - 9,170 CNY/ton
- Total volume: 682,711 tons
- Total value: 5.3 billion CNY
Petrochemical Intermediates (Listing Market)¶
PTA - Purified Terephthalic Acid (精对苯二甲酸)¶
- Period: Aug 2019 - Mar 2026 (1,150 transactions)
- Price range: 3,080 - 7,645 CNY/ton
- Total volume: 7,059,214 tons
- Total value: 36.6 billion CNY
Ethylene Glycol (乙二醇)¶
- Period: Aug 2019 - Dec 2025 (984 transactions)
- Price range: 3,380 - 9,001 CNY/ton
- Total volume: 5,696,284 tons
- Total value: 25.6 billion CNY
Methanol (甲醇)¶
- Period: Dec 2016 - Mar 2026 (456 transactions)
- Price range: 10 - 9,265 CNY/ton (effective range ~1,800-9,265 excluding test data)
- Total volume: 2,559,269 tons
- Total value: 6.7 billion CNY
Styrene (苯乙烯)¶
- Period: Jun 2022 - Mar 2026 (151 transactions)
- Price range: 2,200 - 9,935 CNY/ton
- Total volume: 1,024,558 tons
- Total value: 7.9 billion CNY
Mixed Xylene (混合二甲苯)¶
- Period: Dec 2016 - Nov 2025 (330 transactions)
- Price range: 1 - 8,920 CNY/ton
- Total volume: 1,865,022 tons
- Total value: 11.7 billion CNY
Mixed Aromatics (混合芳烃)¶
- Period: Apr 2017 - Apr 2023 (330 transactions)
- Price range: 3,100 - 9,160 CNY/ton
- Total volume: 1,501,490 tons
- Total value: 8.7 billion CNY
MTBE (甲基叔丁基醚)¶
- Period: Dec 2019 - Feb 2023 (11 transactions)
- Price range: 5,575 - 7,860 CNY/ton
Para-Xylene (对二甲苯)¶
- Period: Jan 2024 (3 transactions)
- Price: 8,162 CNY/ton
- Volume: 19,937 tons
Asphalt / Bitumen (Listing Market)¶
Asphalt (沥青, all grades combined)¶
- Period: Jul 2019 - Dec 2025 (938 transactions across all grades)
- Price range: 2,365 - 7,600 CNY/ton
- Total volume: 5,642,736 tons
- Total value: 20.9 billion CNY
- Grades traded: Generic (沥青), 180#, 70#, 70#A, 60#
Polymers (Listing Market)¶
Polypropylene (聚丙烯)¶
- Period: Mar 2018 - May 2024 (240 transactions)
- Price range: 7,239 - 11,100 CNY/ton
- Total volume: 64,320 tons
PVC (聚氯乙烯)¶
- Period: Dec 2021 - Mar 2026 (139 transactions)
- Price range: 4,245 - 8,895 CNY/ton
- Total volume: 909,824 tons
- Total value: 4.4 billion CNY
Polyethylene (聚乙烯)¶
- Period: Aug 2019 - Feb 2025 (12 transactions)
- Price range: 7,605 - 8,985 CNY/ton
Gas Products (Listing Market)¶
Propane (丙烷)¶
- Period: Nov 2021 - Feb 2025 (12 transactions)
- Price range: 5,350 - 7,180 CNY/ton
LPG (液化石油气)¶
- Period: Mar 2021 (2 transactions)
- Price: ~3,300 CNY/ton
LNG (液化天然气)¶
- Period: Mar 2021 - Nov 2024 (4 transactions)
- Price range: 4,136 - 5,000 CNY/ton
Auction Market Prices (拍卖行情)¶
Light Cycle Oil (轻循环油) - Auction¶
- Period: Dec 2021 - Mar 2022 (35 auctions)
- Price range: 5,340 - 7,340 CNY/ton
- Total volume: 101,357 tons
- Supplied by Zhejiang Petrochemical (浙石化), sold in lots of 500-4,300 tons
Zhejiang LNG - Auction¶
- Period: Oct 2022 - Dec 2022 (20 auctions)
- Price range: 5,050 - 7,500 CNY/ton
- Total volume: 1,144 tons
- Daily and weekly auction formats, lots of 22-220 tons
Tender Market Prices (招标行情)¶
Liquefied Gas (液化气) - Tender¶
- Period: Jul 2018 - Aug 2018 (52 tenders)
- Price range: 3,960 - 5,497 CNY/ton
- Total volume: 6,355 tons
Petroleum Coke (石油焦) - Tender¶
- Period: Jul 2018 - Aug 2018 (5 tenders)
- Price range: 1,450 - 1,810 CNY/ton
- Total volume: 10,800 tons
Asphalt 180# (180#沥青-J) - Tender¶
- Period: Aug 2018 (2 tenders)
- Price range: 3,866 - 4,006 CNY/ton
0# Diesel - Tender¶
- Period: Jul 2019 (1 tender)
- Price: 6,000 CNY/ton
- Volume: 7,500 tons
Aggregate Market Statistics¶
| Metric | Value |
|---|---|
| Total listing transactions | 13,592 |
| Total auction transactions | 57 |
| Total tender transactions | 62 |
| Grand total transactions | 13,711 |
| Overall date coverage | Dec 2016 - Mar 2026 |
| Unique commodities (all markets) | 52+ |
| Estimated total traded volume (listing only) | ~80 million tons |
| Estimated total traded value (listing only) | ~340 billion CNY (~47 billion USD) |
Top 10 Commodities by Transaction Value (Listing Market)¶
| Rank | Commodity | Total Value (Billion CNY) | Total Volume (M tons) |
|---|---|---|---|
| 1 | Vehicle Diesel (车用柴油) | 76.5 | 10.6 |
| 2 | 92# Gasoline (92#汽油) | 69.6 | 9.2 |
| 3 | Fuel Oil (燃料油) | 55.9 | 9.7 |
| 4 | 95# Gasoline (95#汽油) | 55.4 | 7.4 |
| 5 | PTA (精对苯二甲酸) | 36.6 | 7.1 |
| 6 | Ethylene Glycol (乙二醇) | 25.6 | 5.7 |
| 7 | Asphalt (沥青) | 20.4 | 5.5 |
| 8 | Mixed Xylene (混合二甲苯) | 11.7 | 1.9 |
| 9 | Mixed Aromatics (混合芳烃) | 8.7 | 1.5 |
| 10 | Styrene (苯乙烯) | 7.9 | 1.0 |
Investment Relevance¶
This data demonstrates the Zhejiang Exchange's role as a major physical commodities pricing hub for China's petrochemical value chain. Key implications for crude oil investment analysis:
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Downstream demand visibility: The exchange provides real-time price discovery for products from crude oil through final polymers, enabling margin analysis across the refining and petrochemical chain.
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Zhejiang Petrochemical (浙石化) integration: The presence of Zhejiang Petrochemical products (LCO, polypropylene via auction) indicates this exchange serves as a distribution channel for one of China's largest integrated refinery-petrochemical complexes.
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Volume significance: Trading over 80 million tons across all listing commodities, the exchange handles material volumes relevant to understanding China's East Coast refined product supply-demand balance.
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Price benchmarking: Continuous pricing data from 2017-2026 across gasoline, diesel, and fuel oil provides robust benchmarks for refining margin calculations.