Core Viewpoint - The Shanghai Futures Exchange (SHFE) is revising the futures contracts for nickel, hot-rolled coil, and stainless steel to better align with the development of the spot market and enhance the internationalization of futures contracts [1][2]. Group 1: Nickel Futures - The SHFE will update the nickel futures contract to comply with the new national standard GB/T 6516-2025, which includes optimizations in brand, impurity limits, appearance quality, and inspection rules [1]. - The new standard introduces the Ni9997 brand as an alternative deliverable, expanding the range of deliverable resources [1]. - The SHFE will also update the standard for nickel substitutes from ASTM B39-79 (2013) to ASTM B39-79 (2023), ensuring synchronization with international market standards [1]. Group 2: Hot-Rolled Coil and Stainless Steel Futures - The SHFE is updating the delivery standards for hot-rolled coil and stainless steel futures to adapt to changes in the spot market and meet export demands from downstream customers [2]. - The hot-rolled coil futures will transition from JIS G 3101-2015 to JIS G 3101-2024, while stainless steel futures will move from JIS G 4305:2012 to JIS G 4305:2021 [2]. - A 24-month transition period is set for nickel futures, while hot-rolled coil and stainless steel futures will have a 6-month transition period, allowing products produced under both old and new standards to be used for standard warehouse receipts during this time [2]. Group 3: Market Impact and Future Actions - The revisions are part of the implementation of the National Standardization Development Outline and aim to enhance the functionality of the futures market, supporting the high-quality development of the non-ferrous metals and steel industries [2]. - The SHFE will continue to follow market-oriented and legal principles, adjusting futures delivery standards in line with national standard revisions and optimizing the regulatory framework to improve the futures market's service to the real economy [2].