Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| FOB Tianjin/Dalian, ChinaHeadline | physical_fob | Dehaired white cashmere, average fiber diameter 14.5–15.5 µm, staple length ≥34 mm, vegetable matter and colored fiber strictly limited, moisture regain at standard textile conditions. | USD/MT | 60000–70000 | Apr 2026 | — |
| FOB Tianjin/Ulaanbaatar via Chinese border | physical_fob | Dehaired white Mongolian origin, average fiber diameter 15–16 µm, staple length ≥34 mm, low kemp/guard hair content; traded largely via Chinese processors and specialty traders. | USD/MT | 62000–72000 | Apr 2026 | — |
| FOB North China ports | physical_fob | Dehaired natural brown or mixed-color cashmere, average fiber diameter 16–17 µm, staple length ~32–34 mm, higher kemp content tolerated; often used for mid-market knitwear or blends. | USD/MT | 45000–55000 | Apr 2026 | — |
| FOB Mongolia land border (truck to China) | physical_fob | Unprocessed (greasy) Mongolian raw cashmere, mixed colors, as shorn/combed, typical yield 55–65% after dehairing depending on lot quality. | USD/MT | 15000–22000 | Apr 2026 | — |
Premium structure
Differentials between benchmarks reveal where physical cashmere trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| FOB Tianjin/Dalian, China | — | |
| FOB Tianjin/Ulaanbaatar via Chinese border | Typically trades at a small premium of USD 1,000–2,000/MT to comparable Chinese Inner Mongolian lots due to perceived fineness and scarcity. | |
| FOB North China ports | Trades at a discount of roughly USD 10,000–15,000/MT to top white Grade A Inner Mongolia dehaired cashmere. | |
| FOB Mongolia land border (truck to China) | Dehaired white Grade A typically equivalent to roughly 3–4 times greasy price on a clean fiber basis. |
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