Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| Italy/France exportHeadline | physical_fob | — | USD/MT | 650–950 | Dec 2024 | — |
| Shanghai/Dalian | physical_fob | — | USD/MT | 480–720 | Dec 2024 | — |
| EU/China origin | physical_cif | — | USD/MT | 1200–1600 | Dec 2024 | — |
Premium structure
Differentials between benchmarks reveal where physical pears trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| Italy/France export | — | |
| Shanghai/Dalian | — | |
| EU/China origin | — |
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