The "Zhoushan Price" — referring to China's Zhoushan Low-Sulfur Fuel Oil Bonded Bunker Offer Price, was developed by the Shanghai Futures Exchange and the Zhejiang Mercantile Exchange, propelling Zhoushan in Zhejiang province to become the world's fourth-largest bunker port.

The price is the first spot price index for bonded bunker fuel in the global market quoted in renminbi.

The Zhoushan Price is primarily based on the low-sulfur fuel oil futures prices from the Shanghai Futures Exchange and quotes from nine bunker supply companies, which account for 90 percent of Zhoushan's bonded bunker market.

The index has caught the attention of Platts Singapore, which references it in its reports to analyze the Chinese market.

"The Price of Zhejiang Zhejiang Mercantile Exchange system, developed in collaboration with the Shanghai Futures Exchange, is an electronic quotation system. This year, we added a trading function to the system," said Wang Baibing, assistant general manager of the Zhejiang Mercantile Exchange. This allows buyers and sellers to complete transactions directly within the system.

Since its trial run in March, the system has facilitated over 15,000 metric tons of bonded low-sulfur marine fuel transactions, worth approximately 65 million yuan ($9.13 million).