The decision is in line with the International Organization of Securities Commissions (IOSCO) principles for PRAs, which sets out global standards for orderly and fair price assessment processes, and with practices followed by other commodity PRAs. The move also reflects the longevity of our pricing methodologies, which have been designed to fit specific markets over the long term without needing constant adjustments.
Fastmarkets will inform the industry and invite feedback via a pricing notice before annual methodology reviews take place to ensure our methodologies continue to reflect the physical market under assessment.
The annual review will cover the assessment and index methodologies along with individual price specifications. Proposals to make material changes and discontinue or launch prices will involve a market consultation, the length of which will depend on how substantial the change is for the industry.
Fastmarkets will continue to propose changes to methodologies and prices on an ad-hoc basis when necessary, and will carry out a market consultation if the suggested change is material.
To provide feedback on this notice, please contact Alex Harrison for Fastmarkets Metals & Mining prices by email at email@example.com. Please add the subject heading "FAO: Alex Harrison re: annual methodology reviews." For Fastmarkets Forest Products, please contact Matt Graves by email at firstname.lastname@example.org adding the subject heading "FAO Matt Graves re: annual methodology reviews."
To see all Fastmarkets Metals & Mining pricing methodology and specification documents go to https://www.fastmarkets.com/about-us/methodology
For Fastmarkets Forest Products methodology and specification documents, for RISI go to https://www.risiinfo.com/approach/methodology/price-assessment-methodology and for FOEX go to https://www.foex.fi/index.php?page=pix-methodologies-policies
Beginning in 2020, Fastmarkets will review its pricing methodologies and price specifications across all its Price Reporting Agency (PRA) divisions - Metals & Mining and Forest Products - on an annual basis rather than twice per year.