Conclusion of open consultation on calculation of averages on the Fastmarkets platform

Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.

To align with market convention, Fastmarkets proposed to change the platform average function to represent the monthly average of the midpoint of each pricing session during the month.

Currently, the average function, when used for assessments, calculates the midpoint of the monthly average high assessment and monthly average low assessment.

By the end of the consultation on January 24, no feedback had been received, so Fastmarkets will implement the planned changes on all average calculations (weekly, monthly, quarterly and annual). For technical reasons, however, the changes will come into effect on Wednesday March 1, rather than on Wednesday February 1 as suggested on December 2022.

Although the new platform average function calculation may result in a difference of +/- 0.01 when calculating averages to two decimal places, it will typically be no higher or lower. No averages will be retrospectively changed.

To provide feedback on this decision, please contact adding the subject heading: “FAO: Chris Ellis re: Average pricing calculations.”

To see all of Fastmarkets’ pricing methodology and specification documents, go to

What to read next
Glencore’s Gary Nagle might have spoken too soon when he said that his company wouldn’t be hit by a nickel fraud similar to that seen by its rival, Trafigura
Fastmarkets proposes to amend its steel cut-to-length plate carbon grade, fob mill US assessment to exclude material below 0.375 inches of thickness, which is sold with an added cost by several major mills.
The European Union’s much-anticipated Critical Raw Materials Act, announced on Thursday March 16 by European Commission president Ursula von der Leyen, has set out new lists of the raw materials now formally designated as strategic and critical
The London Metal Exchange is facing lawsuits seeking damages collectively worth more than half a billion dollars for losses that investors allege they suffered as a result of nickel trades being canceled by the exchange last year
The publication of a number of Fastmarkets’ price assessments was delayed on Thursday March 16 for technical reasons.
Continued tightness of class one supply within Europe and increased buying interest amid falling London Metal Exchange nickel prices and fresh liquidity have prompted an increase in premiums within Europe, while US and Chinese premiums remain steady for now
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.