Fastmarkets successfully completes IOSCO assurance review of 34 metals benchmarks

Fastmarkets, the industry-leading cross-commodity price reporting agency (PRA), is delighted to announce the successful completion of an independent assurance review of 34 key metals benchmarks.

The external review carried out by professional services firm BDO confirmed that Fastmarkets’ governance and controls framework, policies and editorial practices align with the standards defined by the International Organization of Securities Commission (IOSCO) within the Principles for Oil Price Reporting Agencies (PRAs).  

The review process, covering a pricing period of up to 12 months, is comprehensive, examining all relevant documentation and processes to ensure their quality, integrity and adherence to stated methodologies and to the PRA principles. 

‘’We remain committed to growing our list of audited prices and providing our users the highest possible level of confidence in the reliability of our benchmarks. The completion of an external audit of our process demonstrates our commitment to provide reliable, impartial, representative and transparent benchmarks,’’ Fastmarkets’ CEO Raju Daswani said. 

As per guidance by the European Securities and Markets Authority (ESMA), annual assurance reviews by an independent external auditor are sufficient to demonstrate compliance with the requirements of the Benchmarks Regulation (BMR) for commodity benchmarks (paragraph 18 of Annex II). Some of the audited prices are also subject to BMR. 

This year’s review covered 34 benchmarks from our list of prices in the aluminium, alumina, cobalt, copper, lithium, manganese, iron ore, flat steel and steel scrap markets. It involved six new prices, which received the Type 1 IOSCO accreditation including:

  • Aluminium pressure diecasting ingot DIN226/A380, delivered Europe, €/tonne
  • Aluminium alloy A380.1, delivered Midwest c/lb $/tonne
  • Cobalt hydroxide index 30% Co min, cif China, $/Ib
  • Steel cold-rolled coil, fob mill US, $/cwt
  • Steel hot-dipped galvanized (base) steel coil, fob mill US, $/cwt
  • Steel cut-to-length plate carbon grade, fob mill US, $/cwt

To obtain a copy of the independent assurance report, please click here

Fastmarkets has invested significantly in resources and technology to ensure its price-assessment process aligns with IOSCO principles. View details here

To view Fastmarkets’ metals price methodology/specifications, please click here

For press inquiries, please contact:
Katharine Kellar
Senior Marketing Manager, Media & Communications
Email: katharine.kellar@fastmarkets.com

What to read next
Following an initial consultation with the market and a review of the typical data sets that have been collected over recent months, Fastmarkets is proposing changes to the specifications of the index for MB-IRO-0009 iron ore 65% Fe Brazil-origin fines, cfr Qingdao, by raising the silica base specification to 2.7% from 2.2%, as well as an […]
Despite the current headwinds, strategic partnerships and continued investment in the right areas, coupled with the underlying strong long-term demand fundamentals, will pave the way for success for lithium producers, according to the participants of the executive panel during the Fastmarkets Lithium Supply and Battery Raw Materials Conference, which took place from June 23-26 in Las Vegas, Nevada.
The US needs well-defined and stable policy around critical minerals, energy transition and trade, while derisking projects and maintaining good relations with other countries to be able to establish sustainable electric vehicle (EV) and energy storage systems (ESS) supply chains in North America, according to industry experts.
The US and Europe must adopt long-term, consistent policies and should learn lessons from China, according to lithium industry experts speaking at Fastmarkets’ Lithium Supply and Battery Raw Materials Conference in Las Vegas, US, over June 22-25.
Producers in Arkansas' Smackover Formation are advancing lithium extraction projects following recent regulatory approvals. Supported by oil and gas expertise and state incentives, the region is positioning itself as a key player in the US lithium supply chain.
This consultation was done as an adhoc methodology review process, aiming to better reflect the physical market under indexation, considering its reduced liquidity linked to the combination of seasonal demand patterns and the implementation of cross-border import tariffs between the US and China. No feedback was received during the consultation period and therefore Fastmarkets will […]