Press Release: Metal Bulletin successfully completes benchmark assurance review for increased number of prices
Metal Bulletin, a leading source of trusted and transparent commodities data for the metals and mining markets, has successfully completed an external assurance review of some of its benchmark prices carried out by independent professional services company PricewaterhouseCoopers (PwC).
PwC reviewed benchmark assessment and index prices published by Metal Bulletin that fell within the scope of financial benchmarks as defined in the International Organization of Securities Commissions’ (IOSCO) Principles for Oil Price Reporting Agencies, published in October 2012.
Building on last year’s assurance report, a ‘reasonable assurance’ review was undertaken this year for the prices noted below:
- Index of spot market iron ore prices delivered to China, normalized to Qingdao and 62% Fe
- Aluminium P1020A, in-warehouse Rotterdam duty-unpaid, spot
The following new prices were also added this year and were subject to ‘limited assurance’:
- Aluminium P1020A, in-warehouse Rotterdam duty-paid, spot
- Aluminium P1020A, cif main Japanese ports, spot low-high
- Alumina index fob Australia
- 65% Fe Brazilian fines index, cfr Qingdao $ per dry metric tonne
- Iron ore concentrate index (66% Fe) cfr Qingdao weekly index
- Cobalt Low Grade MB free market in warehouse
- Shanghai, copper low-high premium, Grade A, cathode
In addition to the above, we are today the only organization to have type 1 assurance on a number of lithium prices:
- Lithium carbonate min 99.5% Li2CO3 battery grade, spot price cif China, Japan & Korea
- Lithium carbonate min 99.5% Li2CO3 battery grade, spot price range, ex-works domestic China
- Lithium hydroxide monohydrate min 56.5% LiOH.H2O battery grade, spot price range, ex-works domestic China
- Lithium hydroxide monohydrate min 56.5% LiOH.H2O battery grade, spot price cif China, Japan & Korea
As part of PwCs independent assurance, it reviewed and undertook sample-based testing around Metal Bulletin’s response to the IOSCO Principles describing its policies, processes and control activities over its assessment of the in-scope prices noted above.
“The successful completion of the assurance review by PwC of 13 of our financial benchmark prices highlights the robust processes and documentation that support pricing at Metal Bulletin. This accreditation will further give confidence to the companies around the world that depend on our prices as the basis of settlement for both physical and derivative contracts,” Metal Bulletin CEO Raju Daswani said.
Metal Bulletin has invested significantly in resources and technology to ensure that its prices align with the IOSCO Principles for Oil Price Reporting Agencies, which were published in October 2012.
Metal Bulletin’s business also includes American Metal Market, Fastmarkets, Scrap Price Bulletin and Industrial Minerals. Metal Bulletin is part of Euromoney Institutional Investor PLC’s price reporting business. We also serve the forestry product markets with leading price benchmarks and information through our RISI, Random Lengths and FOEX businesses.
For further inquiries, please contact Antony Towers, Metal Bulletin’s COO, at email@example.com.
ABOUT METAL BULLETIN GROUP
Metal Bulletin Group, the price reporting division of Euromoney Institutional Investor PLC, is the definitive source of trusted and transparent commodities data for the metal and mining markets. Its core activity in pricing drives marketplace transactions in commodities markets around the world and is complemented by news, forecasts, industry data, analysis, conferences and insight services. Metal Bulletin Group includes brands such as Metal Bulletin, American Metal Market, Industrial Minerals, Scrap Price Bulletin and Fastmarkets. Its main offices are in London, New York, Shanghai, Singapore and Sao Paulo. Euromoney Institutional Investor PLC, Metal Bulletin Group’s parent company, is listed on the London Stock Exchange and is a member of the FTSE 250 share index. It is a leading international business-to-business information group focused primarily on the global banking, asset management and commodities sectors.