By editorial@metalbulletin.com / September 13, 2018 / www.metalbulletin.com /
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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 Commission's (IOSCO) Principles for Oil Price Reporting Agencies 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 USAluminium P1020A, in-warehouse Rotterdam duty-unpaid, spotThe following new prices were also added this year and were subject to 'limited assurance':
Aluminium P1020A, in-warehouse Rotterdam duty-paid, spotAluminium P1020A, cif main Japanese ports, spot low-highAlumina index fob Australia65% Fe Brazilian fines index, cfr Qingdao $ per dry metric tonneIron ore concentrate index (66% Fe) cfr Qingdao weekly indexCobalt Low Grade MB free market in warehouseShanghai, copper low-high premium, Grade A, cathodeIn 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 & KoreaLithium carbonate min 99.5% Li2CO3 battery grade, spot price range, ex-works domestic ChinaLithium hydroxide monohydrate min 56.5% LiOH.H2O battery grade, spot price range, ex-works domestic ChinaLithium hydroxide monohydrate min 56.5% LiOH.H2O battery grade, spot price cif China, Japan & KoreaAs part of PwC's 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 chief executive officer 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.
More details of
Metal Bulletin's pricing methodology and specifications are available here.
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 chief operating officer, at
antony.towers@metalbulletin.com.