What is the PIX Index?toggle

The PIX indexes are benchmark price indexes for various grades of pulp, paper, paperboard as well as recovered apper and biofuels. They measure the weekly/monthly average market price of the grades in question.

What different PIX Indexes are there and when were they launched?toggle

Currently FOEX is publishing PIX indices for the following pulp, paper, paperboard, wood and bioenergy grades:

  • Pulp: NBSK Pulp, BHKP Pulp
  • Paper: LWC, Coated woodfree, A4 B-copy, Newsprint Europe, US Newsprint
  • Packaging: Brown Kraftliner, White-top Kraftliner, Testliner 2, Testliner 3 and Recycled based Fluting
  • Recovered Paper: OCC 1.04 dd, ONP/OMG 1.11 dd, Mixed 1.02 GER
  • Wood Pellets: Nordic and Continental
  • Wood Biomass: Finland
  • Woodchips: Global
  • Roundwood: Finland
  • Sawn timber: Finland

PIX Index launch dates can be found here.

Which time period do the PIX indices represent?toggle

The PIX index is calculated from prices for real sales traded during the reporting week, published the following Tuesday. The prices are reported for regular business for delivery during the current or, at the latest, the following month. The monthly indexes are based on previous month’s data.

When and where are the PIX indices published?toggle

The PIX indexes are published as follows:

  • The European market: Tuesdays 12:00 noon Helsinki time (10 am GMT)
  • The US market: Tuesdays 4 pm Helsinki time (9:00 EST)
  • The Chinese market: Tuesdays 9 am Helsinki time 9 am (3 pm Beijing time)
  • PIX US NBSK Net Change is published once a month

Daily PIX calendar can be found here.

How are the PIX indexes calculated?toggle

FOEX receives real trade information from a large number of participants. PIX indexes cover specific regions, currently Europe, USA and China.

Please find a pdf-version of the revised PIX Pulp Europe methodology and specifications here.

Brief specifications for other PIX indices can be found on product specific sites listed on left hand side column, detailed specifications for each PIX index can be requested from FOEX.

How is the monthly average of a PIX index calculated?toggle

The monthly average of any of the PIX indexes is calculated by FOEX as a straight arithmetic average from the weekly PIX index values of the month in question. The average value is published together with the last weekly index value (included in the monthly average). Monthly averages are used in e.g. price risk hedging instruments as the reference price.

How can PIX indices be used?toggle

Apart from monitoring price development, the FOEX PIX indexes are used by financial institutions as benchmark prices in e.g. swap deals and other financial hedging instruments against product price risks. In addition to the use in hedging tools, the PIX indexes can also be used as

a) reference prices in normal bilateral sales/purchase contracts
reference prices in internal sales/purchase transactions

PIX is a registered trade-mark owned by FOEX Indexes Ltd. Thus the use of the PIX indexes for any commercial purposes, including internal price agreements, is allowed only with permission from FOEX. If you are interested in any kind of commercial use of our indexes, please contact us for further information. For contact details, see CONTACT INFO on the home page.

How reliable is PIX?toggle

The high reliability of PIX is achieved through a large number of contributors, and by the fact that FOEX is an independent organization with no own interest in the price level.

The method of index calculation is fixed. The rules for index calculation and method have been approved by FOEX regulators and by the European Commission DG IV (anti-trust). Index calculation method is audited, and an expert panel of well-known industry experts are available as trouble-shooters. There is a balance between contributing buyers and sellers.

Who are contributors to PIX?toggle

The contributors are pulp, paper, paperboard, recovered papers and bioenergy/biomass suppliers and buyers as well as agents and trading houses. In order to guarantee anonymity, the identities of the contributing parties are not disclosed.