What is the PIX Index?toggle

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

What PIX Indices are there and when were they launched?toggle

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

  • Pulp: NBSK (Europe, China & the US), BHKP (Europe & China)
  • Paper: LWC, CWF, A4 B-copy (Europe), Newsprint (Europe & the US)
  • Packaging: Brown Kraftliner, White-top Kraftliner, Testliner 2 & 3 and RB-Fluting (Europe)
  • Recovered Paper: OCC 1.04, ONP/OMG 1.11 (Europe), OCC 1.04, ONP/OMG 1.11, Mixed 1.02 (Germany, monthly)
  • Wood Pellets: Nordic and Continental
  • Wood Biomass for Energy: Finland
  • Roundwood: Finland
  • Sawn timber exports: 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 indices are based on data from the previous month or the month prior to the preivous one, depending on the index.

When and where are the PIX indices published?toggle

The PIX indices are published as follows:

  • Weekly PIX indices: Tuesdays at 12 noon Helsinki time (following working day if a public holiday)
  • PIX US NBSK Net Change is published once a month on the 1st or 2nd Tuesday of the month
  • Monthly bioenergy and wood indices on predefined Tuesdays (following working day if a public holiday). 1st: PIX Pellet Continental, 2nd: PIX Forest Biomass Finland, 3rd: PIX Pellet Nordic, 4th: PIX Wood Finland and PIX Sawn Timber FAS Finland

Daily PIX calendar can be found here.

How are the PIX indices calculated?toggle

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

Brief specifications for other PIX indices can be found on product specific sites listed on left hand side column.

Latest PIX methodologies and policies can be found here.

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

The monthly average of any of the PIX indices is calculated by Fastmarkets 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 Fastmarkets FOEX PIX indices 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 indices 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 indices for any commercial purposes, including internal price agreements, is allowed only with permission from FOEX Indexes Ltd. If you are interested in any kind of commercial use of our indices, please contact us for further information. For contact details, see here.

How reliable is PIX?toggle

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

Who are contributors to PIX?toggle

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