What is FOEX Indexes?

FOEX Indexes Ltd is an independent company providing audited, trade-mark registered pulp, paper, recovered paper, wood based biomass and wood price indices

PIX Methodologies & Policies

This section includes documents outlining the PIX index methodologies for the PIX Pulp and Paper as well as Bioenergy indices – which to feasible parts will be made applicable to all PIX price indices. This page also includes a set of FOEX policy documents designed to make Fastmarkets FOEX index procedures more robust as well as Fastmarket FOEX coverage notes. These documents are based upon the IOSCO Principles for Price Reporting Agencies. (IOSCO - International Organization of Securities Commissions: www.iosco.org).

PIX PULP EUROPE METHODOLOGY AND SPECIFICATIONS

PIX PULP CHINA METHODOLOGY AND SPECIFICATIONS

PIX PULP US METHODOLOGY AND SPECIFICATIONS

PIX PAPER METHODOLOGY AND SPECIFICATIONS

PIX PACKAGING EUROPE METHODOLOGY AND SPECIFICATIONS

PIX RECOVERED PAPER EUROPE METHODOLOGY AND SPECIFICATIONS

PIX FOREST BIOMASS FINLAND METHODOLOGY AND SPECIFICATIONS

PIX PELLET NORDIC METHODOLOGY AND SPECIFICATIONS

FASTMARKETS FOEX/RISI CONFIDENTIAL CONTRIBUTED DATA PROTECTION PROTOCOL

FASTMARKETS FOEX – CODE OF CONDUCT

FASTMARKETS FOEX – COMPLAINTS POLICY

FASTMARKETS FOEX – METHODOLOGY REVIEW PROCCESS POLICY

FASTMARKETS FOEX – CORRECTIONS AND NEW PRICE LAUNCH POLICY

FASTMARKETS FOEX – DATA SUBMITTER POLICY

Fastmarkets FOEX is in the process of aligning its index procedures with IOSCO’s Principles for Oil Price Reporting Agencies (the “PRA Principles”). As part of this process, we will carry out an external audit by an independent auditing company of one PIX index methodology each year. In 2018, Fastmarkets FOEX also introduced a new Data Submitter policy to replace formal audits of price providers.

Coverage Notes

Coverage Notes are notifications of changes to price coverage, methodology and index specifications as well as introductions of new PIX indices.

Jan 31, 2020

COVERAGE NOTE: Open consultation on FOEX methodology for PIX European Pulp and Recovered Paper Price Indices

HELSINKI, January 31, 2020 (PIX Pulp & Paper Indices) - Fastmarkets FOEX is inviting feedback from the industry on the pricing methodologies for its PIX European Pulp and PIX European Recovered Paper price indices, as part of its announced annual methodology review process.

This consultation, which is open until February 28th, 2020, seeks to ensure that our methodologies continue to reflect the physical market under indexation, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes all elements of our pricing process, our price specifications and publication frequency.

Please find the current methodologies of FOEX PIX Pulp Europe price indices (PIX NBSK and PIX BHKP) here, and the FOEX PIX Recovered Paper Europe price indices (PIX OCC 1.04 dd and PIX ONP/OMG 1.11 dd) here.

Please send responses in writing, preferably in electronic format, to the following address: hello.foex@fastmarkets.com. Please add the respective subject heading "PIX Pulp Europe annual methodology review” or “PIX Recovered Paper Europe annual methodology review”.

Please specify whether your response is confidential. Opinions offered in confidential responses may be referenced but will not be attributed in any way.

Fastmarkets will publish the outcome of this methodology review by March 13th, 2020, including a summary of the feedback with the exception of those marked as confidential. Any proposals to make material changes, discontinue or launch prices will involve a separate market consultation, the length of which will depend on how substantial the change is.

Jan 23, 2020

COVERAGE NOTE: Fastmarkets moves to annual methodology reviews across PRA divisions

HELSINKI, Jan 23, 2020 (Fastmarkets FOEX) - Fastmarkets will from this year, 2020, review its pricing methodologies and price specifications across all its Price Reporting Agency (PRA) divisions - metals and mining and forest products - on an annual basis rather than twice per year.

The decision is in line with the International Organization of Securities Commissions (IOSCO) principles for PRAs, which sets out global standards for orderly and fair price assessment processes, and with practices followed by other commodity PRAs. The move also reflects the longevity of our pricing methodologies, which have been designed to fit specific markets over the long term without needing constant adjustments.

Fastmarkets will inform the industry and invite feedback via a pricing notice before annual methodology reviews take place to ensure our methodologies continue to reflect the physical market under assessment.

The annual review will cover the assessment and index methodologies as well as individual price specifications. Proposals to make material changes and discontinue or launch prices will involve a market consultation, the length of which will depend on how substantial the change is for the industry.

Fastmarkets will continue to propose changes to methodologies and prices on an ad-hoc basis as and when necessary, and will carry out a market consultation if the suggested change is material.

To see Fastmarkets RISI and Fastmarkets FOEX pricing methodologies and specification documents go to www.risiinfo.com/approach/methodology/price-assessment-methodology/ or www.foex.fi/pix-methodologies-policies.

Random Lengths will continue to conduct twice-yearly Price Guide Revisions in April and October for the time being.

To provide feedback on this notice, please contact Alex Harrison for metals and mining prices at pricing@fastmarkets.com or Matt Graves for forest products at pricing.risi@fastmarkets.com. Please add the subject heading 'FAO: Alex Harrison/Matt Graves re: annual methodology reviews'

Jan 22, 2020

COVERAGE NOTE: Changes to PIX Woodchip Indices Coverage – Implementation

HELSINKI, January 22, 2020 (PIX Bioenergy and Wood Indices) – As previously announced and following consultation, Fastmarkets FOEX has implemented the following changes to its PIX Woodchip indices:

-       Discontinued the PIX Hardwood Chip Asia on Jan 22, 2020.

-       Discontinued the PIX Softwood Chip Global on Jan 22, 2020.

For comments and queries, please email hello.foex@fastmarkets.com, indicating “PIX Woodchip Indices” in the subject line of the email.

More infromation available here.

Jan 7, 2020

COVERAGE NOTE: Changes to US Newsprint Coverage – Implementation

HELSINKI, January 7, 2020 (PIX Paper Indices) – As previously announced and following consultation, Fastmarkets FOEX has implemented the following updates to its PIX US Newsprint indices:

  • Fastmarkets FOEX has discontinued price assessments for PIX US Newsprint (30 lb/48.8 g). We will continue to publish PIX US Newsprint 27.65 lb (45 g).
  • Fastmarkets FOEX has adjusted its brightness specifications from 58-60 ISO to 55-58 ISO.

For comments or queries, please email hello.foex@fastmarkets.com indicating “PIX US Newsprint” in the subject line of the email.

Dec 23, 2019

COVERAGE NOTE: Changes to PIX Pellet Continental Coverage – Final Decision

HELSINKI, December 23, 2019 (PIX Bioenergy and Wood Indices) – Fastmarkets FOEX is unifying its methodology and policies for all PIX indices to comply with Fastmarkets’ internal guidelines and the IOSCO principles. Along with this development, some index data collection criteria will not fully fulfil these policy requirements.

As previously announced and following a consultation with no objections to the proposal received, Fastmarkets FOEX will make the following changes to its PIX Pellet Continental Index:

-       Discontinue the PIX Pellet Continental Index on May 6, 2020.

The main rationale for this change is that PIX Pellet Continental includes 3rd party data delivered by industry associations that cannot be linked to individual companies.

Fastmarkets FOEX will publish the last index on May 5, 2020.

For comments and queries, please email hello.foex@fastmarkets.com, indicating “PIX Pellet Continental Index” in the subject line of the email.

Dec 23, 2019

COVERAGE NOTE: Changes to PIX Woodchip Indices Coverage – Final Decision

Dec 12, 2019

COVERAGE NOTE: Weighting cap added to PIX Pulp & Paper and Biomass indices

HELSINKI, December 12, 2019 (PIX Pulp & Paper and Biomass Indices) – Fastmarkets FOEX has added a maximum weighting limit of a single price provider to all PIX Pulp & Paper and Biomass indices.

The weighting cap is 25% for significant benchmarks such as pulp Europe, pulp China and recovered paper, and 50% for other benchmarks.

At the same time, the internal guidelines for storing price data have been amended for all PIX price indices. From now on price data will be retained for seven years rather than five years at Fastmarkets FOEX, in line with Fastmarkets company policy.

The methodology documents have been changed accordingly: link

Dec 4, 2019

COVERAGE NOTE: PIX publishing dates during the year-end holiday season

Nov 29, 2019

COVERAGE NOTE: Changes to PIX Pellet Continental Coverage – Consultation

Nov 29, 2019

COVERAGE NOTE: Changes to PIX Woodchip Indices Coverage – Consultation

Nov 26, 2019

COVERAGE NOTE: PIX Pulp and Paper incorrect November monthly average values published this afternoon

Aug 13, 2019

COVERAGE NOTE: Changes to US Newsprint Coverage – Final Decision

Jul 11, 2019

COVERAGE NOTE: PIX Paper Indices - NEW PIX PAPER INDICES METHODOLOGY AND SPECIFICATIONS

Jul 1, 2019

COVERAGE NOTE: PIX Packaging Europe Indices - NEW METHODOLOGY AND SPECIFICATIONS

Jun 28, 2019

COVERAGE NOTE: PIX US Pulp Index - NEW METHODOLOGY AND SPECIFICATIONS

Jun 27, 2019

COVERAGE NOTE: Call for comments on new indices for the MENA region

Jun 26, 2019

COVERAGE NOTE: PIX Bioenergy - New PIX PELLET NORDIC INDEX METHODOLOGY AND SPECIFICATIONS

Jun 4, 2019

COVERAGE NOTE: Changes to US Newsprint Coverage - Consultation

May 24, 2019

COVERAGE NOTE: Changes to PIX Forest Biomass Finland – Final Decision

Apr 18, 2019

COVERAGE NOTE: Changes to PIX Forest Biomass Finland – Consultation

Mar 21, 2019

Change in the publishing time of the PIX Pulp & Paper indices - Notice of Implementation

Mar 7, 2019

Proposed change in the publishing time of the PIX Pulp & Paper indices - Consultation

Mar 1, 2019

PIX Recovered Paper Europe Indices - Methodology Update

Nov 1, 2018

PIX Pulp Europe Methodology and Specifications - Adjustments

Apr 5, 2018

PIX Recovered Paper Europe Indices -New Methodology

Dec 8, 2017

Changes to PIX China Indexes

Apr 4, 2017

PIX Pulp China Net Indices - Launch