What is FOEX Indexes?

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

PIX Methodologies & Policies

This section includes documents outlining the PIX index methodologies for the PIX Pulp Europe and China indices, as well as PIX Recovered Paper Europe Indices – which to feasible parts will be made applicable to other PIX price indices. This page also includes a set of FOEX policy documents designed to make Fastmarkets FOEX index procedures more robust. 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

FOEX/RISI CONFIDENTIAL CONTRIBUTED DATA PROTECTION PROTOCOL

FOEX – CONFLICT OF INTEREST POLICY

FOEX – COMPLAINTS POLICY

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.

Jul 11, 2019

COVERAGE NOTE: PIX Paper Indices - Starting from July 11, 2019, FOEX launches new PIX PAPER INDICES METHODOLOGY AND SPECIFICATIONS

Jul 1, 2019

COVERAGE NOTE: PIX Packaging Europe Indices - Starting from July 1, 2019, FOEX launches new PIX PACKAGING EUROPE INDICES METHODOLOGY AND SPECIFICATIONS

Jun 28, 2019

COVERAGE NOTE: PIX US Pulp Index - Starting from June 1, 2019, FOEX launches new PIX US PULP INDEX METHODOLOGY AND SPECIFICATIONS

Jun 27, 2019

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

HELSINKI, June 27, 2019 (Fastmarkets) – Fastmarkets FOEX and Fastmarkets RISI are seeking feedback on potential new pulp, paper-based packaging and recovered paper indices for the MENA region.

This follows market trends towards increased trade in the MENA region. Companies active in the region have expressed a demand for benchmark prices to help them make better business decisions.

Specifically, we would like to hear from stakeholders:

  • Whether they would be interested in contributing to or receiving packaging indices for the MENA region;
  • Which grades and specs they would like us to consider;
  • Which countries should be included in the index;
  • Which publishing frequency would be most appropriate;
  • Whether the basic principles of the current PIX pulp and paper methodologies might be adapted for the MENA market and what specific changes if any would be needed.

Please send comments and queries to hello.foex@fastmarkets.com or pricing.risi@fastmarkets.com by July. 31, 2019, indicating “MENA packaging indices” in the subject line of the email.

To view Fastmarkets FOEX methodologies, policies and other Coverage Notes, please see here.

To view Fastmarkets RISI methodologies, policies and other Coverage Notes, please see here.

Jun 26, 2019

COVERAGE NOTE: PIX Bioenergy - Starting from July 1, 2019, FOEX launches new PIX PELLET NORDIC INDEX METHODOLOGY AND SPECIFICATIONS

Jun 4, 2019

COVERAGE NOTE: Changes to US Newsprint Coverage - Consultation

In view of changes on the US newsprint market, Fastmarkets FOEX proposes a number of updates to its PIX US Newsprint indices.

1. Since the US newsprint market has shifted towards lighter basis weights, Fastmarkets FOEX proposes to discontinue price assessments for PIX US Newsprint (30 lb/48.8 g). We would continue to publish the PIX US Newsprint 27.65 lb (45 g).

2. As newsprint of lower brightness has become more common, Fastmarkets FOEX proposes to adjust its current specifications from 58-60 ISO to 55-58 ISO.

3. Fastmarkets FOEX currently tracks US newsprint delivered to the east coast. We are investigating whether to include deliveries to the west coast in one single US Newsprint index.  Fastmarkets FOEX encourages market participants to submit feedback on such a potential change.

The following price series would be affected:

PIX US Newsprint (30 lb/48.8 g)

PIX US Newsprint 27.65 lb (45 g)

The changes #1 and #2 would likely be implemented at the start of 2020. Depending on the feedback received, we will evaluate how to move forward with #3.

Fastmarkets FOEX is inviting feedback on these proposals by July 31st, 2019. To comment, please email hello.foex@fastmarkets.com indicating “PIX US Newsprint” in the subject line of the email.

May 24, 2019

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

HELSINKI, May 24, 2019 (PIX Bioenergy and Wood Indices) – Following a market consultation with no objections to the proposal received, Fastmarkets FOEX would like to confirm the following changes to its PIX Forest Biomass Finland index and its sub-indices with no material changes:

PIX Bioenergy and Wood Indices:

  • Specify the eligible price definition concerning longer than 12-month transactions
  • Detail the eligible price definition concerning indexed prices
  • Define the grade classification using Fuel Classification 2019 by Statistics Finland
  • Specify the delivery terms to DDU, unloaded at buyer’s plant/ TOP Finnterms
  • The specifications will be in English, with a Finnish summary including all parts concerning price reporting practices available

Outside of the specifications themselves, Fastmarkets FOEX will replace the unofficial logging residue & unpruned stem chip number in the monthly letter with only logging residue number, and considers publishing a separate sub-index for that in the future. Also, regional collection and publishing for the indices will be considered and developed further.

For queries, please email hello.foex@fastmarkets.com, indicating “PIX Forest Biomass Finland Index” in the subject line of the email.

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

As previously announced, Fastmarkets FOEX will concentrate the publishing time of all PIX indices to 12 noon EET (Helsinki time) on Tuesdays with the effect from April 1, 2019.

This change was subject of consultation and is meant to streamline operations and better serve clients with one publishing time for all Fastmarkets FOEX deliverables.

This change will affect the publishing of the following PIX indices:

Current publishing at 9 am EET:

  • PIX Pulp China BHKP Net
  • PIX Pulp China NBSK Net

Current publishing at 9 am EST:

  • PIX Pulp US NBSK
  • PIX US Newsprint
  • PIX US Newsprint 27.65 lb

For comments or queries, please email: hello.foex@fastmarkets.com, indicating “Change in publishing times” in the subject line of the email.

Mar 7, 2019

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

Mar 1, 2019

PIX Recovered Paper Europe Indices - Starting from March 1, 2019, Fastmarkets FOEX launches PIX RECOVERED PAPER EUROPE METHODOLOGY AND SPECIFICATIONS including PIX Recovered Paper Germany indices

Nov 1, 2018
PIX Pulp Europe Methodology and Specifications – Some adjustments regarding policy of auditing have been made which show in section 4 of the specifications. The adjustments do not represent material changes to the index process and calculation.

4.2 and 4.2.1 revised to reflect the new Data Submitter Policy (DSP) document replacing formal audits of the price data providers

4.2.2 Added sentence about auditing of FOEX calculation procedure and methodology

4.2.3 Auditing - (of price data providers) section has been deleted

6.2. Weighting - section has been shortened

Apr 5, 2018

PIX Recovered Paper Europe Indices - Starting from April 1, 2018, FOEX launches new PIX RECOVERED PAPER EUROPE METHODOLOGY AND SPECIFICATIONS

Dec 8, 2017

Changes to PIX China Indexes - This coverage note confirms that FOEX will cease publishing the old PIX Pulp China indices from January 2018 onwards and continue only with the PIX Pulp China Net Indexes for NBSKP and BHKP.

Apr 4, 2017

PIX Pulp China Net Indices – Starting on April 4, 2017, FOEX will begin publishing new weekly net price indices for NBSK and BHKP in China. The previous PIX Pulp China price indices will continue to be published in the weekly email to subscribers alongside the new PIX Pulp China net price indices until further notice and likewise in the online weekly report “PIX Pulp China letter”.