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.

FOEX Indexes Ltd, Bioenergy and Wood Indices

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Jun 23, 2020

PIX Wood Finland and PIX Sawn Softwood Timber FAS Finland

Jun 17, 2020

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

HELSINKI, June 17, 2020 (PIX Bioenergy and Wood Indices) – Fastmarkets FOEX invited feedback from the industry on the pricing methodologies for its PIX Forest Biomass Finland price indices, as part of its newly announced annual methodology review process.

As part of this open consultation, to expand the coverage on the Finnish bioenergy sector, Fastmarkets FOEX proposed additions to its PIX Forest Biomass Finland index and its sub-indices. Most of the comments agreed on the suggested regions and the new sub-index for logging residues. There were some comments about small adjustments on the region division as well as generally regarding the indices.

As the feedback was generally positive, Fastmarkets FOEX will go forward with the plan and the following additions will be made for PIX Bioenergy and Wood Indices:

  • Regional indices to PIX Forest Biomass Finland Index and selected ones of its sub-indices (forest chips, sawdust, bark) will be added. The final selection of the sub-indices will be based on test data collected during the coming months.
  • A separate official sub-index for logging residues will be published, and possibly, based on the test data, also regional indices for this sub-index
  • Based on the feedback during the consultation and comments from the price data contributors, Fastmarkets FOEX decides the regional division to go along the line from Vaasa to Imatra dividing Finland in two (west/south and east/north)

The changes are planned to take effect starting in October 2020 (based on August data).

For comments and queries, please email hello.foex@fastmarkets.com, indicating “PIX Forest Biomass Finland” in the subject line of the email in English, Finnish or Swedish.

Jun 5, 2020

COVERAGE NOTE: PIX China - proposed schedule change and open consultation

HELSINKI, June 5, 2020 (PIX Pulp & Paper Indices) - Fastmarkets FOEX is inviting feedback from the industry on the pricing methodologies for its PIX China Pulp price indices, as part of its announced annual methodology review process. At the same time, Fastmarkets FOEX is proposing a change in schedule to publish the indices on Fridays rather than Tuesdays from September.

The open consultation, which is open until July 3rd, 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.

FOEX also proposes to change the weekly publishing day for the PIX China Pulp indices from Tuesday to Friday as of September, 2020. This would enable us to capture price data for the current week and therefore produce a timelier index. The first PIX China Pulp indices published under the new schedule would be on September 4th. No change in schedule is planned for other PIX indices at this time.

You can find the current methodologies of FOEX PIX China Pulp price indices (PIX NBSK and PIX BHKP) here.

Please send responses in writing, preferably in electronic format, to the following address: hello.foex@fastmarkets.com. Please add the subject heading "PIX China Pulp 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, July 17, 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.

May 28, 2020

COVERAGE NOTE: Open consultation on FOEX methodology for PIX Packaging Europe Indices – Final Decision

HELSINKI, May 28, 2020 (PIX Pulp & Paper Indices) - Fastmarkets FOEX invited feedback from the industry in an open consultation process between April 24th and May 22nd, 2020 on the pricing methodology for its PIX Packaging Europe price indices. The consultation was done as part of our previously announced annual methodology review process.

During the consultation, Fastmarkets FOEX did not receive any suggestions for changes to the PIX Packaging Europe Indices methodology. As a result, no material changes were made to the current methodology. An updated methodology document has been posted on foex.fi.

May 12, 2020

COVERAGE NOTE: Open consultation on FOEX methodology for PIX Paper Indices – Final Decision

HELSINKI, May 12, 2020 (PIX Pulp & Paper Indices) - Fastmarkets FOEX invited feedback from the industry in an open consultation process between April 7th and May 5th, 2020 on the pricing methodology for its PIX Paper price indices. The consultation was done as part of our previously announced annual methodology review process.

During the consultation, Fastmarkets FOEX did not receive any suggestions for changes to the PIX Paper Indices methodology, nor any objections to the proposal that it annually update the weighting table that it uses to assign price points to buyers and sellers (Appendix 1 in the methodology). The next such update will be done in 2021. As a result, no material changes were made to the current methodology. An updated methodology document has been posted on foex.fi.

May 6, 2020

COVERAGE NOTE: Changes to PIX Pellet Continental Index Coverage – Implementation

HELSINKI, May 6, 2020 (PIX Bioenergy and Wood Indices) – As previously announced and following consultation, Fastmarkets FOEX has implemented the following changes to its PIX Pellet Continental Index:

- Discontinued the PIX Pellet Continental on May 6, 2020.

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

More infromation available here.

Apr 9, 2020

Fastmarkets successfully completes IOSCO assurance review for its FOEX PIX pulp and paper pricing division

LONDON, 9 April, 2020 – Fastmarkets, a leading source of pricing data for global commodity markets, is delighted to announce the successful completion of an external assurance review of its Helsinki-based pulp and paper pricing unit Fastmarkets FOEX. This milestone marks the first time the business was reviewed and confirms its alignment to the standards defined by the International Organization of Securities Commission (IOSCO) within the Principles for Oil Price Reporting Agencies (PRAs).

Professional services firm BDO carried out the independent assurance review of four of the business’ key trademarked PIX indices in pulp and recovered paper. On March 30, 2020, they found that Fastmarkets’ responses were in line with the IOSCO principles for PRAs. The review process is comprehensive, examining all relevant documentation and processes to ensure their quality, integrity and adherence to stated methodologies.

“Fastmarkets is excited to add the FOEX PIX indices to the list of our prices that have successfully completed an assurance review,” Fastmarkets CEO Raju Daswani said. “The completion of an external audit of our process demonstrates our commitment to provide reliable, impartial, representative and transparent benchmarks for the market we serve to use in physical trading, risk management, analysis and planning purposes.”

The following four price indices were included in the scope of the assurance:

  • PIX Pulp Indices (Europe):  
    • PIX NBSK (northern bleached softwood kraft pulp)
    • PIX BHKP (bleached hardwood kraft pulp)
  • PIX Recovered Paper Indices (Europe):  
    • PIX OCC 1.04 dd (old corrugated containers)
    • PIX ONP/OMG 1.11 dd (old newspapers and magazines)

As per guidance by the European Securities and Markets Authority (ESMA), this assurance review by an independent external auditor is sufficient to demonstrate compliance with the requirements of the Benchmarks Regulation (BMR) for commodity benchmarks (paragraph 18 of Annex II). Reviews must take place at least annually.

To obtain a copy of the independent assurance report, please click here.

Fastmarkets has invested significantly in resources and technology to ensure its price-assessment process aligns with IOSCO principles. View details here.

To view Fastmarkets FOEX price methodology/specifications, please click here

For further inquiries, please contact Katharine Kellar at katharine.kellar@fastmarkets.com.

Mar 19, 2020

Fastmarkets FOEX - Helsinki, March 19, 2020 The Covid-19 epidemic causes many inconveniences. Our goal at Fastmarkets FOEX is to be of service to you to our best abilities also in these circumstances. We will be working remotely and apologize any delay to our deliverables this may cause.  We also recommend that you contact us on our mobile phones. Please find here our contact details.

Please see a coverage note about our business continuity plan here.
Mar 13, 2020

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

HELSINKI, March 13, 2020 (PIX Pulp & Paper Indices) - Fastmarkets FOEX invited feedback from the industry in an open consultation process between Feb. 1st and 28th, 2020 on the pricing methodologies for its PIX European Pulp and PIX European Recovered Paper indices. The consultation was done as part of our previously announced annual methodology review process.

Fastmarkets FOEX would like to thank those who took the time to respond to the consultation. We received only a few comments from the market during the consultation period. Comments and suggestions touched upon narrowing the time window for reporting price data to FOEX as well as comments supporting the current reporting procedure. Another suggestion called for publishing the names of price providers to Fastmarkets FOEX. Based on the feedback, Fastmarkets FOEX has decided to clarify the wording of the Section 1.3 of its PIX European Pulp methodology on what data to submit to better reflect what Fastmarkets FOEX is currently doing. This does not lead to material changes in the current methodology. An updated methodology document will be posted on foex.fi shortly.

Mar 10, 2020

COVERAGE NOTE: Correction to wording in PIX letter ‘PIX Pulp China Indices’ of March 10, 2020

Helsinki, March 10, 2020 (Fastmarkets FOEX) – The wording in the PIX letter “PIX Pulp China Indices” in the passage “BHKP China” has been corrected  to “The price data submitted to us for our PIX BHKP China index contained some changes both up and down, with those upwards a bit stronger. The PIX BHKP China Net index moved higher by 1.39 dollars, or by 0.30%, landing at 462.37 USD/t.”  The index value itself is correct in the letter and on our website.