PIX Methodologies & Policies

PRICING NOTICE: Annual Review of PIX Forest Biomass Finland Indices Methodology – Open Consultation

HELSINKI, May 13, 2022 (PIX Bioenergy and Wood Indices) – Fastmarkets FOEX is inviting feedback from the industry on the pricing methodologies for its PIX Forest Biomass Finland price indices, as part of its annual methodology review process.

This consultation, which is open until June 10, 2022, 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.

Fastmarkets FOEX proposes no changes to the current index methodology or specifications.

Please find the current methodology for the FOEX PIX Forest Biomass Finland price indices here.

Please send responses in writing, preferably in electronic format, to the following address: pricing.foex@fastmarkets.com. Please add the respective subject heading "PIX Forest Biomass Finland review 2022”.

We treat feedback as confidential. We share responses with the industry at the end of the consultation without attributing them in any way so as to protect the identity of respondents. Please specify whether your response is anonymous, in which case we will not share it in any form.

Fastmarkets will publish the outcome of this methodology review by June 23, 2022, on Fastmarkets FOEX website under Pricing Notices, including a summary of the feedback. 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.

PRICING NOTICE: Annual Review of PIX Packaging Europe Indices Methodology – Open Consultation

HELSINKI, April 27, 2022 (PIX Pulp and Paper indices) – Fastmarkets FOEX is inviting feedback from the industry on the pricing methodologies for its PIX Packaging Europe price indices, as part of its annual methodology review process.

This consultation, which is open until May 25, 2022, 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.

Fastmarkets FOEX proposes no changes to the current index methodology or specifications.

Please find the current methodology for the FOEX PIX Packaging Europe price indices here.

Please send responses in writing, preferably in electronic format, to the following address: pricing.foex@fastmarkets.com, with the respective subject heading "PIX Packaging review 2022”.

We treat feedback as confidential. We share responses with the industry at the end of the consultation without attributing them in any way so as to protect the identity of respondents. Please specify whether your response is anonymous, in which case we will not share it in any form.

Fastmarkets will publish the outcome of this methodology review by June 8, 2022, on the Fastmarkets FOEX website under Pricing Notices, including a summary of the feedback. 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.

PRICING NOTICE: Annual Review of PIX Paper Price Indices Methodology – Final Decision

HELSINKI, April 20, 2022 (PIX Pulp and Paper Indices) - Fastmarkets FOEX invited feedback from the industry in an open consultation process between March 16 and April 13, 2022, on the pricing methodology for its PIX Paper indices. The consultation was done as part of our annual methodology review process.

Fastmarkets FOEX would like to thank for the feedback received during the consultation period. It was fully supportive to our current methodology.

To summarize, this open consultation does not lead to material changes in the current methodology. A newly dated methodology document has been posted on foex.fi.

PRICING NOTICE: Annual Review of PIX Recovered Paper Indices Methodology – Final Decision

HELSINKI, March 23, 2022 (PIX Pulp & Paper Indices) - Fastmarkets FOEX invited feedback from the industry in an open consultation process between February 22 and March 22, 2022, on the pricing methodology for its PIX Recovered Paper price indices. The consultation was done as part of our annual methodology review process.

As part of the consultation, Fastmarkets FOEX proposed the following change to the index methodology: Transactions with prices fixed in advance for a longer period than three months do not count as eligible transactions and shall not be reported to the index. The feedback received was largely supportive to this change. Our survey among the data contributors confirmed that contracts including any fixed prices are not significant. We would like to thank those who took the time to respond to the consultation.

To summarize, we have decided to exclude prices fixed in advance for a longer period than three months. This is not a material change to the current methodology. A newly dated methodology document has been posted on foex.fi

PRICING NOTICE: Annual review on FOEX methodology for PIX European Pulp Price Indices – Final Decision

HELSINKI, March 14, 2022 (PIX Pulp & Paper Indices) - Fastmarkets FOEX invited feedback from the industry in an open consultation process between Feb. 1 and 28, 2022 on the pricing methodology for its PIX European Pulp indices. The consultation was done as part of our 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 included statements of supporting the current methodology. Other feedback pondered about the relevance of gross price indices and timing for publishing in the week. One comment regarded the role of spot prices, which are not included in the gross price indices concerned. The current methodology includes price reporting rules which cover the basic definitions for the prices to be observed and Fastmarkets FOEX deems the methodology sufficient in its wording.

To summarize, this open consultation does not lead to material changes in the current methodology. A newly dated methodology document will be posted on foex.fi shortly.

PRICING NOTICE: Annual Review of PIX Sawn Softwood Timber Finland Indices - Final Decision

HELSINKI, February 14, 2022 (PIX Bioenergy and Wood Indices) - Fastmarkets FOEX invited feedback from the industry on the pricing methodology for its PIX Sawn Softwood Timber FAS Finland price indices via an open consultation process between January 14 and February 11, 2022, as part of its annual methodology review process. Fastmarkets FOEX proposed no changes to the current index methodology or specifications. This consultation was done as part of our published annual methodology review process.

There was feedback received during the consultation period asking for prices from buyers of sawn softwood to be included in the calculation in addition to data from sellers. These indices are currently calculated based on price data provided by companies producing and exporting sawn softwood. Fastmarkets FOEX welcomes data contributions from buyers, as long as they comply with the current methodology and specifications. Fastmarkets FOEX would like to thank for the feedback, and we will continue to pursue the inclusion of buyer data. As this is already stated in the methodology, no changes will be made to that document at this stage.

This consultation sought 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.

A newly dated methodology document is now available here.

PRICING NOTICE: Discontinuing the PIX US Newsprint index – Final Decision

HELSINKI, January 28, 2022 (PIX Pulp and Paper indices) – As previously proposed and following a consultation, Fastmarkets FOEX has decided to discontinue the PIX US Newsprint 27.65lb index. Fastmarkets FOEX will publish the last index on June 28, 2022.

This decision is motivated by the shrinking US newsprint market, limited interest in the index, and plans to harmonize our US coverage.

Fastmarkets FOEX carried out a market consultation regarding this change from December 1, 2021 to January 14, 2022. Most feedback supported the discontinuation and respondents confirmed that the index is not actively used by the industry at present. One respondent opposed the discontinuation on the basis that the index tends to accurately track price trends and can be a useful independent data for the industry. However, Fastmarkets FOEX needs to focus its resources on indices that are interesting commercially for the market and will therefore proceed with the discontinuation. Fastmarkets FOEX would like to thank all respondents for their feedback.

The US newsprint market will continue to be covered by Fastmarkets RISI.

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

PRICING NOTICE: Open consultation on changes to PIX US Pulp coverage in the UNITED STATES – Final Decision

HELSINKI, January 28, 2022 (PIX Pulp & Paper Indices) - Fastmarkets FOEX invited feedback from the industry in an open consultation process between December 1, 2021 and January 14, 2022, on our proposals to:

a)      develop a monthly NET index for PIX US NBSK pulp in the format (e.g.) 900 USD/metric ton.

b)      discontinue the current PIX US NBSK (gross) and PIX US NBSK Net Change indices by June 30, 2022.

Fastmarkets FOEX would like to thank those who took the time to respond to the consultation. We received comments from the market during the consultation period where both a) and b) received support as well as discouragement.

a)    The majority of respondents were not in favor of launching a new net price index.

b)    The majority of respondents were not in favor of discontinuing the current PIX US NBSK (gross) index.

The final decision by Fastmarkets FOEX is the following:

a)    Not to develop a new net price index in the US market at this stage.

b)    1.    To continue the PIX US NBSK gross index.

2.    To discontinue the PIX US NBSK Net Change index by June 30, 2022.

For all Fastmarkets FOEX pricing notices and to view Fastmarkets FOEX methodology guides please see here.

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