The consultation on all other IOSCO-audited non-ferrous price assessments and indices - aluminium, cobalt, copper, lithium and manganese - closed on October 31, with no new comment or feedback received suggesting that any immediate material change was required to the existing methodologies and specifications.
As part of the above consultation, a complaint was received on October 29 on Fastmarkets’ alumina indices - unnamed parties raised concerns that low liquidity in the alumina spot market could lead to a small number of market participants exercising undue influence over these prices. These parties have recommended the discontinuation of the Fastmarkets alumina indices.
The unnamed parties shared “material concerns with the robustness and integrity” of Fastmarkets’ alumina indices, which in their view are “unfit to be continued.”
The comments argued that the alumina index, fob Australia, $/tonne and the alumina index adjustment to fob Australia index, Brazil, $/tonne were “not fit for purpose” because:
• They are susceptible to anti-competitive or other forms of manipulation; and
• The underlying spot market does not provide sufficient robust data points to support the alumina indices.
Fastmarkets invites feedback on the comments received by Friday December 3, 2021.
To provide comment or feedback on the content of the IOSCO-audited alumina index methodology, or if you would like to provide price information by becoming a data submitter to these prices or indices, please...
Read Full Story: https://www.metalbulletin.com/Article/4015293/Extension-of-Fastmarkets-open-consultation-on-IOSCO-audited-alumina-price-index.html
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