LONDON, June 10, 2019 /PRNewswire/ -- Fastmarkets - a leading source of pricing information for the global commodity markets - announces that it has been selected by the London Metal Exchange (LME) as its partner to develop the lithium price benchmark.
This global strategic partnership will develop a definitive roadmap aimed at providing a pricing mechanism for lithium that can be utilized throughout the supply chain and will support the development of risk-management tools for the industry. For more than 30 years, Fastmarkets has been bringing transparency to the lithium industry via independent and reflective prices.
"Fastmarkets recognizes the importance of lithium to the rapidly growing battery market, which will drive the future expansion of the electric vehicle industry. Our lithium prices have gained significant traction in physical market negotiations as industry participants require credible pricing to facilitate trading," Fastmarkets chief executive Raju Daswani said.
Fastmarkets is committed to developing market-reflective pricing in a rapidly evolving industry in conjunction with supply chain participants.
It is the first price reporting agency to have achieved Type 1 IOSCO assurance for its lithium prices.
"The LME, on the basis of market views, selected Fastmarkets as its pricing partner due to their lithium prices being widely used across the industry combined with their leading pricing capabilities," the London Metal Exchange said.
"We are excited to now work with the LME as partners to further develop our prices to provide essential risk-management tools for this market," Daswani added.
Fastmarkets already provides the global benchmark for the cobalt market - another important battery raw material.
Fastmarkets is the leading price reporting, analytics and events organization for the global metals, mining and forest products markets. Fastmarkets' core activity in pricing drives transactions in commodities markets around the world and is complemented by news, industry data, analysis, conferences and insight services. Fastmarkets includes brands such as Fastmarkets MB, Fastmarkets AMM (previously known as Metal Bulletin and American Metal Market respectively), Fastmarkets RISI and Fastmarkets FOEX. Its team of over 400 people are located in 14 global offices including London, Boston, New York, Shanghai, Beijing, Singapore, Brussels and São Paulo. Fastmarkets is part of Euromoney Institutional Investor PLC (LSE:ERM), a listed company on the London Stock Exchange. Euromoney is a leading international business-to-business information group focused primarily on the global commodities, banking and asset management markets.