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, says Euromoney, Fastmarkets - a leading source of pricing information for the global commodity markets - has been bringing transparency to the lithium industry via independent and reflective prices. Fastmarkets is committed to developing market-reflective pricing in a rapidly evolving industry in conjunction with supply chain participants. Fastmarkets already provides the global benchmark for the cobalt market - another important battery raw material.
Fastmarkets Chief Executive Raju Daswani said: “This is an exciting partnership that further reinforces Fastmarkets’ relationship with the LME. Lithium is a critical material to the rapidly growing battery market, which will drive the future expansion of the electric vehicle industry – and we are proud to have become the first price reporting agency to have achieved Type 1 IOSCO assurance for its lithium prices.”
A spokesperson for the London Metal Exchange said: “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.”