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.
“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.
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