There can be different interpretations of what is meant by a benchmark.
In the commodities markets, a benchmark is defined as a price reference acceptable to both buyer and seller to use as a basis for contract settlements.
Crucially, for a benchmark to be recognised, it needs to reflect actual prices being agreed/traded across the marketplace. Benchmark prices are derived by independent price reporting agencies who investigate ongoing market movements and make an expert assessment based on trades and price activity.
Using a trusted benchmark price to support your contract negotiations offers numerous benefits:
ICIS is the leading provider of benchmark prices for a broad range of commodities in markets around the world, thanks to our rigorous methodology and strict editorial policies. Our benchmark prices have been trusted by buyers and sellers around the globe for over 30 years.
ICIS price assessments are derived from data gathered from a wide cross-section of each market, including consumers, producers, traders and distributors.
Confirmed deals that have been verified by both buyer and seller, provide the foundation of our price assessments. We implement stringent editorial standards, agreed with regulatory bodies such as IOSCO, to ensure our price assessments are robust, 100% verified and free from conflicts of interest.
“Subscribing to ICIS pricing data has been a great investment for us. We’ve already made at least 10 times the cost of the subscription back, thanks to the quality market information we’ve received. Because the speciality solvents market moves so rapidly, I couldn’t survive without the in-depth coverage and information ICIS pricing reports provide.”
Marketing Manager, MCZ
“ICIS pricing information really cuts my workload. I like the way ICIS editors talk to lots of suppliers and producers, and I like the way everything is presented in one easy-to-follow report. It’s a good, clear, impartial view of the market.”
Deputy General Manager,
Jiangmen Handsome Chemical Development Ltd,