LONDON, Aug. 24, 2020 /PRNewswire/ -- Consistent with CRU's commitment to accuracy and continuous improvement, another independent audit of CRU's HRC data providers has been completed. This latest audit was carried out by independent professional services company PricewaterhouseCoopers LLP (PwC). It has demonstrated CRU's, and our data providers', commitment to reinforcing the integrity and quality of the industry's HRC price index.
Results indicate that the integrity of the index is strong, with overall compliance with required methodology and definitions. Data providers had a strong understanding of the importance of following clear specifications, and reporting in a consistent manner. Nevertheless, there are areas CRU wants to take forward with data providers and the market at large and we reaffirm our commitment to providing the very best service to this important industry.
"We are committed to underpinning, supporting and maintaining the integrity and quality of the industry's leading HRC price index. Completing this latest independent audit does just that and has reconfirmed the integrity of the price." CRU CEO David Trafford said.
"While CRU has processes that follow IOSCO Principles, we go further than that when it comes to our US Midwest HRC price - CRU is the only PRA to audit its data providers using a third-party audit firm. As you might expect, a rigorous approach was developed, including questionnaire, site visits and inspection of evidence." CRU's Compliance Lead Claire Ballak added.
CRU offers unrivalled business intelligence on the global metals, mining and fertilizer industries through market analysis, price assessments, consultancy and events.
Since our foundation by Robert Perlman in 1969, we have consistently invested in primary research and robust methodologies, and developed expert teams in key locations worldwide, including in hard-to-reach markets such as China.
CRU employs over 280 experts and has more than 11 offices around the world, in Europe, the Americas, China, Asia and Australia – our office in Beijing opened in 2004 and Singapore in 2018.
When facing critical business decisions, you can rely on our first-hand knowledge to give you a complete view of a commodity market. And you can engage with our experts directly, for the full picture and a personalised response.
CRU – big enough to deliver a high-quality service, small enough to care about all of our customers.
CRU US Midwest HRC/flat-rolled methodology key features
Exclusively transaction-based data - the market preference
Weekly (not daily) pricing - the industry preference, again confirmed by independent market research
Balanced across buyers and sellers, with dozens of data providers
Third-party auditors assess CRU processes and audit data providers
Expert industry analysts based in Pittsburgh apply expert judgment informed by a depth of steel industry experience and understanding
IOSCO adherence and broader price governance and compliance are overseen by CRU's dedicated Compliance Lead