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Mysteel: coking coal, coke in 2021 IOSCO assurance review


On April 25 2021, Shanghai Ganglian E-Commerce Co., Ltd. (Mysteel) completed the annual assurance review in accordance with the requirements of the International Organization of Securities Commission (IOSCO), or the third year in a row. Starting 2021, a series of coking coal and coke pricing indices have also joined Mysteel’s related steel and iron ore pricing indices, being IOSCO compliant.

IOSCO’s globally-recognized and -honored guidelines, are to guarantee the completeness, reliability and transparency of the prices and pricing indices that are provided by the pricing reporting agencies (PRAs). Mysteel, having been reviewed and confirmed by Deloitte Touche Tohmatsu Certified Public Accountants LLP, a third-party independent auditor, for the third year, to be IOSCO compliant, proves the quality, reliability, and consistency of all its pricing indices under the review.

Xiaokun Xia, Executive Vice President and Chief Quality Officer of Mysteel, shared the company’s commitment to quality and self-governance in pricing assessments.

“As the first PRA in China that has been IOSCO compliant, we have been unwaveringly upholding high requirements on quality in our daily assessments, and we have been lengthening the list of the prices and pricing indices for the annual review since 2019,” he commented, highlighting, “even though this is yet mandatory and widely-adopted among the PRAs in China, Mysteel is willing to discipline our daily operations with the global standards, as quality is essential and our lifeline.”

As of today, Mysteel has applied the systematic and scientific daily pricing assessment procedure to more commodities including ferrous, nonferrous, energy, oil and petrochemicals, construction materials, and agricultural products. To support the core pricing assessments, Mysteel has also built up a multi-dimensional and comprehensive market intelligence service network to truly and accurately reflect the real market situations of each product.

Junhong Zhu, Chairman of Mysteel, strongly believes the necessity and cruciality for Mysteel’s pricing assessments to be globally recognized.

“We are promoting our pricing indices in the international community, which means that our prices must meet the international standards, as this is essential for our prices and pricing indices to be adopted in the international trading either as reference prices in the physical contracts or to facilitate the launch of derivatives products,” he commented, reiterating Mysteel’s long commitment to quality and high standards.

Please get in touch via secretary_imc@mysteel.com should you need a copy of our 2021 IOSCO assurance review results or methodologies of related prices.