CRU to conduct audit of US Midwest HRC price Data Providers

CRU has underlined its commitment to ensuring “The CRU”, its US Midwest HRC price, remains the most reliable and trusted reference in the industry by initiating a second audit of its data providers.

The audit will be conducted by third-party audit firm PricewaterhouseCoopers LLP (PwC). It has been in planning for some time as a follow up to our previous third-party audit and as part of our ongoing price governance processes.

The audit will proceed over the coming months, covering active US Midwest HRC price providers to CRU, requiring submission of supporting documentation and evidence. In addition, a sample of data providers will receive a site visit from PwC in order to walk through processes and corroborate responses and supporting evidence provided.

CRU’s network of data providers - those who provide HRC prices to CRU - extends along the supply chain, including mills through steel service centres and end users. It also ranges across firm sizes including large, but also medium-sized and smaller enterprises.

“Building on the previous audit, which focused on reporting processes, this audit will scrutinise data provider adherence with published reporting specifications and the actual values reported.” CRU Compliance Lead Claire Ballak said.

“It will also support ongoing methodology and definitions development process through the provision of independently-sourced additional information on wider aspects of HRC price reporting to CRU.” CRU Head of Prices Development Chris Houlden added.