A fixing decision is the specific moment a procurement team commits to a commodity price — for a specific volume, over a specific horizon, under a specific contract structure (forward, option, swap, physical, or floating with cap). It is the most consequential decision a buyer of commodity-exposed inputs makes. Every fixing is a bet on direction; every fixing is also a commitment that survives the bet.
The decision is hard because three things happen at once. The price the buyer can lock today is not the price the market will print over the horizon — that’s the forecast question. The buyer’s exposure may not match the contract’s standard volume — that’s the BOM question. And the chosen structure has implications across procurement, treasury, and accounting that the buyer alone cannot resolve — that’s the governance question. A good fixing decision answers all three before committing.
INAYA frames the fixing decision as a structured workflow: a forecast scenario from Market Foresight, an exposure mapping from Product Composer, a simulation across structures in Decision Governance, and a rationale recorded immutably. The buyer commits with the same information the committee would ask for after the fact — captured at the moment of decision, not reconstructed later.
Related concepts: decision governance (the discipline of defending the fixing), immutable decision record (the artefact produced), commodity hedging committee (who approves the fixing in many organisations).