milk production increased 1.4% YOY in November on a low prior year comparable, according to the latest China Dairy Monthly Report. This was the third consecutive monthly increase, following consistent declines between June 2024 and August 2025.

Fluid milk consumption fell 10.5% YOY for the month, implying a 47% increase in “manufacturing milk” availability. WMP consumption continued to decline, but local output increased since May. WMP inventories at the end of November were reported at 36,000t while stocks-to-use were 53% below the five-year average. Meanwhile, with lower imports, improved local manufacturing and higher consumption, SMP stocks-to-use at the end of November were 67% below the five-year average and lowest on record for the month.