GDT down again

by | Mar 21, 2024 | GDT, Global

The price index fell 2.8% at this week’s GDT auction #352 on a reduced offering.

Weakness in SMP markets was reflected in the 4.6% decline in SMP price to average US$2,517/t, a 6-month low. Chinese buyers took their lowest tonnage since May last year. WMP prices lost US$142/t to average US$3,143/t, with demand well below the 4-year average. Chinese buy involvement was low again, accounting for the lowest volume since May last year, while Middle East buyers stayed on the sidelines.

AMF continued its unbeaten run—now 14 consecutive events without a price decline. Average prices settled at US$6,794/t, up 2.4%. Butter prices weakened slightly, down 0.8% to US$6,408/t, with some EU buyers snapping up relatively cheap product.

Cheddar prices continue to gyrate, down 2% this time to average US$4,192/t, still well ahead of CME block prices. Mozzarella lost US$40/t to average US$3,905/t.