The GDT price index rose again this week, recording the biggest improvement in this 5-event rally of 4.2%.

SMP posted it’s best price gain in four month, with prices rising 4.6% to average US$2,758/t. With EU product facing Red Sea issues, and limited availability, GDT is the place to go for SMP. Chinese buyers accounted for more than half of the smaller volume offered. Middle Eastern buyers provided the demand for WMP, pushing prices 3.3% higher on average to US$3,463/t, with limited Chinese buying.

Limited butter volumes for 2024 boosted prices by 10.3% to average $US6,516/t. This result widened the butterfat discount for AMF, despite the long run of price rises continuing. This time China led the AMF buying, with the highest tonnage since May last year and as a result, prices averaged US$6,033/t, up 3.3%.

Cheddar rose 6.3% to average US$4,469/t, with SE Asia and Oceania buyers leading the charge. Mozzarella pooped the party slightly, dropping US$70/t to US$3,760/t, below recent EU spot quotes.