The latest GDT Pulse event was busy with more buyers and winning bidders turning up but prices for SMP fell.

Medium heat SMP prices settled at US$2,750/t, down 3.3% from the C2 price achieved at GDT #376 and –1.6% lower than the previous Pulse auction. The nearest SGX-NZX future prices settled US$100/t higher than the Pulse price. According to NZX, the disconnect between Pulse and GDT events for SMP prices could be explained by a higher concentration of North Asian buyers on Pulse.

Regular grade WMP settled at US$3,940/t, 0.1% higher than GDT #376 and was –0.9% lower than the previous Pulse price. The SGX-NZX April-25 futures contract settled at US$3,950/t.

At the Pulse event, 1,903t of the 2,000t of product available was sold.