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Similar to the EU market, the New Zealand WMP market was stable in June. High milk prices in China
supported WMP prices globally. China imported 392,000 tonnes of WMP during Jan-Apr 2021, up 17%
y-o-y. New Zealand was the main supplier, representing 92.5% of total Chinese WMP imports. The June
average price of New Zealand WMP stood at NZD 5,838.4/MT, up 34.1% y-o-y and up 1.1% m-o-m.
The EU WMP market remains stable. EU WMP production fell by 11.9% y-o-y between Jan-Apr 2021,
with exports also declining by 2% y-o-y during the same period. The high milk production cost in
China pushed prices up during Q1 2021. If the strong demand from China continues, and with
European prices being competitive on the global market, market participants reported that prices are
expected to remain stable into July barring any large increases in production in New Zealand. The
June average price of EU WMP reached EUR 3,200/MT, up 16.9% y-o-y and 0.2% m-o-m.