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There has been a sharp increase in EU SMP prices since December 2020. Cold winter weather, and
consequently lower-than-expected milk collection across Europe, led to a SMP production decline of
6.3% y-o-y during Jan-Apr 2021. This drop in production and a steady exports during the same period
have kept EU SMP prices firm over the last month. The June average price of EU SMP was EUR
2,690/MT, up 46.5% y-o-y and 4% m-o-m.
In June, the New Zealand SMP market reinforced its significant price gains during Jan-May 2021, due
to sustained demand from China. Over the last year, New Zealand SMP prices have maintained an
upward momentum, supported by the shift in production to more WMP. The June average price of
New Zealand SMP was recorded at NZD 4,880/MT, up 20.2% y-o-y and 0.8% m-o-m.
The average US NFDM/SMP price declined in June. Mexican buyers halted their aggressive purchase
in June. The average price of US NFDM/SMP stood at USD 2,908/MT, up 20.7% y-o-y and down 2.9%
m-o-m.