Prices for SMP were mixed with near term pricing
moving higher, while prices through the second half of Q2 moved lower.
Export demand is fairly good, but buyers are more sensitive to pricing.
May GDT contract prices for medium heat New Zealand sourced SMP moved
higher, while all other contract periods declined between $205-$300/MT.
Supplies are readily available throughout Oceania. The market undertone
is weak as global supplies are expected to increase in the coming weeks.
At the March 17 GDT event 136, SMP for all regions and contracting
periods averaged $2,731 per MT, -5.5%. For trading in contract period 2,
May, prices averaged $3,165 for NZ sourced medium heat product, up $220
from the prior event.