Dairy commodity quotes: 4 Aug 2026 – WMP gap narrows

Summary

On 4 August 2026, Fonterra whole milk powder was quoted at RMB 27, 600 per tonne in Shanghai,

Zhongshan and Tianjin, while Yili domestic whole milk powder ranged from RMB 26, 900 to RMB 27,

000 per tonne. New Zealand OCD whey protein concentrate WPC34 was listed at RMB 56, 500 per tonne, and imported butter was priced at RMB 1,

070-1, 450 per box.

Commentary

Fonterra's WMP price of RMB 27,600 per tonne sits only RMB 600-700 above Yili's domestic product, underscoring the continuing contraction of the import-local price gap. Chinese processors such as Yili and Mengniu have expanded upstream self-sufficiency and spray-drying capacity, sharpening their substitution of imported bulk powder. NZ SMEs need to heed this structural shift; margins on commodity-grade exports are thinning, driving urgency for differentiated, higher-value product lines.

WPC34 was quoted at RMB 56,500 per tonne, well above standard milk powder, pointing to solid demand for sports-nutrition and infant-formula ingredients. NZ holds capacity advantages in this category, OCD among them, giving smaller players a route into niche segments. Butter quotes show a positioning gap of RMB 185 per box between NZ grass-fed and conventional products.

Grass-fed still commands a premium in China's high-end bakery and foodservice channels, while cheaper Uruguayan butter suggests South American suppliers are probing the market on price. NZ SME dairy exporters, building on grass-fed credentials, must protect the price band from comparable competitors and deepen customer ties through distinct certifications and service. In today's quotes, Fonterra's WMP sits only RMB 600 above Yili's.

If that differential holds, imported powder will lose inventory appeal.

Keywords: dairy commodities, quotes, whole milk powder, skim milk powder, butter, whey protein concentrate, Fonterra, Yili, price

Source: ZAKER