The Mintec price for EU SMP has risen to its highest since September 2014 and is currently up 50% compared to the same time last year. Since its upturn in April 2018, the price has increased by 79%.
SMP prices have rallied on the back of good export demand and a shortage of supply. EU exports of SMP between January and August 2019 reached 688,000 tonnes, up 29% y-o-y, driven by a robust growth to countries such as China and Indonesia.
Short-term supply has been squeezed through exhaustion of SMP intervention stocks in the EU, with only the fresh product available on the market. EU SMP production between January and September reached just below 1.18m tonnes, a slight decline of 0.5% y-o-y.