The EU WPC 80 market has a strong bullish sentiment, with prices climbing at a significant rate for three consecutive weeks since the lows in mid-May. The Mintec Benchmark Price (MBP) for Whey Protein Concentrate 80% Regular EXW EU [Mintec Code: WCREU] was assessed at €5,100/mt on 22nd June 2023, up 13.3% month-on-month (m-o-m). Likewise, the MBP for Whey Protein Concentrate 80% instant Ex-Works (EXW) EU [Mintec Code: WCIEU] stood at €5,400/mt, up €600/mt in the four weeks to 22nd June 2023.
High demand and depleted stocks reported across the EU were the main growth drivers. Chinese buyers are actively purchasing WPC 80 instant; according to several sources, due to the elevated EU D90 prices, Chinese buyers are shifting to WPC 80 instant for infant formula. A market participant indicated, “if this trend continues, D90 demand should weaken, and together with expected higher supplies due to expanding capacity across the EU, D90 prices should decrease rapidly.” EU D90 EXW prices range between €1,900/mt and €2,100/mt over the week.
Meanwhile, East EU WPC 80 producers put offers on hold, reducing supply in the market. According to a source, “supply is very tight, and it is difficult to find volumes from Polish producers.” Also, it was reported that Indian buyers were very active in the market for WPC 80, and one source indicated that Polish product made it to India. However, this was not confirmed by other sources, who indicated the difficulty for the US and EU producers to sell WPC 80 in India due to the lack of government agreements.
In contrast, the MBP for Whey Protein Isolate 90% EXW EU [Mintec Code: WIEU] eased 8% m-o-m to €6,500/mt on 22nd June, mainly due to lack of demand as most buyers are already covered for Q3 2023.
