GDT held their 14th Pulse Auction today. Highlights from the auction include:
- C2 (Mar ’23) Regular WMP – $3,200/MT, UP $20 vs. last week’s GDT Event on 17 January.
- C2 Regular WMP price increased from the previous GDT auction event, but remains below the latest February SGX futures settlement price of $3,210, falling short of market expectations.
- 1,000MT or 100% of the volume on offer was sold. Out of 24 participating bidders (DOWN 9 bidders vs. prior Pulse), there were 8 winning bidders (DOWN 7 vs. prior Pulse) over 10 bidding rounds (DOWN 3 from prior Pulse).
- This event marked the lowest number of participating and winning bidders since the Pulse auction began on 9 August 2022. China’s ongoing economic volatility and struggle with COVID combined with the current Lunar New Year holiday celebrations have kept buyers away from the market and buying activity to a minimum.