GDT held their 16th Pulse Auction today. Highlights from the auction include:
- C2 (Apr ’23) Regular WMP – $3,285/MT, DOWN 0.3% or -$10/MT vs. last week’s GDT Auction on 7 February.
- 1,000MT or 100% of the total 1,000MT on offer was sold. Out of 32 participating bidders (+4 bidders vs. prior Pulse), there were 22 winning bidders (+14 vs. prior Pulse) over 5 bidding rounds ( -10 rounds from prior Pulse).
- This week’s Pulse saw the smallest number of bidding rounds and the largest tally of winning bidders since the Pulse auction began on 9 August 2022. HighGround believes this was a bearish outcome – there were plenty of buyers willing to procure small amounts of WMP at a perceived value, but there was no effort to drive prices higher either, or for bidders to push others out with larger quantity bids. Bull markets need fuel to keep momentum going, and this was a lackluster result.
