WELLINGTON : Demand for dairy products is holding up in China despite concerns about an economic slowdown and the impact of COVID-19 outbreaks, a senior executive at New Zealand's Fonterra Co-operative Group Ltd said on Thursday.
Sales margins also took a hit from raw milk prices rising due to constrained supply and strong demand, it said. "It's early days. We're live monitoring the situation," he said, adding a bigger challenge was whether Fonterra would be able to pass on significantly higher wholesale dairy prices, which were squeezing its margins.Dairy prices fell for the first time this year in the Global Dairy Trade auction on Tuesday, which analysts said was due largely to concerns about Chinese demand.
Fonterra last month lifted its forecast range for what it will pay farmers for milk in the 2021/22 season, passing on the benefit of strong global milk prices.
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