The gDT auction yesterday was a pleasant surprise. But not surprising at the same time; I had personally expected a 10% gDT rise at some time - but my pick had been prior to Xmas.
What has happened?
The first point is that China is starting to buy again. They bought a similar amount of WMP from NZ in 2014 as they did in 2013 but the buying pattern resulted in high demand 1H 2014 (along with high prices) and low demand in 2H 2014 (with low prices).