Overall prices at Fonterra's latest global dairy trade auction are up 15-percent on a fortnight ago -- one of the largest price rises of all time.
RaboBank senior dairy analyst Emma Higgins says there's a lot going on in China at the moment.
She says they think there is an element of stock-piling going on - but feed prices in China are also at multi-year highs.
Higgins says we're also seeing Chinese milk prices at highs too - which has meant there's a price discount products going across into China.
