A "significant" platform upgrade for GlobalDairyTrade Events is planned this year.
GDT, which was established in 2008 and is the main global online dairy commodity trading platform, has released its first annual report.
The intention was to consolidate and grow its two new services, GDT Insight and GDT Marketplace, while also seeking to ``innovate and grow'' GDT Events, director Eric Hansen said.
The upgrade for GDT Events was planned to provide a more compelling customer experience through modern e-commerce features, greater flexibility for users, and improved customer training and support facilities.
The viability of creating multi-seller pools for homogeneous products, such as generic lactose or other commodity products available from certain regions, was being investigated.
Throughout 2016, GDT Events performed successfully against the background of a prolonged two-year downturn in the global dairy market, Mr Hansen said.
Despite the weak market conditions, more than 95% of offered quantity was sold, amounting to more than 636,000 metric tonnes.
Eight supply regions across Europe, India and Oceania were active, offering more than 120 bidding options.
GDT Events achieved an average of 163 active bidders per trading event, with a total of 326 bidders participating at least once over 2016.
The main milk powders, whole milk powder and skim milk powder, accounted for more than 70% of sales.
Anhydrous milk fat, skim milk powder and whole milk powder prices gained 45%, 38% and 56% respectively over 2016. Whole milk powder reached a 30-month high of $US3572 in December.
Consistent with previous years, North Asia and Southeast Asia and Oceania were the largest regions, comprising more than 50% of total participating bidders.
During 2016, the GDT Events Oversight Board was established to strengthen independence and transparency by ensuring governance and operations were consistent with best practice for providers of market-based reference prices.
GDT Insight, launched in April, was a new data subscription service, while the new GDT Marketplace trading platform was a broader marketplace to buy and sell a wide range of dairy products in any quantity.