Whole milk powder prices have tumbled again in the latest round of Fonterra's on-line global dairy trade.
The internet auction system has been running since last year.
Fonterra says the average price across all products and contract periods was just over $1800 a tonne, more than 8% lower than January's auction.
The dairy company says this reflects the pressure commodity markets are under because of the worldwide economic recession.
The managing director of Fonterra's on-line Global Trade, Kelvin Wickham, says prices should be very attractive to buyers at these levels, but they will not be sustainable for suppliers.
Mr Wickham says prices remain under pressure because of weak demand, but supply is slowing, inventories are running down and the company believes prices have reached the trough.
The next trading event will be held at the beginning of March.