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Tirlán has announced it will pay suppliers 46.74c/l, excluding VAT, for all milk supplied in February at 3.6% butterfat and 3.3% protein.
This is a 7c/l cut in total on January milk price, and comes following a 6c/l cut to base price along with a 1c/l cut to its seasonality payment.
A 3c/l seasonality payment will be paid on all creamery milk volumes supplied in February that meet quality criteria.
The February price of 46.74c/l, excluding VAT, consists of the base milk price, an agri-input support payment, a sustainability action payment and the seasonality payment.
Tirlán chair John Murphy said that the farm gate milk price needed to move lower this month to reflect the significant correction in market returns that occurred between September and January.
"While there have been some recent signs of stabilisation in dairy commodity markets at low levels, buyers remain cautious in the current inflationary environment, especially as milk volumes across Europe increase towards seasonal peak," Murphy said.
The board, he added, will continue to closely monitor the situation on a monthly basis as farm input costs remain elevated.
Tirlán's milk price comes almost a week after Lakeland Dairies, Kerry Group and Dairygold announced their prices.
A reduction of 6c/l was handed out by all three processors.
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