The milk company told its shareholders and suppliers late last week after significant increases in all global commodity prices it had increased its milk price to $9.60/kgMS, up from $9.25/kgMS.
Synlait chief executive Grant Watson said that it was important that the company responded to large movements in commodity prices to ensure it delivered a competitive farm-gate price to its farmers.
It comes after Synlait lifted its milk price 16% after strong demand in its first update for the year in January.
Last month, dairy giant Fonterra lifted its forecast farm-gate milk price range from $8.90-$9.50/kgMS to $9.30-$9.90/kgMS.
Most global commodity prices have been pushing higher recently in line with the spike in energy prices as a result of Russia’s invasion of Ukraine.
As well as that, milk prices have been driven higher due to a lack of supply worldwide.
The next Global Dairy Trade auction is on next Wednesday.