China softwood log inventory has risen steadily to 5.6m. Considering significant parts of China have been in lockdown, log offtake is still a relatively healthy 70k per day. Activity this May is similar to the last two Mays, but not as high as pre-Covid times when daily log offtake at ports ranged between 85-100k. The CFR price for A grade logs has ranged between 155 and 165 USD per m3 during May. The Chinese economy has been battered by Covid-19 lockdowns. The April Caixin China Manufacturing PMI fell to a 26-month ...
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