In early 2018, the Global Sawlog Price Index (GSPI) reached $80.73/m3, its highest level since 2014. Sawlog prices generally increased in local currencies during 2018, but with a stronger US dollar, the dollar-denominated GSPI index fell by about five percent during the year.
Mixed price movements in Europe resulted in fairly small changes in the European Sawlog Price Index (ESPI-€). In the 4Q/18, the index was up 1.8% q-o-q, but was practically unchanged from the 4Q/17.
Global Pulpwood Prices
Prices for softwood pulplogs and softwood chips rose in most markets worldwide in the 4Q/18. The biggest increases occurred in Chile, Brazil, New Zealand and Australia, while prices fell the most in France, Japan and Germany.
WRI’s Softwood Fiber Price Index (SFPI) moved up by 0.5% from the 3Q/18 to the 4Q/18. The Hardwood Fiber Price Index (HFPI) increased 1.9% quarterover-quarter to in the 4Q/18, driven mainly by higher costs for hardwood pulplogs in the US South, Brazil and Indonesia. Hardwood fiber prices fell in Europe in both the local currencies and in US dollars.
Global Pulp Markets
NBSK and HBKP prices fell in all major regions in the 4Q/18 and early 2019. The biggest price declines were in pulp destined for China.
The NBSK price in Europe has fallen from a record high of $1300/ton in October last year to $1180/ton in early 2019.