High stocks and weak demand cause falling timber prices in China

High stocks and weak demand cause falling timber prices in China

Timber stock levels in Zhangjiagang markets remained high throughout 2018. In November, stocks of okan, a main species imported, reached almost 60,000 cubic metres, a volume sufficient to supply downstream industries for up to six months.

Timber prices at Zhangjiagang markets fell sharply in 2018 due to high stocks and weak demand, it was only merbau and sapelli for which prices remained more resilient.

Prices for ebony logs with a diameter of 50-70 cm fell to RMB2500-2600 per cubic metre in 2018 from RMB4000 per cubic meter in 2017. African rosewood prices dipped to RMB2300-2500 per cubic metre in 2018 from RMB3800 per cubic metre in 2017.

Okan was sold at RMB2200-2300 per cubic metre, a year on year decline of RMB1200-1300 per cubic metre. Ekki logs with a diameter of 80-100 cm were selling at RMB2100-2200 per cubic metre, a year on year decline of around RMB600 per cubic metre.

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