China softwood log inventory has dropped to about 3m m3 with radiata pine from New Zealand accounting for about 2.75 m3. Port off-take has remained steady ranging round 70k per day. Usually construction activity drops 10-15% in the hotter months of June to August. Most commentators think we won’t see such a significant drop this year, as construction is already at a lower yet consistent level. There is also low inventory through the supply chain, so daily port offtake won't drop at the same rate as productivity. The CFR price for A grade radiata ...