New Zealand's export log market is entering spring with China providing a relatively stable outlet while India remains caught in its seasonal slowdown. Chinese softwood inventories are contained, daily log consumption is holding at around 55,000 m³ and New Zealand A-grade prices have edged up to US$125–130/JAS m³ CFR. India presents a more difficult immediate picture: Kandla is carrying unsold inventory, sawmill margins are under pressure and monsoon conditions are keeping buyers cautious. Yet the longer-term Indian story is moving in the opposite direction. New Zealand wood exports to India have tripled in three years to NZ$193 million, even before the recently signed free trade agreement has entered into force.