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Chinese log buyers continue to struggle with credit issues and log demand in New Zealand is reducing as construction activity declines due to high inflation and interest costs. <\/span><\/p>\n China softwood log inventory has increased slightly to about 4m m3 with radiata accounting for about 3.15 m3 of the total. Port off-take has remained steady ranging round 70-75k m3 per day.<\/p>\n Supply volume from New Zealand will drop significantly over the next couple of months as many forest owners in New Zealand have stopped or slowed down harvest operations. Many ports in New Zealand have now restricted log deliveries to four days a week, as there is insufficient supply to justify remaining open all week. As expected, there hasn\u2019t yet been any log imports from Australia.<\/p>\n The CFR price for A grade radiata logs in China has bottomed at 105 USD per JASm3, and log exporters are currently offering sales at 110 USD for A grade. Domestic wholesale log prices in China have now stabilised.<\/p>\n The local Masson pine mentioned in last's month report is mainly produced in the southwestern provinces of Guanxi, Yunnan and Sichuan. When pine logs from New Zealand cost more than 120 USD then this local pine will have a market share of 30-40%<\/p>\n These forests are untended so generally produce small size logs. This supply doesn\u2019t impact major destinations of pine from New Zealand such as Lanshan, Taicang and Zhenjiang.<\/p>\n Between January and May this year China imported 15% (7.8m m3) more sawn timber than the same period last year. This sawn timber is mostly used in construction.<\/p>\n The China Caixin manufacturing PMI unexpectedly rose to 50.9 in May from 49.5 in April. Output rose the most in 11 months, new order growth was at a two year-high, and foreign sales continued to increase.<\/p>\n Source: PF Olsen<\/strong><\/p>","protected":false},"excerpt":{"rendered":" Chinese log buyers continue to struggle with credit issues and log demand in New Zealand is reducing as construction activity declines due to high inflation and interest costs. China softwood log inventory has increased slightly to about 4m m3 with … Continue reading