{"id":87451,"date":"2024-04-09T09:44:45","date_gmt":"2024-04-09T09:44:45","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/china-oversupply-of-logs-pushes-down-cfr-prices\/"},"modified":"2025-09-19T09:01:49","modified_gmt":"2025-09-19T09:01:49","slug":"china-oversupply-of-logs-pushes-down-cfr-prices","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/china-oversupply-of-logs-pushes-down-cfr-prices\/","title":{"rendered":"China: Oversupply of logs pushes down CFR prices"},"content":{"rendered":"

<\/span>There is currently an oversupply of logs in China and CFR log prices have fallen about 12% in late March.<\/p>\n

China log inventory has increased to over 4m m3\u00a0 <\/sup>with New Zealand radiata pine accounting for about 3.4m m3<\/sup>. Daily off-take is now back to 60k which means there is over two months of inventory in China. While log demand in China was slow to rebuild after the Lunar New Year holiday period, daily usage of 60k is what the average was over last year. However, log exporters from New Zealand don\u2019t seem to understand the relationship between price and the supply curve.<\/p>\n

The sale price for A grade pine logs in China remained stable in February in the 128-132 USD range. But even as supply was exceeding demand and inventory was building through March, one exporter was still trying to price A grade at 136 per JASm3<\/sup>\u00a0but had to settle for 116 USD per JASm3<\/sup>. Even worse is that forest owners didn\u2019t slow supply down. Good weather meant harvest volumes were high in New Zealand and there is usually an increase in volume before the wetter autumn weather arrives.<\/p>\n

Log demand in China is relatively constant so the only correction to the current situation will be a reduction in log supply. We will have to wait and see how long this takes and what log prices will be achieved during this time.<\/p>\n

The China Caixin Manufacturing PMI increased from 50.8 in January to 50.9 in February. (Any number above 50 signals manufacturing growth). Output rose the most since May 2023, new order growth accelerated, and foreign sales expanded at the strongest pace in a year. However, firms cut their selling prices for the second month in a row in an effort to stimulate demand.<\/p>\n

Source: PF Olsen<\/p>","protected":false},"excerpt":{"rendered":"

There is currently an oversupply of logs in China and CFR log prices have fallen about 12% in late March. China log inventory has increased to over 4m m3\u00a0 with New Zealand radiata pine accounting for about 3.4m m3. 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