Central/West Africa: Slow demand from China dominates market sentiment

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Okume demand and hence prices continue to be very depressed in contrast to prices and demand for sapele and sipo which remain firm. Padauk is also in demand and prices have improved slightly.

The overriding factor influencing the market is slow demand from China. Until recently it was mainly overstocking of okoume which affected purchases but now the overstocking has extended to a wider range of timbers.

For China, demand for species such as belli, okan and even sapele have declined and prices have eased.

The stabilisation of equity values on China's stock markets has improved consumer confidence but importers remain cautious and will need time to reassess domestic demand prospects which are largely dependent on a more positive outlook for the housing and construction industries.

At the moment buyers for China say there is no reason to place new orders when domestic sales have virtually halted.

Producers in Gabon hard hit by weak market for okoume

Reports suggest that currently West and Central African producers of okoume sawnwood are holding several thousand cubic metres of stock as many orders have been cancelled. This has affected producers in Gabon particularly hard as they have few alternative markets.

European demand in good shape say producers

In contrast to the depressing news from China, European markets are in better shape say producers with moderate demand in Germany, Netherlands, Belgium. Italy and UK despite it being the holiday period.

Buying for France is always slower in the vacation period but reports from French buyers are that timber continues to lose markets to plastics and aluminum products for joinery such as doors and windows.

African producers continue to hope for new market opportunities but are not well equipped for aggressive marketing. Market promotion has been largely ignored in the past as exporters could rely on steady demand in traditional markets.

Log Export Prices

West Africa logs, FOB € per m³
Asian market
LM
B
BC/C
Acajou/ Khaya/N'Gollon
230
230
160
Ayous/Obéché/Wawa
260
260
180
Azobe & Ekki
230
230
160
Belli
300
280
-
Bibolo/Dibétou
150
145
 
Iroko 330
290
260
Okoume (60% CI, 40% CE, 20% CS) (China only) 235
235
160
Moabi 335 305 225
Movingui 210
210
160
Niove
160
160
-
Okan
250
250
-
Padouk
310
285
225
Sapele 320
320
240
Sipo/Utile
345
340
265
Tali 320 320
-

                                                                                                                                               

Sawnwood Export Prices

West Africa sawnwood, FOB
€ per m³
Ayous FAS GMS 410
Bilinga FAS GMS 500
Okoumé FAS GMS
370
Merchantable 225
Std/Btr GMS 280
Sipo FAS GMS
610
FAS fixed sizes 610
FAS scantlings 640
Padouk FAS GMS 930
FAS scantlings 980
Strips 680
Sapele FAS Spanish sizes 610
FAS scantlings 620
Iroko FAS GMS 610
Scantlings 690
Strips
440
Khaya FAS GMS
450
FAS fixed
460
Maobi FAS GMS
610
Scantlings
630
Movingui FAS GMS
420
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