China: High stocks of imported timber drive down prices

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Zhu Guangqian, a consultant for the China National Forest Product Industry Association has said that current stocks of imported timber exceed domestic demand and many timber traders fear they will lose money on recent imports. Despite the high stocks the level of imports continues to expand.

Prices for imported logs began to increase in the second quarter of 2013 and Chinese traders began to increase imports but as demand cooled stocks rose and from April this year prices for imported logs began to fall.

For example, from the middle of this year prices for imported logs from North America fell between RMB60 - 70 per cubic metre (~10-11 US$/cbm), prices for Russia timbers were down RMB30 per cubic metre (~5 US$) and the current price for scots pine from Europe is down RMB60 per cubic metre (~10 US$).

Analysts estimate current stock are around 5 million cubic metres, up over 52% from the beginning of this year. Most of this stock is of timber imported in the first quarter of this year when prices were firm.

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