China: Falling stocks of N. American logs and European spruce logs

Softwood log inventories at the China’s main ocean ports totalled 4.96 million m3 on July 30th, 2022, a decline of 3% (-14,600 m3) from early July, as follows:

Radiata pine log inventory volumes from New Zealand and South America amounted to 3.62 million m3, a slight increase of 1% from a month earlier and comprising nearly 73% of overall log inventories (versus 70% in early July).

North American Douglas-fir and hemlock log volumes totalled 553,000 m3, a sharp decline of 21% from the previous month and accounting for nearly 11% of overall log inventories (versus 14% in early July).

European spruce logs totalled 486,000 m3, down 10% from a month earlier and comprising nearly 10% of log inventories.

Softwood log inventories from other countries (including Japanese Sugi, European red pine logs, etc) amounted to 310,000 m3 (+11%).

In July, inventory levels continued their downward trend, with a notable decline in stocks of North American logs and European spruce logs and rising inventories of radiata pine logs. Average daily sales at ocean ports were estimated at 69,200 m3, down from 71,800 m3 in July 2021. Moreover, Log wholesale market prices remained low but mostly stable this month, reflecting changes of RMB 0-10/m3 in Taicang and Lanshan.

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