US Dollar Exchange Rates of
10th
Nov
2024
China Yuan 7.18
Report from China
Vietnam launches anti-dumping probe on Chinese
fibreboard
In September the Ministry of Industry and Trade in
Vietnam issued Notice (No. 2549/QD-BCT) stating that,
in response to the application submitted by five
Vietnamese producers, an anti-dumping probe was
initiated on wood fibreboard originating in China and
Thailand.
The Vietnamese tax codes of the products involved are
4411.12.00, 4411.13.00, 4411.14.00, 4411.92.00,
4411.93.00 and 4411.94.00.
The Vietnam Wood Composite Panel Manufacturers
Union has claimed wood fibreboard products from China
and Thailand are being dumped into the Vietnamese
market at very low prices causing serious damage to local
manufacturers.
See: http://cacs.mofcom.gov.cn/article/ajycs/ckys/202409/181921.html
English versions of national standards on wood-based
panels released
It has been reported that English versions of two National
Standards on the Formaldehyde Emission Classification
for Wood-Based Panels and Products and Indoor Load
Limit Guide for Wood-based Panels have been released.
These two Standards are important guidelines in
formaldehyde emission limits and indoor load limits for
wood-based panels.
The National Standard on the Formaldehyde Emission
Classification for Wood-Based Panels and its Products is a
refinement and supplements the mandatory national
standard GB 18580-2017 Formaldehyde Emission Limits
in Wood-Based Panels and Its Products for Interior
Decoration Materials.
These changes are aimed at promoting the production of
wood-based panels in order to meet consumer demand for
‘green wood-based panels’ and to promote the ‘green’
development and transformation and upgrading of the
wood-based panel industry.
The National Standard on ‘Indoor Load Limit Guide for
Wood-based Panels’ based on the limit for formaldehyde
emission provides guidance for the use of a number of
wood-based panels in interior decoration which is of
significance for protecting consumer health, eliminating
indoor environmental pollution and promoting the healthy
development of the wood-based panel industry.
Listed trading of log futures and options
In late October the Dalian Commodity Exchange (DCE)
released notices on the listing and trading of log futures
and options. The subject of the transaction is coniferous
logs and provides a risk management tool for the timber
industry.
Log futures will be listed on 18 November 2024 followed
by log options on 19 November 2024. Currently there is
no night trading session for log futures and options.
After the listing of log futures and options Dalian
Commodity Exchange will ensure the smooth operation of
the market and create a joint force with all parties to
continuously enhance timber industry participation.
They will also continue to enhance the influence of log
futures prices in domestic and foreign market and enhance
the ability to serve the high-quality development of
China's timber industry.
See: http://news.10jqka.com.cn/20241108/c663324743.shtml
and
http://m.dce.com.cn/DCEENMO/Media_Center44/Exchange_Ne
ws9/8620708/index.html
Policies to encourage consumption and house
renovation
China introduced preferential policies to encourage
consumption of interior decoration items and to promote
housing renovation.
Since the release of the “Action Plan to Promote the
Replacement of Old Consumer Goods with New Ones’ in
China all parts of the country have responded to this
national call to carry out the renewals by replacing old
household items.
In terms of promoting the "refresh" home improvement
for kitchens and bathrooms subsidies have been provided
to encourage decoration consumption and promote
housing transformation in the provinces of Anhui,
Shandong, Guangdong, Zhejiang, Guangxi Zhuang
Autonomous Region, Jiangsu, He’nan, Fujian and
Liaoning.
The maximum subsidy per house is not more than
RMB20,000 for the purchase of furniture and decorative
materials. Furthermore, the use of subsidies for purchasing
green building materials and home improvement products,
smart homes and house improvement suitable for the
elderly living will be encouraged.
In order to accurately implement the subsidies the
authorities will adapt implementation on the basis of local
realities and the details of subsidies may be changed. In
the home market many home furnishing companies have
begun to increase corporate subsidies on the basis of
government subsidies, launch new home furnishing
packages targeted to cater to the market.
As much of home decoration is of wood products the
wood-based panel sector benefits from this initiative. The
subsidy policy is a gradual process and it is believed that
under the continuous implementation of local policies
consumption will be stimulated. Local obserevers
comment that wood-based panel enterprises should also be
prepared to actively cooperate with the implementation of
local policies, introduce relevant marketing measures and
link dealers around the country to revive their own
development.
Retail sales of consumer goods
In a press release the National Bureau of Statistics has
reported in September retail sales of consumer goods
increased by 3.2% year on year. Between January and
September online retail sales nationwide reached 10,892.8
billion yuan, up by 8.6% year on year.
See:
https://www.stats.gov.cn/english/PressRelease/202410/t2024102
5_1957147.html
Rise in log imports from US
According to China Customs between January and
September this year China’s log imports from the US rose
4% to 1.66 million cubic metres. However, China's total
log imports fell 4% to 27.52 million cubic metres in the
same period. The decrease mainly resulted from a decline
in log imports from the top suppliers, PNG, Germany and
Russia. China's log imports from Germany fell the most
(as much as 60%). China’s log imports from PNG and
Russia dropped 11% and 12% respectively over the same
period.
Slight rise in tropical log imports
According to China Customs, tropical log imports rose
0.7% to 4.243 million cubic metres between January and
September 2024. China’s tropical log imports from PNG,
the largest supplier, fell 11% year on year to 1.55 million
cubic metres between January and September 2024 and
tropical log imports from the Republic of Congo and
Cameroon dropped 15% and 17% respectively year on
year.
In contrast, China’s tropical log imports from Equatorial
Guinea more than doubled to 122,000 cubic metres
between January and September 2024 compared to the
same period in 2023.
China’s tropical log imports from Solomon Islands,
Suriname, DRC and Mozambique rose 8%, 9%, 25% and
25% respectively over the same period.
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