More than 60,000 cubic metres of softwood logs are still arriving at Chinese ports every day, and despite a slight increase in demand, Chinese imports of softwood logs and timber remain well below past levels.

That's according to Scott Downs, director of sales and marketing at PF Olsen, who reports that Chinese softwood log stocks are now stable at 3.5 million cubic metres, including 2.85 million cubic metres of radiata pine.

‘The cost plus freight (CFR) price range for A-grade (logs) is currently US$115-120 per JASm3,’ Mr Downs said. “This is US$3-4 lower than July prices,” he added. ‘The renminbi has strengthened against the US dollar (USD), so log exporters to China expect this to help maintain price levels.’

In the first six months of 2024, the volume of softwood logs imported into China fell by 10% to 15 million cubic metres, according to Chinese customs. In addition, the value of the logs fell all the way down, from $141.45 per cubic metre to $130 per cubic metre, a 17 per cent drop to $2 billion.

Russia now accounts for 45 per cent of all timber imports, according to Chinese customs data - while Thailand, China's second largest importer, now accounts for more than 18 per cent of the timber trade in the world's largest forest economy.