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International Tropical

Timber Organization
INTERNATIONAL ORGANIZATIONS

CENTER,5TH FLOOR,

PACIFICO-YOKOHAMA1-1-1,

MINATO-MIRAI, NISHI-KU,

YOKOHAMA, 220 JAPAN
F A C S I M I L E

++81-45-223-1121
Tropical Timber Market Report

16 - 31st August 1998


Contents
International Log Prices p1

Domestic Log Prices p2

International Sawnwood Prices p3

Domestic Sawnwood Prices p4

International Ply and Veneer Prices p5

Domestic Ply and Veneer Prices p6

Other Panel Product Prices p7

Prices of Added Value Products p7

Rubberwood and Furniture Prices p8
Report From Japan p9

Report From Korea p11

Report From China p13

Report from North America p15


World Value of the US Dollar p18

Abbreviations p18

ITTO Fellowship Grants p19
International Tropical Log Prices
Sarawak Log Prices
FOB per Cu.m

Meranti SQ up US$120-125

small US$90-95

super small US$60-65

Keruing SQ up US$120-130

small US$90-100

super small US$70-75

Kapur SQ up US$110-120

Selangan Batu SQ up US$125-135
The depressed international market has badly affected the Sarawak timber industry a hard knock. According to the latest trade statistics for the first six months of the year, export earnings from log exports dropped from RM1.05 billion (first six months of 1997) to RM844 million in 1998. This is due to the dual effects of a fall both volume and values terms. Overall, for the first six months export revenues from the timber sector dropped to RM2.39 billion from RM2.76 billion last year.
Solomon Islands

Forestry Department Indicative FOB Prices and SIFIA's forecast price trend


Forestry Department SIFIA

Indicative Price Forecast

per Cu.m Movement

Group 1A


Kwila US$120 no change

Group 1B


Palaquium US$ 95 no change

Planchonella '' no change

Calophyllum '' no change

Pometia '' no change

Gonostylus no change

Schizomeria '' no change


Group 2

Canarium US$ 80 no change

Burckella '' no change

Terminalia '' no change


Group 3

Dillenia US$ 75-80 no change

Celtis US$ 75-80 no change

Alstonia '' no change

Dysoxylum '' no change

Eugenia '' no change

Endospermum '' no change

Vitex US$120 no change

Amoora US$90 no change
Group 4

Campnospermum US$75-80 no change

Parinari US$70 no change

Marathes '' no change

Mixed white '' no change

Mixed red '' no change

Low Grade Logs US$70 no change
Cameroon Log Prices

FOB per Cu.m

N'Gollon 70cm+ LM-CFFR 1350

Ayous 80cm+LM-CFFR 1000

Sapele 80cm+LM-CFFR 1650

Iroko 70cm+LM-CFFR 1650

Myanmar
Latest available prices.
Logs per Hoppus ton FOB

Logs per Hoppus ton FOB

Teak June July

3rd Grade US$3075 US$3289

4th Grade US$2978 US$2958

SG-1 Grade US$2371 US$2122

SG-2 Grade US$1602 US$1648

SG-3 Grade - -

SG-4 Grade US$956 US$958
Padauk

3rd Grade - -

4th Grade US$805 -

Assorted -

Pyinkado US$209 US$201

Gurjan US$174 US$168

Thingan - -

Yamane - -

Hnaw - US$287

Ingyin - -

Sagawa - US$259

Thit Kar US$215 -

Myauk Ngo - US$150

Thinwin US$499 -


Hoppus ton equivalent to 1.8 Cu.m. Teak 3-4th Grade for sliced veneer. Teak grade 1-4 for sawmilling. SG Grade 3 3ft - 4ft 11" girth, other grades 5ft girth minimum.



Papua New Guinea

FOB per Cu.m

Group 1

Taun US$ 70-73

Calophyllum US$71-75

Group 2


Amoora, Hopea US$50-55

Group 3


Celtis, Watergum US$47-50

Group 4


Mixed Reds/Whites US$40-45
Indonesia
The Directorate General of International Trade of the Ministry of Trade and Industry has set the FOB selling prices for a number of species for the collection of export in relation to log exports for the period July 22 to 30 September 1998. The prices for duty calculation per Cu.m are as follows : Meranti USD100, Cendana USD2,300, Teak USD700, Rubberwood USD70.

Domestic Log Prices
Brazil
Some movement has been seen in the domestic market and prices have stabilised. An upturn in the market was expected as demand normally increases in the second half of the year.

Logs at mill yard per Cu.m

Mahogany Ist Grade US$340

Ipe US$68

Jatoba US$44

Guaruba US$35

Mescla(white virola) US$42


Indonesia

Domestic log prices per Cu.m

Plywood logs

Face Logs US$60-65

Core logs US$35-40

Sawlogs (Merantis') US$50-60

Falkata logs US$40-45

Rubberwood US$26-28

Pine US$45-55

Mahoni US$330-350


Malaysia
Logs

Domestic (SQ ex-log yard)

per Cu.m

DR Meranti US$125-125

Balau US$115-120

Merbau US$130-135

Peeler Core logs US$58-63

Rubberwood US$23-23

Keruing US$120-125

Peru
Domestic Log Prices Pucallpa

per Cu.m

Caoba


(Swietenia macrophylla) US$225

Capirona


(Calycophylum spruceanum) US$34

Catahua (Hura crepitans) US$15

Cedro (Cedrela odorata) US$75

Estoraque

(Miroxilon balsamun) US$41

Huayruro (Ormosia sp) US$45

Tornillo

(Cedrelinga catenaeformis) US$45



Ghana
Sawmillers and ply-veneer producers are contemplating importing Okoume logs rom Gabon. Reports suggest that negotiations for the purchase of 7,000 Cu.m are in progress.
International Sawnwood Prices
Brazil
Exports continue to be slow. Last data confirms that this year exports of wood products will be at least 30% lower than in 1997. Exports of tropical timber products to Asia are practically zero.
Most of the low cost sawnwood (LKS) that used to be exported to Philippines and Thailand are continuing to flow for the domestic market. This lumber is used for construction and other uses with low quality requirement.

Export Sawnwood per Cu.m

Mahogany KD FAS FOB

UK market US$990

Jatoba Green (dressed) US$460

Asian Market

Guaruba no business

Angelim pedra no business

Mandioqueira no business

Pine (AD) US$145



Peru

Export Sawnwood FOBCallao/Lima

per Cu.m

Caoba (Mahogany) US$849

Cedro (Red Cedar) US$477

Cumala (Virola) US$186



Ghana
End June statistics indicate that some 55,500 Cu.m of sawnwood comprising 32 species were exported at a value of US$ 21.4 mil. 25 importing countries were represented. Germany, USA, Ireland, Saudi Arabia, Italy, Holland, UK and France were the leading importers. The US imported a total of US$3.58 mil..
Export prices continue to be pressured downwards and falls of 4-7% have been reported by exporters in the last 2 months.
Rough Sawn Prices FOB
Niangon for France per Cu.m

25 x 100 mm

32 x 100 mm

Lengths 1.5m - 4.0m DM730


Afzelia per Cum

31 x 81mm and 105mm

AD DM840

KD DM960
Wawa Boules, FOB

For Germany, France,UK and Italy

Thicknesss 16-100mm

Width 100mm and up

Length 1.8m&up mostly 3-4m

per Cu.m

Air Dry DM310-350

Kiln Dry DM390-500
Wawa Square Edged AD Lumber

Squares 23x23mm up to 75x75mm

Boards 100mm & up

width 0.9m & up DM300-505

Wawa Square Edged KD Lumber

range DM400-600


Plantation Teak

Flooring Specs for

Hong Kong and MacauUS$630-700

Garden Furniture blanks

for UK US$900-1200
Malaysia
Sawn Timber

Export(FOB) per Cu.m

Dark Red Meranti (2.5ins x 6ins & up)

GMS select & better (KD)US$435-440

Seraya

Scantlings (75x125 KD) US$540-550-



Sepetir Boards US$180-185-

Perupok (25mm&37mm KD)

US$680-690-

K.Semangkok

(25mm&37mmKD) US$690-700

Taiwan Province Imports
Rubberwood per Cu.m

25mm boards US$230-235

50-75mm squares US$280-290

75-100mm squares US$340-350

Sepetir

GMS (AD) US$190-200



Ramin less than 2 ft. US$500-520

greater than 2 ft. US$610-620

Oak 25mm boards US$840-850

Maple US$1400-1500

Cherry US$1400-1500

Domestic Sawnwood Prices
Brazil
Tropical sawn timber is facing growing competition from eucalyptus produced in southern and central Brazil. In some market niches substitution of tropical sawnwood by eucalyptus is quite significant. This is mainly the case with low grade sawnwood used in construction and the packaging industry.
Sawnwood (Green ex-mill)

Northern Mills per Cu.m

Mahogany US$710

Ipe US$390

Jatoba US$320

Southern Mills

Eucalyptus AD US$150

Pine (KD) First Grade US$135


Peru

Caoba per Cu.m

(Swietenia macrophylla) US$564

Capirona


(Calycophylum spruceanum) US$101

Catahua (Hura crepitans) US$59

Cedro (Cedrela odorata) US$319

Huayruro (Ormosia sp) US$145

Shihuahuaco (Dipterex sp) US$130

Tornillo


(Cedrelinga catenaeformis) US$174

Copaiba (Copaifera) US$116



Ghana
Dahoma, Chenchen, Antiaris

per Cu.m


Mill Run 50x150mm US$95-125

50x100mm US$72-105

50x50mm US$105-150

25x300mm US$72-105

Mixed Redwood

40x300x3.6m US$105-240



Indonesia

Sawn timber

Domestic construction material
Kampar per Cu.m

AD 6x12-15x400cm US$220-230

KD US$310-330

AD 3x20x400cm US$310-320

KD US$390-400

Keruing


AD 6x12-15cmx400 US$190-200

AD 2x20cmx400 US$200-210

AD 3x30cmx400 US$220-230

Malaysia

Sawnwood per Cu.m

Balau(25&50mm,100mm+)

US$160-165

Kempas50mm by

(75,100&125mm) US$110-120

Red Meranti

(22,25&30mm by180+mm)

US$200-210

Rubberwood

25mm & 50mm Boards US$150-155

50mm squares US$190-200

75mm+ US$210-215

Myanmar

per ton (1.4Cu.m)

Sawn 6 ft. and up length

Teak Kyat 70,000

Pyinkado Kyat 60,000

Padauk Kyat 60,000

Gurjan Kyat 35,000

Mixed Species Kyat 25,000



International Plywood and Veneers Prices
Indonesia

Plywood (export, FOB)

MR, per Cu.m

Grade BB/CC

2.7mm US$270-280

3mm US$240-255

6mm US$200-210

Ghana

Rotary Cut Veneer FOB

per Cu.m

Face Veneer 1-1.6mm

Ceiba US$245

Koto 30% jointed allowed

US$510-520
Plywood 1220 x 2440mm Grade c/c WBP FOB Ceiba for the German market

per Cu.m


4mm DM735

6mm DM623

9mm DM613

12mm DM600

15mm DM587

18mm DM573



Brazilian Plywood and Veneer

Veneer FOB per Cu.m

White Virola Face

2.5mm US$200-260

Pine Veneer (C/D) US$165-185

Mahogany Veneer per Sq.m

0.7mm US$2.50

Plywood FOB per Cu.m

White Virola (US Market)

5.2mm OV2 (MR) US$280

15mm BB/CC (MR) US$260

For Caribbean countries

White Virola 4mm US$360

9mm US$300

Pine USA market

9mm C/CC (WBP) US$240

15mm C/CC (WBP) US$230

Malaysian Plywood

MR Grade BB/CC FOB

per Cu.m

2.7mm US$280-285

3mm US$250-255

3.6mm US$210-220

9-18mm US$180-190
Domestic plywood

3.6mm US$205-210

9-18mm US$200-210

Myanmar

Hardwood plywood, FOB.

1220-1250x2440-2500 US$ per Cu.m

3.7mm BB/CC 266

Utility 255

5.5mm BB/CC 252

Utility 240

9mm BB/CC 230

Utility 220

12mm BB/CC 266

Utility 216

15mm BB/CC 226

Utility 216

18mm BB/CC 215

Utility 205

900-1220x1800-2400

9mm BB/CC 225

Utility 215

12mm BB/CC 221

Utility 211

18mm BB/CC 203

Utility 193


Domestic Plywood Prices
Brazil
Plywood demand is recovering, but is still very slow. Domestic consumption for the year will be lower than in 1997. The main reasons are associated with substitution by MDF and particleboard. Prices of these panels have drooped in the market and producers have been very aggressive in promoting their material
Rotary Cut Veneer

(ex-mill Northern Mill) per Cu.m

White Virola Face US$150

White Virola Core US$118


Plywood

(ex-mill Southern Mill)

Grade MR per Cu.m

4mm White Virola US$510

15mm White Virola US$360

4mm Mahogany 1 face US$1,080

Indonesia

Domestic MR plywood

(Jarkarta) per Cu.m

9mm US$220-235

12mm US$205-215

15mm US$190-200

18mm US$175-185


Other Panel Product Prices
Brazil
MASISA, a large producer of wood panels in Chile has announced a new particleboard and MDF plant in Brazil. The plant is to be located in Parana State. MASISA also has a MDF and particleboard plant in Argentina. This plant exports most of the production to Brazil.
Apparently the strategy is to let the existing plant in Argentina cover the Argentinean and Uruguayan markets, with the new plant supplying Brazil. This seems to be logical as the company is losing competitiveness by having to transport panels for relatively long distances. If all new plants announced proceed (Placas, Satipel, Masisa, Duratex, and others) the production of reconstituted wood panels, (including MDF, particleboard and OSB), will be over 2.5 mil. Cu.m by the year 2002.

Export Prices

Blockboard 18mm per Cu.m

White Virola Faced

B/C US$230
Domestic Prices

Ex-mill Southern Region per Cu.m

Blockboard

15mm White Virola Faced US$390

15mm Mahogany Faced US$810

Particleboard

15mm US$230

Indonesia

Other Panels per Cu.m

Export Particleboard FOB

9-18mm US$75-90

Domestic Particleboard

9mm US$130

12-15mm US$115

18mm US$100

MDF Export (FOB)

12-18mm US$115-125

MDF Domestic 12-18mmUS$170 -180

Taiwan Province of China, Imports

MDF per Cu.m

Domestic Prices

3mm thick US$220-230

16-18mm x 4' x 8' US$175-185
Particleboard per Cu.m

12-18mm (4x8) US$130-135



Malaysia

Particleboard (FOB)

per Cu.m

6mm & above US$100-105

Domestic

6mm & above US$120-125

MDF (FOB) per Cu.m

Less than5mm US$160-165

Greater than 6mm US$120-130
Domestic Price US$150-160

Prices of Added Value Products

Indonesia

Mouldings

Ramin casings per Cu.m

(for the Italian market) US$680-700

Laminated Scantlings US$350-360

Laminated Boards

Falkata wood US$260-270

Red Meranti Mouldings

11x68/92mm x 7ft up

Grade A US$570-590

Grade B US$450-460
Malaysia

Mouldings (FOB) per Cu.m

Selagan Batu Decking US$530-540

Laminated Scantlings

72mmx86mm US$480-500

Red Meranti Mouldings

11x68/92mm x 7ft up

Grade A US$620-630

Grade B US$500

Ghana
Wawa

10mmx23mmx2.16m - 2.45m per Cu.m

some black spots allowed DM 900

Finger jointed mouldings DM 850

With 30% Filled holes DM 550

5mmx24mmx2.43m DM1200

Dahoma

Blanks KD 20% No defects



25mmx90mmx510, 533, 1000, 1273

1800 Stg505

Albizzia Blanks

25mmx90mmx510, 533, 1000, 1273

1800 Stg505

Odum Blanks

KD 14% PAR

25,28x66, 90x674,728,762 Stg660-780

(for the Irish market)

Furniture and Rubberwood Parts
Malaysia
The Malaysian furniture Industries, despite the current economy crisis, performed well during the first six months of 1998. According to data just released, export earnings in the furniture sector reached some RM1.97 billion for the first half of this year compared to RM1.44 billion in the corresponding period last year. The industry is confident that the industry will hit the RM4.0 billion in export earnings for the 1998 calendar year.

per Cu.m


Finger jointed

laminated boards US$525-535

top grade US$600-610

Dining table

Solid rubberwood laminated top 3' x 5'

with extension leaf US$28-30ea

Same with

Oak veneered MDF US$43-46ea

Windsor Chair US$8.0-8.5ea

Colonial Chair US$10.0-11.0ea

Queen Anne Chair (with soft seat)

without arm US$16-16.5ea

with arm US$21-23ea

Brazil

Edge Glued Pine Panel

per Cu.m

for Korea 1st Grade no business

Last price US$570

US Market US$490



Taiwan Province of China
The export of wooden furniture, particularly panel- based products such as dining suites overlaid with veneers, buffet and hutch and some high end chairs has increased significantly over the last few weeks. It has been reported that orders for the range of these products, traditionally coming from China, have been flowing back to Taiwan Province of China.
Manufacturers in Taiwan P.o.C have suddenly found themselves in a competitive position as, over the last few months, the NT$ has depreciated significantly. Since the beginning of this year the NT$ has depreciated from 28NT$ per US dollar to the current rate of around 34.5 NT$ per US dollar, which represented a 23% depreciation of the currency.
The yuan remains very stable and this has resulted in products from China becoming progressively less competitive on the export market.

Furniture

Dining suite (FOB)

Oak Veneered MDF tables and

chairs (6 per set) 4ft dia.

US$115-125per set

Occasional table Cherry veneer

top 2ftx4ft US$20-25ea


Currency Crisis
The financial crisis that has hit economies from Brazil to Beijing is intensifying into one of the world's worst and one of the most baffling crisis in recent history. Investors and savers world-wide are rushing to exchange local currencies for US dollars, one of the last "safe havens" left. In selling domestic currencies stock values are falling and interest rates are rising.
What makes the current crisis so worrying is that there is no clear signs of and end in sight. Hopes for a quick recovery have faded and a new round of devaluations is fuelling pessimism as the rouble, Mexican peso, Venezuelan bolivar and Canadian dollar have all fallen. Plunging commodity prices continue to fuel the risks of further devaluations.



Report From Japan
The economic crisis in Japan continues to deepen and there are no signs of a turn-around. Official figures, recently released, paint a bleak picture of the economy. The government's focus is on economic recovery and two major policy options are being tabled. First the government has submitted bills to the Diet to clean up the bank's bad-loan situation and to restructure the banking system. Secondly the government is introducing fiscal measures to increase public works spending and to implement permanent tax cuts. There is considerable debate over the proposals to use public funds to resolve the banking sector weaknesses. Technical details aside, the greatest problem may be in restoring confidence and credibility to the markets.
Housing Starts
June starts were 106,715 units, representing 16 months consecutive decline. Wooden housing units decreased by 5% to 50,025. The number of starts for the first six months of this year is down 14.4% compared to the same period last year.
Plywood Production Down
The production of plywood for the first half of this year was 1,706,000 Cu.m, 28% less than the same period of last year. June production was 306,000 Cu.m, 16% less than June last year and represents a decline for nine consecutive months. Consumption was 265,000 Cu.m, down 23% . Plywood supply, for the first half including imports, was 3,683,000 Cu.m, down 33% from a year ago.
SE Asian Logs
The Japanese log market remains stagnant. Log export prices in Sarawak and PNG continue to be on high side without much logs available because of monsoon weather, this has forced some importers to shift to Sabah to acquire logs.
Current FOB prices for regular Meranti in Sarawak is firming to US$110-115 per Cu.m with small logs at US$93-95. It is reported that Super Small logs are not readily available at present. PNG's taun and calophylum are offered with US$90-95.
July log arrivals were about 270,000 Cu.m, about half of the level a year ago. The log market in Japan is resisting suppliers' FOB price increases. Meranti Regular with 20% small mixed is barely reaching 5,500 yen CIF per koku although importers are paying about 6,000 yen. Importers are now asking 5,600-5,800 yen. Small Meranti and PNG's taun/calophylum are priced about 4,500-4,600 yen/koku.
Plywood Prices
The Plywood market is deteriorating due to bleak demand. Plywood mills and importers are unable to recover their costs in this declining market despite production and import cuts. Inventories are being adjusted but still supply is running ahead of demand. In the Tokyo market 12mm concrete formboard, which is a market indicator, is quoted 760-80 yen per sheet for Indonesian import, 60-70 yen lower then July and 800 yen for domestic boards, 70-80 yen lower than July.
The domestic softwood plywood market is fairing much worse than the tropical hardwood plywood market because demand from home builders, the main users of softwood plywood, is extremely sluggish. In the market, imported plywood is available at same price as softwood and hardwood plywood is capturing the orders. The current market price for softwood plywood is 650 yen for structural panel and 600 yen for non JAS underlays, both 100 yen lower than July.
Medium thickness plywood such as 3.6mm Indonesian panels are at 340-350 yen per sheet, domestic 4mm is 420-430 yen, Indonesian 5.2mm is 450-460 yen, domestic 5.5mm is 530-540 yen. Prices for thin plywood are weak around 260-270 yen for both imported and domestic products.
Increasing bankruptcies

The total number of bankruptcies in July was 1,673, making this the worst July for 50 years. Out of the total number of bankruptcies in July, 81 were in the timber industry. This is the second highest monthly failure since December.


Log, Lumber and Panel Prices
Logs For Plywood Manufacturing

CIF Price Yen per Koku

Meranti (Hill, Sarawak)

Medium Mixed 5400

Meranti (Hill, Sarawak)

STD Mixed 5,500

Meranti (Hill, Sarawak)

Small Lot

(SM60%, SSM40%) 4,500

Taun, Calophyllum (PNG)

and others 4,500

Mix Light Hardwood

(PNG G3-G5 grade) 3,700

Okume (Gabonese) 6,500

Keruing (Sarawak)

Medium MQ & up 7,500

Kapur (Sarawak) Medium

MQ & up 5,800

Logs For Sawmilling

FOB Price Yen per Koku

Melapi (Sarawak)

Select 9,000

Agathis (Sarawak)

Select 8,000

Lumber FOB Price Yen per Cu.m

White Seraya (Sabah)

24x150mm, 4m 1st grade 170,000

Mixed Seraya 24x48mm,

1.8 - 4m, S2S 38,000
Red Oak 5/4x6 ins and wider

FAS (US East Coast) 125,000

August Wholesale Prices


Report from Korea
General
The sluggish signs in the economic situation have been accelerating and spreading to all sectors. Industrial output in May represented a 10.5 percent fall year on year but in June turned out to be 13.3 percent down which was the largest drop since 1952, when the National Statistic Office was launched.
Total exports in July, which seem the only viable means of turning the Korean economy around were also down 13.7 percent compared to last year, this is the biggest fall since January, 1985.
Furniture and other related manufacturing sectors saw their production fall by 39 percent, timber and wooden product production fell 38.8 percent in the first half. The jobless rate in July was 7.6 percent, the highest record since 1966 and nearly three times the same month last year. The number of the unemployed has reached 1,651,000. This figure represents an increase of nearly one million people from 658,000 unemployed in December, 1997.
Default rates on corporate promissory notes took a sharp upturn in July which was 0.69 percent, which was only second to the 0.83 percent recorded in February.

DRI, the research arm of Standard & Poor's Rating Group in America has forecast Korea's economic growth in 1998 as minus 6.7 percent.


Construction
The construction market has shrunk to the lowest level in past 10 years. Construction orders for housing in the first half of the year stood at 2,666,549 sq.m, which was only 48.95% of the record set last year (5,446,942 sq.m). Orders in the Non-Housing sector stood at 1,504,029 sq.m, which was down to 31% of the same period in 1997.

Many economists say it is impossible to predict when market will hit bottom.


Log market
The final figures for imported hardwood round logs in the first half of the year was 380,324 Cu.m. imported softwood logs stood at 1,560,478 Cu.m. The total volume softwoods and hardwoods reached only 54 percent of the record period record in 1997 and it is expected that total volume of round logs import in 1998 will be less than half of last year's imports.
When the year started, analysts estimated total imports of round logs for the year at about 7,652,000 Cu.m but the final count turned out at only 25% of that in the first half of the year, which is the lowest recorded since 1971. There are no signs of a market recovery in near future and no signs of prices improving.
The main supply countries, Sarawak and Papua New Guinea have decreased their supply due to bad weather and Solomon Islands has just started production again after suspending logging last November, however production not in full swing and prices offered are not meeting producer expectations. Furthermore, the limited number of buyers in the market want high grades of selective species, especially the low price species which are suitable for the basic production needs. For this reason, Meranti from Sarawak is not imported and the buyers are looking for Low Grade logs from Papua New Guinea or Solomon Islands at prices of only US$80-100 per Cu.m C&F.

Even though there is very limited demand from small fishing boat manufacturers, good quality Dillenia from Solomon Islands is one species in short supply because the major Solomon suppliers had stopped operation and stocks are at low levels.


Domestic wholesale prices

per Cu.m


Sarawak Meranti regular W333,000

Solomon Taun regular W233,100

Solomon Taun Low grade W149,850

Solomon Dillenia regular W233,100

Solomon Dillenia Low gradeW173,160

Low grade Calophylum W183,150

NZ Radiata 11m W139,860

Plywood and Other Panels


Plywood production in July was 51,503 Cu.m, which was up slightly from the 49,735 Cu.m in June achieved by production for export but this is only around 60 % of production capacity compared to operation of the last year. Particleboards production in July was 33,318 Cu.m a drop from 34,602 M3 in June, and continues the fall since last December, 1997. MDF production was 39,432 Cu.m in July, a slight increase from 34,156 Cu.m in June, but the producers are still operating at less than 60% capacity.
Plywood sales in July recorded another drop to 39,517 Cu.m from 41,916 Cu.m in June and Particleboard sales were 38,991 Cu.m in July down from 40,249 Cu.m in June. MDF sales stood at 39,873 Cu.m in July which was a slight increase on the previous month sales of 30,196 Cu.m. The domestic market for the various panels seems still not to have hit bottom.
Exports in July were maintained at the same level as in June. Plywood exports in July were recorded at 12,133 Cu.m, and MDF exports were almost the same volume as June's exports.
Stock of plywood at the end of July were not much changed from end of June and

stood at 81,152 Cu.m. Stocks of Particleboard reached 24,425 Cu.m and MDF stocks stood at 63,823 Cu.m at the end of July. Stocks of these two panels have been falling.


Prices trends in July reflect the weak market and several big wholesalers holding high stocks are facing serious financial difficulty.

Price of Panels: ex factory per piece


Combi-Plywood
12mm x 4'x8' T-1 W14,500

12mm x 3'x6' T-1 W 8,500

12mm x 4'x8' T-2 W13,000

12mm x 3'x6' T-2 W 7,500

Tego Plywood
12mm x 4'x8' Tego W23,000

12mm x 3'x6' Tego W12,500

Particle Board
12mm x 4'x8' W6,900

15mm x 4'x8' W7,300

18mm x 4'x8' W8,900

Sawnwood
per cu.m

Meranti S4S 40mm W540,000

Meranti


Rough Sawn 45mm W480,000

Report From China
China refunded some yuan 21 billion in export taxes during the period January to July, this is up almost 10% from a year ago. Export tax rebates in July rose to yuan 4.3 billion an increase of 34% on a year earlier. China is maintaining its pledge not to devalue its currency to increase export competitiveness, other measures, such as raising export tax rebates may be just as effective. China's exporters receive a rebate of about 9% on the 17% value added tax they pay, but authorities recently raised the amount for sectors hit most badly by the competition from SE Asian exporters.
Recently, Shanghai hosted the US Hardwood Sales Committee annual meeting, the first in Southeast Asia. The Hardwood Sale Committee of the US is paying more and more attention to growing market opportunities in China. Shanghai, the largest city in China, with its high potential market was specifically chosen for this first meeting.
The purpose of the meeting was to promote the technical properties of US hardwoods to try and capture a greater share of the market in China, especially in Shanghai. More than 200 participants from the timber industry, furniture sector, construction industry, as well as designers and interior decorators attended. It is projected that the current export value of US hardwood to China has totalled around US$96 million and this is expected to increase annually.

Shanghai yuan per Cu.m

Radiate pine log

length:6m, dia. 26cm+ 900

Douglas fir log 28cm 1300

Lauan lumber ( mixed) 1650

White oak lumber 2 ins 11000

Canadian sawlog 4m+ 1500

US maple lumber 2 ins 11000

Teak sawlog 4 m+g 8000

SE Asian Sawlog 2500
Beijing yuan per Cu.m

Lauan log ( mixed) 2450

Teak sawlog 4m+ 9500
Qindau

Luan Log (mixed) 1200

White oak lumber

2 inches thick 9000

Keruing log 900
Nanjing

Douglas fir log 1450

Lauan log 1800

Teak sawlog 4 m+ 9000

Sawlog from SE Asia 3200

American maple lumber

2 inches 11,000

Hangzhou


Douglas Fir sawlog length:

more than 4m 1600

Lauan log 1450

Keruing log 1500

Canadian sawlog 4m+ 1250

Teak sawlog 4m+ 8500

SE Asian Sawlog 3700
Guanzhou

Lauan Log 1300

Keruing log 1800

White oak 2 ins sawnwood 9000

Canadian sawnlog

length: 4m+ 2300

US maple Lumber 2 ins 12000

Teak sawlog 4 m+ 6500

Sawlog from SE Asia 3000
Hong Kong CIF

per Cu.ft

Sarawak Logs mixed 54"-71" HK$16

Meranti Sawnwood SabahHK$43-46

per Sq.ft

Taiwanese Ply 2.7mm HK$1.6

Taiwanese Ply 3mm HK$1.7

Malaysian Ply 12mm HK$2.8-3.0

Malaysian Ply 18mm HK$3.6-4.0

South Korean Ply 12mmHK$2.7-3.0

South Korean Ply 18mmHK$3.8-4.0

Philippine Ply 12mm HK$2.7-3.0

Philippine Ply 18mm HK$3.7-4.1

Wholesale Prices Indonesian and Malaysian

plywood 3mm 1220x2440

yuan per sheet

Beijing 35

Shanghai 27.5

Harbin 40

Shenyan 28

Zhengzhou 29.5

Lanzhou 36

Shijiaozhuang 35

Yingchuan 35

Xian 30

Jinan 38

Hefei 37

Qindau 40


Chongqing 26

Chengdu 26

Nanjing 29

Hangzhou 30

Wuhan 26

Changsha 31.5

Guanzhou 25

Sawnwood Prices in the UK

FOB plus Commission per Cu.m
Teak 1st Quality 1"x8"x8' Stg2650
Brazilian Mahogany

FAS 25mm Stg694

Tulipwood FAS 25mm Stg245

Cedro FAS 25mm Stg408


DR Meranti Sel/Btr 25mm Stg260

Keruing Std/Btr 25mm Stg205


Sapele FAS 25mm Stg310

Iroko FAS 25mm Stg355

Khaya FAS 25mm Stg330

Utile FAS 25mm Stg395

Wawa No1. C&S 25mm Stg190

Plywood and MDF in the UK


CIF per Cu.m

Brazilian WBP BB/CC 6mm US$450

" Mahogany 6mm US$1290

Indonesian WBP 6mm US$350


Eire, MDF BS1142 per 10 Sq.m

12mm Stg33.50


Manufactured Items

CIF Wholesale

Carolina Door US$25.50 Stg34

Directors ChairUS$9.00 Stg9.00

8" Salad bowl Stg2.00 Stg5.00




From Europe
The "Forest products annual market review, 1997-1998", one of six annual issues of the "UN-ECE and FAO Timber Bulletin" is available for the first time on the ECE Timber Committee's website at: http://www.unece.org/trade/timber

The "Review" contains 2 special chapters on the "Certified forest products marketplace" and the "Effects of the Asian crisis on ECE region forest products markets" as well as the traditional coverage of the markets for roundwood, sawnwood, panels and pulp and paper. The ECE (Economic Commission for Europe) region covers Europe, North America and the Commonwealth of Independent States.

The "Review" is published and will be available in English, French and Russian by contacting: info.timber@unece.org
Report from North America
Oak in the Secondary Wood Products Industry
Oak can be divided into two distinct wood categories, Red Oak and White Oak. Red Oak is such a commonly used wood in the United States and Canada that it could almost be described as ubiquitous. It is frequently referred to as American Red Oak.
The combined share of Red and White Oak in the American furniture industry increased from approximately 5 percent prior to 1970 to 30 percent in 1990 from where it has declined to just under 20 percent at the present time. (The percentages are based on the number of bedroom and dining room sets exhibited at the October furniture market in High Point, NC, USA).

Share of Red and White Oak used in the American Furniture Industry


Description of Species


Red Oak is found throughout the eastern United States, especially in the Appalachians, Ohio, and Kentucky. The average height of the trees is about 25 meters and the stem grows to a diameter of about one meter. The average weight of the wood is 780 kg/m3.
Species of Red Oak include northern Red Oak (Quercus rubra); southern Red Oak and Spanish Red Oak (Quercus falcata); swamp Red Oak and Cherrybark Oak (Quercus falcata, variation pagodaefolia); and Shumard Red Oak (Quercus shumardii). Some species of the Fagaceae family are also often referred to as Red Oak.
Characteristics and Working Properties
Red Oak dries slowly and has a tendency to split, check and honeycomb so care is needed in air and kiln drying. The heartwood is non-durable and should not be used for exterior uses. Oak is not a toxic wood, but it can emit a pungent smell that some woodworkers find obnoxious due to the high tannin content. Tannin in the bark of oak is used to tan leather.
The growing site affects the properties of the wood. Generally, oaks from northern climates are tighter-grained and denser than woods growing in the warmer southern climates where wood grows faster. Southern Red Oak is harder, heavier and more course in texture.
Red Oak has a distinctive red colouration, coarse texture and large open pores. In comparison to White Oak, Red Oak has smaller rays. The wood finishes very well. Due to its large pores, oak takes a great variety of fine filled or textured finishes. Red Oak can be stained easily for attractive looks. However, since the early wood is quite porous, it may take more stain than the harder summerwood. Pore filler may be helpful in obtaining a smooth finish. Red and White Oak look very similar when finished.
Uses
Red Oak has consistently been named among the most popular woods at the High Point Furniture Market each spring and fall
Red and White Oak are frequently used for Country Furniture, Arts & Crafts and Prairie styles. Quarter sawn and rift cut White Oak lumber is a favored raw material for Mission Oak Furniture because of the colour and medullar rays. Red Oak is a popular choice for kitchen and bath cabinets, contract furniture, tables, bedroom and dining room furniture, and occasional pieces of all kinds.
Lower grade Red Oak is also a popular flooring material because it is heavy, hard and stiff and has high shock resistance. Other popular uses for Red Oak include; doors, mouldings, architectural millwork, interior joinery, plywood, decorative veneers, wall paneling, boxes, crates, caskets and coffins, agricultural implements, and woodenware.
White Oak and European Oaks are frequently used for boat and shipbuilding. These woods are ideal for items which require a natural durability. Also, White Oak is considered more resistant to decay. Red Oak is less suitable for tight cooperage since the wood is extremely porous and not water-resistant. However, because Red Oak wood is more permeable, it is easy to apply preservative treatments.
Prices and Price Movements
Prices of Oak vary significantly by growing region, species and quality grades, as shown in the following table. It is interesting to note that Red Oak prices are highest in the Northern growing regions, whereas White Oak is most expensive in the Appalachian region. Regional price differences for top quality Red Oak may be in excess of 20 percent.

Red Oak US$ per 1000 Board Foot

Top Quality KD Green

Northern 1608 1290

Appalacian 1488 1165

South 1333 1025

No2 Common

Northern 893 660

Appalacian 840 600

South 770 585

White Oak

Top Quality

Northern 1330 945

Appalacian 1393 1018

South 1215 920

No2 Common

Northern 570 330

Appalacian 598 435



South 573 435
Note: All prices are ex-mill averages as of August 1998 and refer to 1000 board feet, 1-inch thick.
The price development during the past 20 months differed substantially depending upon the species, growing regions, lumber quality, and drying stage. Generally prices advanced at an above average pace in the case of (1) Red Oak, (2) lower quality grades, (3) green lumber, and (4) wood from the Southern region. For instance, Southern Red Oak of No.2 Common quality is now 30 percent more expensive than 20 months ago.
On the other hand, prices for White Oak, above all the upper quality grades, suffered price declines between January of 1997 and now.
The price index for a few selected lumber products is shown below.


If any of your colleagues would like to receive an E-mail copy of our twice monthly market report, please send their E-mail address to:

mjadams@itto.or.jp




World Value of the US Dollar 21st August 1998


































Australia

Dollar

1.7134




Indonesia

Rupiah

11,900.00

Austria

Schilling

12.6275




Ireland

Punt

0.716

Belgium

Franc

37.015




Italy

Lira

1711.1

Bolivia

Boliviano

5.55




Japan

Yen

144.06

Brazil

Real

1.174




Korea, Rep. of

Won

1302.5

Cambodia

Riel

3655




Liberia

Dollar

1

Cameroon

C.F.A.Franc

601.8




Malaysia

Ringgit

4.215

Canada

Dollar

1.532




Myanmar

Kyat

6.5805

Central African Republic

C.F.A.Franc

594.23




Nepal

Rupee

68.325

China

Yuan

8.28




Netherlands

Guilder

2.0245

Colombia

Peso

1393




New Zealand

NZ Dollar

2.0222

Congo D.R

New Zaire

118750




Norway

Krone

7.6935

Congo, People's Rep.

C.F.A.Franc

601.8




Panama

Balboa

1

Cote d'Ivoire

C.F.A.Franc

601.8




Papua New Guinea

Kina

2.2272

Denmark

Krone

6.8368




Peru

New Sol

2.9515

Ecuador

Sucre

5421




Philippines

Peso

42.82

Egypt

Pound

3.425




Portugal

Escudo

183.7

Fiji

Dollar

2.085




Russian Fed.

Ruble

7.005

Finland

Markka

5.457




Spain

Pesata

152.36

France

Franc

6.018




Sweden

Krona

8.1547

Gabon

C.F.A.Franc

601.8




Switzerland

Franc

1.4996

Germany

Mark

1.7948




Thailand

Baht

41.575

Ghana

Cedi

2325




Togo, Rep.

C.F.A.Franc

601.8

Greece

Drachma

302.55




Trinadad and Tobago

Dollar

6.2415

Guyana

Dollar

145




United Kingdom

Pound

0.612

Honduras, Rep.

Lempira

13.5




Venezuala

Bolivar

574.225

India

Rupee

42.585




EU

Ecu

1.0981


Abbreviations
LM Loyale Merchant, a grade of log parcel Cu.m Cubic Metre

FOB Free-on-Board SQ Sawmill Quality

SSQ Select Sawmill Quality KD Kiln Dry

AD Air Dry FAS Sawnwood Grade First and

Boule A Log Sawn Through and Through Second

the boards from one log are bundled WBP Water and Boil Proof

together MR Moisture Resistant

BB/CC Grade B faced and Grade C backed pc per piece

Plywood ea each

MBF 1000 Board Feet BF Board Foot

Sq.Ft Square Foot MDF Medium Density Fibreboard

FFR French Franc F.CFA CFA Franc

Koku 0.278 Cu.m or 120BF   Price has moved up or down

ITTO FELLOWSHIP PROGRAMME GRANTS
ITTO offers grants for training and technology transfer through its fellowship programme to promote human resource development, development of downstream timber industries and institutional strengthening in the forestry sectors of member countries. The priority areas are: Forest Industry; Economic Information and Market Intelligence; and Reforestation and Forest Management. Grants are provided for a variety of activities including: study tours of forests, mills and research institutions; participation in conferences, workshops and training courses; postgraduate programmes (partial tuition grants), not including Ph.D.; short-term research; technology transfer to tropical producer member countries; and preparation of technical documents.
Applications are required to conform with ITTO’s general objectives in respect of sustainable forest management, utilisation and trade and, in particular, the Year 2000 Objective. The grant is a maximum of US$12,000. Only nationals of ITTO member countries are eligible to apply.
A Fellowship Selection Committee appraises applications at the ITTO Council Sessions in May and November/December each year. Applicants should note that grant funded activities should not start until at least one month after the relevant Council Session. The next deadline for applications is 3 September 1998 and this is for activities that can begin in December 1998 at the earliest.
Further details and application forms (in English, French or Spanish) are available from:
Dr. Chisato Aoki, Fellowship Programme, ITTO,

E-mail itto@mail.itto-unet.ocn.ne.jp







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