China: Soft log demand in July, market outlook gloomy

Log demand has softened in China during July with some nervousness around August pricing. Wet weather events are causing a drop in log demand while the underlying problem of high local government debt and low consumer spending levels continue to create a pessimistic market. China radiata pine log inventory is about 2.7m m3 and log demand is drifting along at about 55k m3 per day. Rain and wet conditions in Northern China have reduced activity. The modest increases expected in log prices in July were hard to come by.  Even as CFR prices for imported logs were rising ...