China softwood log inventory declines as construction outlook and pricing challenges persist

China softwood log inventory has dropped to about 3m m3 with radiata pine from New Zealand accounting for about 2.75 m3. Port off-take has remained steady ranging round 70k per day. Usually construction activity drops 10-15% in the hotter months of June to August. Most commentators think we won’t see such a significant drop this year, as construction is already at a lower yet consistent level. There is also low inventory through the supply chain, so daily port offtake won't drop at the same rate as productivity. The CFR price for A grade radiata ...