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International Tropical
Timber Organization
INTERNATIONAL ORGANIZATIONS
CENTER,5TH FLOOR,
PACIFICO-YOKOHAMA1-1-1,
MINATO-MIRAI, NISHI-KU,
YOKOHAMA, 220-0012, JAPAN
[email protected]
Tropical Timber Market Report
1 – 15th February 2004
Contents
International Log Prices
Domestic Log Prices
International Sawnwood Prices
Domestic Sawnwood Prices
International Ply and Veneer Prices
Domestic Ply and Veneer Prices
Other Panel Product Prices
Prices of Added Value Products
Furniture and Parts
Report From Japan
Report From China
Update from France
Report from Holland
Abbreviations and Currencies
Appendix:
Price Trends
Economic Data Sources
p2
p2
p3
p5
p6
p8
p8
P9
p9
p10
p13
p15
p18
p20
HEADLINES
Loreto region a new centre for the Peruvian
timber industry.
Page 2
New campaign, Italian design on tour.
Page 16
Demand for building materials slows in
Japan.
Page 10
Denmark highest furniture export:
production ratio of W Europe. Page 16
Upped freight rates and bunker oil prices hit
importers.
Page 11
Commodity prices up all round. Page 12
Japan's imports slowed in 2003. Page 12
Forecasts of increase in furniture
consumption in France.
Page 15
European Panel Federation optimistic on the
wood-based panels in Europe. Page 17
Dutch trade mulls Malaysian currency peg.
Page 18
Meranti prices under more pressure because
of weaken dollar.
Page 19
1
Myanmar
International Log Prices
Sarawak Log Prices
FOB
Meranti SQ up
small
super small
Keruing SQ up
small
super small
Kapur SQ up
Selangan Batu SQ up
per Cu.m
US$155-165 
US$125-135 
US$95-10% 
US$140-145
US$110-115
US$80-85
US$140-150 
US$140-145
Francophone West African Log Prices
FOB
Afromosia/Assamela
Acajou/N'Gollon
Ayous/Obeche
Azobe
Bibolo/Dibtou
Fromager/Ceiba
Iroko
Limba/Frake
Moabi
Padouk
Sapelli
Sipo/Utile
Tali
Doussie
LM
B BC/C
Euro per Cu.m
381
350
175
152
175
160
106
152
145
114
145
106
114
114
274
228
160
122
107
99
221
198
206
168
259
244
206
259
244
144
129
91
427
335
274
Padauk
No sale
Euro600
Domestic Log Prices
Brazil
Logs at mill yard
Mahogany Ist Grade
Ipe
Jatoba
Guaruba
Mescla(white virola)
per Cu.m
No Sales
US$67
US$43
US$28
US$35
Indonesia
Gabon Okoume
Grade
per Cu.m
CI
US$150
CE
US$122
CS
US$95
QS
US$176
Okoume for China
40% CI, 40% CE, 20% CS
(Free alongside)
Veneer Quality FOB per Hoppus Ton
December
January
2nd Quality
No sale
No sale
3rd Quality
Euro41
No sale
4th Quality
Euro3075
Euro3341 
Teak Logs
Sawing Quality per Hoppus Ton
Grade 1
Average
Euro1985
Euro1941 
Grade 2
Average
Euro1599
Euro1628 
Grade 3
Average
Euro684
Euro618 
Grade 4
Average
Euro1027
Euro957 
Assorted
Euro675
Euro628
US$200
Domestic log prices
Plywood logs
Face Logs
Core logs
Sawlogs (Merantis')
Falkata logs
Rubberwood
Pine
Mahoni
per Cu.m
US$70-80
US$45-60
US$80-90
US$90-95
US$60-62
US$75-80
S$500-515
2
Peninsula Malaysia
International Sawnwood
Francophone West Africa
Logs
Domestic (SQ ex-log yard) per Cu.m
DR Meranti
US$180-185
Balau
US$165-175
Merbau
S$190-200
Rubberwood
US$65-68
Keruing
US$155-165
Ghana
per Cu.m
Wawa
Odum
Ceiba
Chenchen
Mahogany
(Veneer Qual.)
Sapele
Makore
(Veneer Qual.)
US$32-38
US$35-175
US$27-53
US$29-57
US$47-160
US$47-140
FOB
Okoume
FAS GMS
Standard and Better
FAS Fixed Sizes
Sipo
FAS Standard Sizes
FAS Fixed Sizes
Sapelli
FAS
Dibtou
FAS Standard Sizes
FAS Fixed Sizes
Iroko
FAS GMS
Scantlings
Strips
Khaya
FAS GMS
per Cu.m
Euro
266
251
297
640
670
487
381
412
548
487
274
398
US$47-140
Brazil
Peru
Loreto Producers to up Exports
The Loreto region in Peru is becoming an
important centre for the Peruvian timber
industry. Around 12% of the total 2003
wood and timber exports came from Loreto
and the main species exported were Virola
and Marupa for USA and Mexico market.
Although production prospects are good for
Loreto, exporters complain that they are
hampered by shipping opportunities.
Apparently only one vessel serves Loreto's
port and only every two months with
discharge in only Mexico (Tampico) and the
USA (Houston and Port Everglades).
FOB Belem/Paranagua Ports
Export Sawnwood
per Cu.m
Mahogany KD FAS FOB
UK market
no trade
Jatoba Green (dressed) US$540
Cambara KD
US$450
Asian Market(green)
Guaruba
US$243
Angelim pedra US$265
Mandioqueira US$185
Pine (AD)
US$120
3
Malaysia
Exported Products
Sawn Timber
Export(FOB)
per Cu.m
White Meranti A & Up US$295-305
Seraya
Scantlings (75x125 KD) US$540-550
Sepetir Boards
US$175-185
K.Sesendok 25,50mm US$295-305
Ghana
Export lumber, Air Dry FOB
FAS 25-100mmx150mm and up 2.4m and
up
FOB
Afromosia
Asanfina
Ceiba
Dahoma
Edinam
Khaya
Makore
Odum
Sapele
Wawa
Euro per Cu.m
855
480
180
300
360
480
449
580
480
300
Six products accounted for the bulk(93%) of
exports in 2003: sawnwood, mouldings and
flooring, plywood, furniture, veneers and
wooden seats.
The drop in export earnings is as a mainly
the consequence of a reduction in the
amounts of sawnwood exported (-14%)
since sawnwood represents 65% of total
export products. Of this, Mahogany
sawnwood
exports
account
for
approximately 60% of the total sawnwood
exported.
Plywood, mouldings and wood flooring
exports experienced a slight increase
(+5.8%) but not the other processed
products. Furniture, veneer and wooden
seats just managed to maintain the same
export value as the previous year.
For 2004 and 2005 local analysts suggest
that a dramatic drop in export earnings is
likely because of the inclusion of Mahogany
in Appendix III of CITES and that it will
take concerted action by industry and the
government to address the decline in export
earnings in the timber sector.
Exports Where
Peru
2003 was not a good year for the Peruvian
timber and wood product exporters. After 7
years of continuously growing exports
(annual growth rates ranged from 10 to
35%) the figure for 2003 came in at minus
5%.
Exports fell from US$113 million in 2002 to
US$108 millions in 2003 and, according to
some timber companies this negative trend
could well continue if efforts are not made
to reverse the trend.
The USA is still the main market for Peru's
wood products although, for 2003, there was
a drop of 16% in export earnings from the
USA. In second place is Mexico, a market
which grew 10% because of an increase in
export quotas of Virola from the Loreto
region.
China and Hong Kong are ranked third for
export earnings with a surprising growing of
160% year on year. The Dominican
Republic was a strong market but exports
declined in 2003 and Italy became a
significant growth market recording a 57%.
4
For US Market
per Cu.m
Mahogany 1C&B, KD 16%
Central American market US$1150-1190
Mahogany 1C&B, KD 16%
US market
US$1170-1190
Spanish Cedar No.1 C&B,
KD 16%, Central Am. Market
US$620-640
Walnut 1" Thickness,
6' - 11' length
US$620-650
Spanish cedar # 1 C&B,
KD 16% Mexican marketUS$600-625
Pumaquiro 25-50mm AD
Mexican market
US$460-490
Virola 1" to 1 1/2
Thickness, 6' - 8'
length, KD
US$400-430
Lagarto 2" Thickness,
6' - 8' length
US$340-355
Ishpingo 2"
Thickness 6' - 8' length US$365-385
Timber for concrete formwork in
construction, 4418909000 other carpentry
pieces for wood construction.
On December 31st 2003 details were
published on the tariff reductions on imports
from Chile (supreme decree No. 193-2003EF) through which the government
introduced reductions on 1,111 tariff
schedules, some of which included wood
products which were previously taxed at
12%.
Sawnwood (Green ex-mill)
Northern Mills
per Cu.m
Mahogany
No sales
Ipe
US$275
Jatoba
US$201
Southern Mills
Eucalyptus AD
US$100
Pine (KD) First Grade US$131
The new tariff on these items is 7% of the
CIF value of the imported products. Wooden
products included are: 4406100000 Railway
sleepers, 4406900000 The rest of railway
sleepers,
4409101000
Non-assembled
friezes for wood flooring made of conifers,
4409102000 Wood moldings made of
conifers,
4409201000
Non-assembled
friezes for wood flooring made different of
conifers, 4409202000 Wood moldings
different of conifers.
Also included are: 4417009000 Mounts and
handles for tools, 4418100000 Windows,
counter windows and its frames and wood
counter frames, 4418200000 Doors and its
frames and wood lintels, 4418300000 Wood
boards for wood flooring, 4418400000
These tariff reductions are the result of an
agreement between Peru and Chile (ACE-38
Economic Complementation Agreement
1998) whereby both countries agreed a
staggered reduction of tariffs over a 15-year
period to eventually eliminate all the tariff
barriers.
Analysts point out that the Peruvian timber
producers reacted negatively to these
changes especially those dedicated to the
domestic market because they compete
against imported wood products from Chile.
Domestic Sawnwood Prices
Report from Brazil
Report from Indonesia
Sawn timber, ex-mill
Domestic construction material
Kampar
AD 3x12-15x400cm
KD
AD 3x20x400cm
KD
Keruing
AD 3x12-15cmx400
AD 2x20cmx400
AD 3x30cmx400
per cu.m
US$200-210
US$280-290
US$305-315
US$320-330
US$225-230
US$220-225
US$230-235
5
Malaysia
International Plywood and Veneer Price
Indonesia
Sawnwood
per Cu.m
Balau(25&50mm,100mm+)
US$215-225
Kempas50mm by
(75,100&125mm)
US$165-175
Rubberwood
25x75x660mm up
US$215-220
50-75mm Sq.
US$225-235
100mm sq.
US$235-245
Plywood (export, FOB)
MR,
Grade BB/CC
2.7mm
3mm
6mm
per Cu.m
US$250-255
US$220-230
US$160-165
Brazilian Plywood and Veneer
Ghana
FOB Belem/Paranagua Ports
Sawnwood
per Cu.m
50x100mm x 4.8m
Wawa
US$72
Emeri
US$120
Dahoma
US$144
Redwood
US$144
Ofram
US$96
50x75mm x 4.8m
Dahoma
US$160
Redwood
US$128
Ofram
US$96
Emeri
US$115
Peru
per Cu.m
Mahogany
Virola
Spanish Cedar
Catahua
Tornillo
US$1485-1490
US$180-195
US$630
US$172-177
US$347-358
Veneer FOB
White Virola Face
2.5mm
Pine Veneer (C/D)
Mahogany Veneer
0.7mm
Plywood FOB
White Virola (US Market)
5.2mm OV2 (MR)
15mm BB/CC (MR)
For Caribbean countries
White Virola
4mm
12mm
Pine EU market
9mm C/CC (WBP)
15mm C/CC (WBP)
18mm C/CC (WBP)
per Cu.m
US$195
US$145
per Sq.m
No trade
per Cu.m
US$275
US$260
US$330
US$230
US$235
US$225
US$220
Malaysian Plywood
MR Grade BB/CC FOB per Cu.m
2.7mm
US$270-280
3mm
US$225-230
9mm plus
US$185-195
Domestic plywood
3.6mm
12-18mm
US$235-250
US$180-200
6
Ghana
Rotary Veneer
Bombax, Chenchen,
Kyere, Ofram,
Ogea,Otie,Essa
Ceiba
Core Face
1mm+ 1mm+
Euro per Cu.m
290
225
Light Woods B/BB
4mm
6mm
9mm
12mm
15mm
18mm
500
340
290
270
280
245
352
265
250
230
240
230
340
280
The above prices are for full sized panels,
falling sizes minus 15%.
Grade AB/BB would attract a premium of
5%. BB/BB would be 5% less, C/CC would
be 10% less and CC/CC would be 15% less.
Peru
Core Grade 2mm+
Ceiba
Chenchen, Otie, Ogea,
Ofram, Koto, Canarium
per Cu.m
US$300
US$360
Sliced Veneer
Euro per Sq.m
Afromosia
Asanfina
Avodire
Chenchen
Mahogany
Makore
Odum
Face
1.19
1.14
0.92
0.72
1.03
1.01
1.54
Backing
0.69
0.73
0.51
0.44
0.65
0.60
0.92
FOB For Mexican Market
per Cu.m
Copaiba plywood,
two faces sanded,
B/C, 15x4x8mm
US$310-340 
Virola plywood,
two faces sanded,
b/c, 5.2mmx4x8
US$340-370 
Lupuna plywood, treated,
two faces sanded,
5.2mmx4x8
US$300-310 
Lupuna plywood, b/c ,
15mmx4x8
US$295-300 
b/c, 9mmx4x8
US$310-320 
b/c, 12mmx4x8
US$305-315 
c/c 4x8x4
US$320-330 
Veneer Prices
Plywood Prices FOB
Redwoods B/BB Euro per Cu.m
WBP
MR
4mm
560
460
6mm
340
310
9mm
315
290
12mm
300
280
15mm
310
285
18mm
300
275
FOB
Lupuna 2.5mm
Lupuna 4.2mm
Lupuna 1.5mm
per Cu.m
US$195-200 
US$205-215 
US$225-255 
7
Domestic Plywood Prices
Domestic Prices
Ex-mill Southern Region
Blockboard
15mm White Virola Faced
15mm Mahogany Faced
Brazil
Rotary Cut Veneer
(ex-mill Northern Mill)
White Virola Face
White Virola Core
per Cu.m
US$131
US$110
Plywood
(ex-mill Southern Mill)
Grade MR
4mm White Virola
15mm White Virola
4mm Mahogany 1 face
US$269
No Trade
US$167
Indonesia
per Cu.m
US$385
US$283
No trade
Other Panels
per Cu.m
Export Particleboard FOB
9-18mm
US$115-130
Domestic Particleboard
9mm
US$140-150
12-15mm
US$135-140
18mm
US$125-135
Indonesia
Domestic MR plywood
(Jarkarta)
9mm
12mm
18mm
Particleboard
15mm
per Cu.m
per Cu.m
US$185-200
US$175-185
US$170-180
MDF Export (FOB)
12-18mm
US$120-135
MDF Domestic
12-18mm
US$145-165
Peru
Malaysia
Lupuna Plywood
122 x 244 x 4mm BB/CC
122 x 244 x 6mm BB/CC
122 x 244 x 8mm BB/CC
122 x 244 x 10mm BB/CC
122 x 244 x 12mm BB/CC
122 x 244 x 15mm BB/CC
122 x 244 x 18mm BB/CC
per Cu.m
US$410
US$405
US$396
US$388
US$387
US$387
US$386
Particleboard (FOB)
Export
per Cu.m
12mm & above
US$130-140
Domestic
12mm & above US$130-145
MDF (FOB)
per Cu.m
Export 18-22mm
Domestic Price
12-18mm
Other Panel Product Prices
US$180-185
US$180-195
Brazil
FOB Belem/Paranagua Ports
Export Prices
Blockboard 18mm
B/C
Pine
per Cu.m
US$256
8
Peru
Domestic Particleboard Prices
Domestic
per Cu.m
1.83m x 2.44m x 4mm US$302
1.83m x 2.44m x 6mm US$250
1.83m x 2.44m x 8mm US$215
1.83m x 2.44m x 9mm US$211
1.83m x 2.44m x 12mm US$194
Prices of Added Value Products
10x65/75mm
Apa
14.47
Odum
10.18
Hyedua
18.22
Afromosia
13.93
14x70mm
Apa
17.00
Odum
11.00
Hyedua
17.82
Afromosia
17.82
10x50mm/77mm
Apa
10.99
Odum
8.50
Hyedua
13.67
Afromosia
12.59
Indonesia
Peru
Mouldings
per Cu.m
Laminated Boards
Falkata wood
US$295-305
Red Meranti Mouldings
11x68/92mm x 7ft up
Grade A
US$515-525
Grade B
US$430-440
Malaysia
Mouldings (FOB)
per Cu.m
Selagan Batu Decking US$535-545
Red Meranti Mouldings
11x68/92mm x 7ft up
Grade A
US$600-615
Grade B
US$485-500
FOB
per Cu.m
Cabre uva KD S4S
Asian Market
US$800-900
Cumaru KD, S4S,
(Swedish Market)
US$630-645
Cumaru KD, S4S,
(Asian Market)
US$555-585
Pumaquiro KD # 1, C&B
(Mexican market)
US$465-480
Quinilla KD 12%, S4S
20mmx100mmx620mm
(Asian market)
US$575-585
Furniture and Parts
Malaysia
Ghana
Parquet Flooring
10x60x300mm
FOB
Euro per Sq.m
Apa
12.00
Odum
7.80
Hyedua
13.67
Afromosia
13.72
Semi-finished
FOB each
Dining table
Solid rubberwood laminated top 3' x 5'
with extension leaf
US$21.5-22.5ea
As above, Oak Veneer US$31-33ea
Windsor Chair
US$8-9.0ea
Colonial Chair
US$11.5-12.5ea
Queen Anne Chair (with soft seat)
without arm
US$13-14ea
with arm
US$17.0-18ea
9
Rubberwood Chair Seat
27x430x500mm
US$2.35-2.50ea
Rubberwood Tabletop per Cu.m FOB
22x760x1220mm
sanded and edge profiled
Top Grade
US$520-530
Standard
US$475-485
Brazil
For 2003, Brazil exported US$572.0 million
of wooden furniture 24.9% more than in
2002.
FOB Belem/Paranagua Ports
Edge Glued Pine Panel per Cu.m
for Korea 1st Grade
US$480
US Market
US$442
Decking Boards
Cambara
US$640
Ipe
US$900
Report From Japan
First increase in 3 Years
Total new housing starts in 2003 were
1,160,083 units, 0.8% higher than 2002 and
this is the first year-on-year increase in three
years. Wood frame units increased by 3.9%
to 523,192, which was the first gain after
four years. The Japan Lumber Journal
suggests that a boost was given to starts
before the special tax break measures on
housing loan interest expired. Housing starts
were particularly strong in the heavily
populated Tokyo metropolitan area.
December's housing starts came in at
100,826, 9.4% higher than the same month a
year ago.
Preferential Duty
The Japanese government is reported as
having made changes in the rules for
preferential
duties
following
the
enlargement plans in the EU.
Eight
countries including Baltic and some Eastern
European countries will join the European
Union from May this year. Those countries
which join the EU will be excluded from the
preferential duties previously applied. From
May 1, 2004, Estonia, Slovakia, Czech,
Hungary, Poland, Malta, Latvia and
Lithuania no longer enjoy the preferential
duties on the imports.
The majority of European softwood
products coming to Japan are either
Whitewood or Red pine, and a 4.8-6.0%
import duty will be imposed on these
species for the products with thickness of
160 mm or less. The countries to which the
preferential duties applied enjoyed duty free
entry to the Japanese market.
Building materials demand
The demand for building materials is
slowing down to levels seen last summer
after a short boom in October and
November. Even though the tax break
measures on housing loan interest have been
extended until the end of this year the
impact is on the market in the medium term
has been slight. Some analysts expect a
recovery in the second half of the year but
the rapid decline in demand has
disappointed suppliers. The only relief is
that prices for building materials are holding
up despite the drop in demand. Analysts
point out that while the cost of import panel
products has fallen because of the stronger
yen, offers from overseas manufacturers are
still a bit limited so supply is on tighter side.
Also, exporters are pushing up FOB prices.
Particleboard
The demand for decorative boards for
kitchen cabinet and other panel items is
reported as only steady. While the demand
for new houses in recent months has been
down demand for remodelling work is
growing steadily. The demand for flooring
panels is also reported as steady through
10
February although sales are off the peak
period of last October.
Fire
damage
at
Taihei
Industry's
particleboard plant in early February
resulted in lost production so other
manufacturers benefited. This fire reduced
the supply of particleboard by about 7% but
prices remained unchanged despite the
temporary supply disruption. This was
because the trade expects the demand during
the spring and summer to slow meaning that
the supply and demand seems to be
balancing out.
MDF demand firm
The MDF market is reporting steady
demand for both thick and thin products.
Demand in the furniture sector is down as
many Japanese furniture manufacturers have
moved their plants overseas. Thin MDF is
gradually taking over the market once the
domain of thin tropical hardwood plywood
because MDF is competitively priced and
because of perceived thin plywood supply
problems.
Domestic MDF manufacturers are running
at full capacity but overall production rates
are down because producing F 4star
products lowers productivity rates. Imports
of MDF have not been increasing because
exporters have turned to other markets
willingly take lower grades so overseas
MDF are not bothering to produce much F
4star for Japan. In short, the supply of MDF
has been tight from both domestic and
overseas manufacturers.
Log price negotiations resumed after the
Chinese New Year holidays in Malaysia but
with bullish suppliers and bearish Japanese
buyers little progress has been made as yet.
Japanese plywood mills keep a close eye on
the supply of imported plywood and are
generally trying to keep their log inventories
down to the minimum while waiting for
better logging weather in Sarawak. Once the
weather improves there will be more log
production and mills feel no need at present
to rush in and buy high priced logs. The log
importers in Japan had asked for a yen 100
per koku price rise for logs from plywood
mills in January but, since the yen
strengthened against the dollar, the market
prices remain unchanged.
In late January, Sarawak Meranti Regular
prices on the local market were at about yen
5,250 per koku and Meranti Small prices
were about yen 4,400 with Super Small at
between yen 3,900- 4,000.
Super Small Mixed Light Hardwoods were
selling at about yen 3,300 while Kapur
prices stayed at the high levels seen recently
because of limited available and analysts
talk of prices at yen 6,300 per koku. All
imported
products
are
experiencing
escalating ocean freight costs which is
another cost-push factor driving up the costs
of importing.
Rising ship charter rates and rising bunker
oil prices are two reasons for the freight
increases but also space availability is
reported as very tight particularly as steel
exports from Japan to South East Asian
countries is currently very brisk.
Tropical Logs
Japanese wholesale prices remain flat and in
Sarawak, the main supplier of tropical logs
to Japan, heavy rain over the past weeks has
slowed production. The exporters are bullish
because of the limited logs on hand and are
pushing up FOB prices for all species and
grades.
Shipping companies are reportedly asking
for a US$3-4 per cubic metre increase in
freight costs for March for Sarawak loadings
(one port loading and two ports discharging
with full load
PNG freight (two ports loading and three
ports discharging) is quoted at about US$35
per cubic metre but there are very little ships
to and from PNG.
11
Plywood import in 2003
Total plywood imports in 2003 was
4,575,000 cubic metres, 8.3% less than in
2002. 2003 is the first year when total
plywood imports fell below 4,600,000 cubic
metres since 1998. The volume of plywood
from Indonesia fell largely because mills
were slow to adapt to the revised JAS rules.
On the other hand, Malaysia responded
quickly and with increased volumes. In fact,
Malaysia boosted its export by 5% to
1,848,000 cubic metres, which was a record
high. Indonesian exports dropped
17% to 2,241,000 cubic metres. When the
new JAS rules were introduced in June last
year, only six mills could deal with the
revised rules in Indonesia.
China's plywood exports to Japan were up
1.3% to 273,000 cubic metres in 2003. But
Canada's exports showed a decline of 28%
to only 73,800 cubic metres largely because
of strong demand in the US market last year.
The strong demand in the US resulted in
higher prices for Japan as well as the limited
offers.
back into growth but the sector is not
expecting too much of a change here and is
looking at the demand for remodeling
(including extensions) for its real growth.
The Japanese economy has still not shed
deflation yet and it remains to be seen how
the Japanese market will adapt to the soaring
prices of imports of wood products.
Logs For Plywood Manufacturing
CIF Price
Yen per Koku
Meranti (Hill, Sarawak)
Medium Mixed
5,200
Meranti (Hill, Sarawak)
STD Mixed
5,250
Meranti (Hill, Sarawak)
Small Lot
(SM60%, SSM40%)
4,100
Taun, Calophyllum (PNG)
and others
4,500
Mixed Light Hardwood
(PNG G3-G5 grade)
3,800
Okoume (Gabon)
6,800
Keruing (Sarawak)
Medium MQ & up
7,000
Kapur (Sarawak) Medium
MQ & up
6,400
Commodity Prices up all round
Against the background of the recent rapid
decline in the value of the dollar against
world currencies and the surging Chinese
wood consumption, as well as the increases
in ocean freight costs, something unusual is
happening in Japan. Prices for imported
wood product from all sources are
increasing to a point far beyond levels which
fundamental demand in Japan would
indicate.
In contrast to the past times of the oil shocks
of 1973 and the problems with wood supply
in the early 1990's, the current drama in the
market for wood products has its roots in a
mix of factors which could continue to
impact the Japanese market for some time.
There are some sign of a recovery in the
Japanese economy, but the recovery is still
only tentative and is by no means strong.
New housing starts appear to be clawing
Logs For Sawmilling
FOB Price
Melapi (Sarawak)
Select
Agathis (Sarawak)
Select
Yen per Koku
8,800
8,600
Lumber FOB Price Yen per Cu.m
White Seraya (Sabah)
24x150mm, 4m
1st grade
105,000
Mixed Seraya
24x48mm,
1.8-4m, S2S
42,000
For more information on the Japanese market
please see www.n-mokuzai.com
12
Report from China
Imports Slow in 2003
According to the latest statistics from
China's Customs, in 2003 log imports
totaled 25.46 million cubic metres valued at
US$2.447 billion, a year on year increase of
4.6% in volume and 14.6% in value.
However the rate of growth of log imports
fell by around 40% in volume over the
previous year.
In 2003 China's sawnwood imports have
been reported by Customs as 5.5117 million
cubic metres valued at US$ 1.19 billion, a
year on year increase of 2.1% in volume and
2.7% in value. But, as for logs, the rate of
growth in sawnwood imports fell by 31%
compared to the previous year. However,
China's plywood imports enjoyed rapid
growth and amounted to 800 000 cubic
metres worth of US$ 355 million, a year on
year increase of 25% in volume and 37% in
value, a significant change on recent trends.
However the survey also showed that some
problems still exist with too many cases of
over-cutting and the State Forestry
Administration
criticized
some
administrations which they concluded had
allowed logging limits to be exceeded.
Standard for Wood Frame Design
It has been reported that a national standard
for Wood Frame Design (Specification
GB50005-2003) has been adopted aimed at
standardizing and guiding wood frame
timber and design requirements. The new
standard is reported as effective as of
January 1, 2004.
The new specification, which was jointly
issued by Ministry of Construction and State
Bureau of Quality Supervision, Inspection
and Quarantine, covers guiding principles
for wood frame construction and design.
The China Office of the American Forest &
Paper Association (AF&PA) was involved
in the process of planning the new
specification.
Survey on Logging Limits
In order to strengthen log harvesting
controls, the State Forestry Administration
recently investigated implementation of the
2002 logging limits in major provinces.
The result of the inspection showed that in
the areas examined, total harvest volume
had not exceeded logging limits. The total
volume of actual logging was 3.30 million
cubic metres in the areas examined and
accounted for 65% of the allowable limit.
There were individual instances of overlogging representing 6.5% of inspected areas
but this was on the previous year. The
survey concluded that the volume of
commercial forest logging did not exceed
that of planned timber production plan as a
whole. The survey also concluded that the
level of logging management had improved
considerably.
The group that developed the new standard
has apparently begun to draft a "Wood
Frame Design Manual" which is a
supplement to the wood frame design and
construction specification. This could be
published in the second half of 2004 say
local analysts.
Both initiatives coincide with the launching
of programmes for the 2008 Beijing
Olympics and 2010 Shanghai World Expo,
and are consistent with efforts to deliver
high standard housing. Matthew Brady,
General Manager of the AF&PA office in
China is on record as saying that the new
specification will provide new choices for
China's consumers in terms of housing and
interior decoration and will help in
improving living standards.
GDP Details
China's gross domestic product (GDP) in
2003 hit yuan 11.6694 trillion (US$1.414
13
trillion), up 9.1 per cent over the previous
year. The rise in GDP represented the
highest growth since 1997, according to
preliminary estimates from Li Deshui,
Director of China's National Bureau of
Statistics (NBS).
Per capita GDP broke new highs at
US$1,090, indicating that China's economic
development has entered a new era. This
achievement was a hard-won success after
the outbreak of SARS and several natural
disasters. Per capita incomes of rural
residents was recorded at came to yuan 2
622, a year on year increase of 4.3%.
In 2003 the value-added by primary
industries was yuan 1725 billion. The valueadded by the secondary industies came to
yuan 6177.8 billion or 2.7 percentage higher
than 2002. The equivalent for the tertiary
industries stood at yuan 3566.9 billion or 0.8
percentage lower than 2002.
It was the strong growth of industrial
production that contributed to national
economic development. The country's fixed
asset investment grew by 26.7 % to yuan
5511.8 billion and it is this rapid growth of
investment that has been the main driving
force for economic development.
Guangzhou City Imported Timber Market
Logs
Yuan per Cu.m
Radiata
Logs 6m 26cmdia
760-780 
Luan Logs
1450-1600 
Merbau 6m 60cm dia 1800-2400 
Kapur/Keruing
60cm+ dia
1600
Beech 30cm Veneer Qual. 1850 
Teak
50cm+ dia
7550-14800 
Less than 50cm dia
6500-7000
Sawnwood
Teak Boards
Maple 2"KD
Cherry 2"
Yuan per Cu.m
7800-14500
7500-7900
12550-14500
Plywood
Plywood 3mm
Yuan per sheet
22-33 
Shanghai Furen Wholesale Market
Logs
Tamalan (Laos)
Africab Black Wood
Paduk
Yuan per Cu.m
5300-5500
11000-13000
15000-22000
Sawnwood
Keruing
Beech KD
Cherry
Oak 5cm
Teak
Tamalan
Sapele
Manchurian Ash
yuan per Cu.m
3300
3900-5400 
13800
4700-9000 
9500-13000
6600
6300 
3300
Hebei Shijiangzhuang Wholesale Market
Logs
Korean Pine
4m 38cm dia
Mongolian Scots Pine
4m 30+cm dia
6m 30+cm dia
Yuan per Cu.m
1350 
800-830 
800-925 
Sawnwood
Mongolian Scots Pine
4m 5-6cm thick
1150 
4m 10cm thick
1100-1150 
Plywood
Yuan per sheet
Indian Panel 1220x2440
24
Malaysian Panel 1220x2440
21
14
Jiangsu Xuzhou Wholesale Market
Logs
Yuan per Cu.m
Manchurian ash
4m 30+cm dia
1780-2000
Mongolian Scots Pine
6m 24+ cm
850-100
Sawnwood
Mangolian Scots Pine
4m 4-6cm
Lauan plywood
1220x2440
3mm
7mm
9mm
11mm
1050
Yuan per sheet
15-36
21-32
30-45
38-55
For information on China's forestry try:
www.forestry.ac.cn
A Update from France
The Banque of France has recently revised
the economic growth rate for the country
and is now expecting that the initial forecast
will be exceeded by 0,3% resulting a growth
of 0,7% for the first quarter. With regard to
the furniture sector, the "World Furniture
Outlook 2004" by CSIL forecasts an
increase in furniture consumption by +2%
for France (it was -1% in 2003).
France is fourth largest furniture producer in
Europe and accounts for a share of 10% of
total European production. France is the
third largest furniture trading country in
Europe with main significant market share
in Germany, Spain, Belgium and the UK.
French furniture imports come mainly from
Italy, followed by Germany, Belgium and
Spain. 2003 saw an increasing share of
imported wood furniture from Brazil.
In respect of furniture consumption France
the fourth largest in Europe but annual per
capita furniture consumption is only Euro
155, well below the European of Euro 188.
Consumer Attitudes
According recent consumer analysis, French
consumers have been facing a negative
economic scenario with uncertainties at the
socio-political level. However, despite the
past gloomy outlook French consumers
consider the general situation of the country
in line with the European average and they
show "no illusions and no despair". In
general French consumers are reported as
trusting in the European Union, although
over 50% in a survey said the switch to the
Euor brought considerable inconvenience.
The same analytical report says French and
Belgians are what it terms "happy
consumers", since they consider buying a
pleasure (93% of the statistical sample). But,
the report says, they fear "temptations" and
appear to be more impulsive buyers than the
average European consumer.
It was clear from the analysis that French
consumers prefer to buy French products
and are quick to change purchasing locations
when unsatisfied. With regard to purchasing
on the Internet, French consumers are
reportedly still showing a low degree of
interest in this form of purchasing.
Meeting Point Paris
The International Furniture Fair "Salon du
Meuble de Paris" (8-12 January) opened the
2004 furniture fair season with a new face.
The fair organisers created four "Grand
Marché"
nodes
where
furniture
manufacturers and distributors could meet
and discuss business. This year's fair was
attended by a selection of exhibitors who
were particularly innovative in terms of
products, price positioning the development
of a strategy for the competitive European
market. The styles ranged from "Jeune
Habitat" (Young Living) to top-end
contemporary, including: classic, modern,
mass market furniture and bedding.
There were two other groups where the
atmosphere and image of la "Metropole
15
2004" is the future was dominant, while the
"Ville-Age" put an accent on classic and the
art of decoration "French style".
News from other European countries
Company News
"Italian Design on Tour" is the selection,
certfication and promotion of best Italian
design products, under the patronage of the
Italian Ministery of Culture in collaboration
with the Design Museum in Milan. A
specialist group will evaluate the 100 most
interesting designed products for a tour
during 2004 and 2005, thus giving these
products great visibility and representing a
new opportunity for the Italian designs. The
new I.DoT project 2004-2005 will travel to
New York, Chicago, London, Berlin,
Prague, Madrid, Bombay and Tokyo.
Cassina in Paris
The Italian manufacturer of upper-end
designer furniture, Cassina, has moved from
its "historical" location in Paris on the R.
Droite to a brand new showroom on the R.
Gauche, in the heart of the Latin Quarter.
French consumers welcomed the opening of
this 640 sq.m. large showroom, where glass,
crystal, steel, resin and wood blend perfectly
to form an attractive layout full of light and
space. The location was designed by Piero
Lisson and will host furniture collections by
Cassina and Alias and will house a
documentation section and be suitable for
temporary events and exhibitions.
Vitra presents
The English designer Jasper Morrison was
the guest at the presentation of the new
office furniture system " ATM " at the Vitra
showroom in Paris. ATM, which means
Advanced Table Module, roots its design in
the "collective common sense", that is to
say: a functional, essential, transformable,
integrated office system with options for
storage and organisation as well a full range
of accessories and a new system to deal with
cables.
Conforama Goes East
Conforama, a leading French furnishing
retailer wants to further strengthen its
presence outside France where the group
already accounts for over 30% of total sales.
With a strong development strategy in mind,
Conforama's Italian brand Emmezeta (17
stores in Italy) opened a new outlet in Split,
which represents the third store of the group
in Croatia. With a total floor space 9000 sq.
m., the new store has some 190 employees
and is located in the largest trade centre of
the Dalmatian region.
Italian Design on Tour
Wenig Expands
The Weinig Group, the number one German
manufacturer of woodworking machines for
solid wood processing acquired a 70% share
of the US company Control Logic Inc., a
specialist in software solutions for wood
optimising
processes
and
scanner
technology. The company boasts a leading
position on the North American market. A
noticeable increase in business is expected
from this acquisition. Weinig, with its head
office in Tauberbishofsheim, Germany has a
production plant in China and subsidiaries in
UK, Sweden, Singapore, Australia and
Japan.
Danish Exports
According to the CSIL Multiclient Report
"The furniture industry in Western Europe",
Denmark is a small player in furniture sector
except where exports are concerned as here
it is the fourth ranked exporter in Western
Europe, it is also the sixth largest furniture
producer.
In fact, Denmark has the highest
export/production ratio of Western European
countries at 84% and also the highest
exports and production per capita in the
furniture sector. Denmark also has the
16
second largest balance of trade surplus after
Italy.
The Western European market absorb 85%
of Danish exports and the major markets for
Danish furniture remaina Germany, which
absorbs 30% of total exports. According to
data from the Association of Danish
Furniture Industry, furniture exports to
Germany increased a further 1% in 2003
over 2002.
In order to maintain its leading position in
the German market, a group of 40 Danish
furniture manufacturers attended the
furniture fair "imm cologne" in January
2004. Over recent years there has been a
particularly significant increase in furniture
exports to the United Kingdom also.
Nordic countries absorb 18% of Danish
exports, half of which are consumed in
Sweden and Norway.
Optimism in Panel Sector
According to the European Panel Federation
(EPF) members are finding reasons to be
more optimistic on the wood-based panels
industry in Europe. Since 2000, EU GDP
growth has been falling but now the forecast
for 2004 point to a recovery and a return to
higher growth of as much as 2%,
accelerating to 2.4% in 2005.
The year 2004 is expected to see renewed
economic growth and regained consumer
confidence, supporting a recovery of the
construction and furniture markets. The
resulting demand for wood-based panels
will bring further innovation in the
production and application of particleboard,
MDF and OSB says the EPF. MDF and
OSB could well be at the forefront of the
market, while particleboard industries could
reaffirm their leading positioning in Europe.
News from the UK
The Bank of England has raised the interest
rates and the forecasts are for the rate to
reach 5% by year end. House prices which
have risen sharply over the past 3 years
continue to rise but more slowly.
The increases in taxation levels in the UK
are said to be well ahead of inflation and
analysts fear that in the not to distant future
consumer spending, especially on household
furniture make take a hit.
Tropical hardwood importers are as analysts
say "keeping their heads down" as tropical
forest devastation stories fill the newspapers.
Log Prices in the UK
FOB
plus commission
Sapele 80cm+LM-C
Iroko 80cm+LM-C
N'Gollon70cm+ LM-C
Ayous 80cm+LM-C
per Cu.m
Euro 245-255
Euro 315-325
Euro 205-215
Euro 200-215
UK Sawnwood Prices
FOB plus Commission
per Cu.m
Brazilian Mahogany FAS
Teak 1st Quality 1"x8"x8' Stg2035-2350
Tulipwood FAS 25mm Stg340-355
Cedro FAS 25mm
Stg425
DR Meranti Sel/Btr 25mm Stg325-350Keruing Std/Btr 25mm
Stg240-260
SapeleFAS 25mm
Stg335-345
Iroko FAS 25mm
Stg410-440
Khaya FAS 25mm
Stg355-370
Utile FAS 25mm
Stg400-415 
Wawa No1. C&S 25mm Stg210-215
17
Plywood and MDF in the UK
CIF
per Cu.m
Brazilian WBP BB/CC 6mm US$500
" Mahogany 6mm
When last available
US$1265
Indonesian WBP 6mm
US$460-500
Eire, MDF BS1142
12mm
per 10 Sq.m CIF
Stg35.35
For more information on the trends in the UK
market please see www.ttjonline.com
Report from Holland
Holiday Lull Still
Netherlands' trade in Dark Red Meranti and
Merbau with Malaysia during the first half
of February was very much influenced by
the Chinese New Year festive holidays in
Malaysia. As a result, only a handful of
offers were received by Dutch importers,
just about matching the sporadic enquiries
by some importers.
It is generally expected by the trade that this
quiet situation will linger on for at least the
coming weeks. The stock/unsold position
held by exporters is reportedly on the low
side but this will not impact much as the
buying interest amongst Dutch importers is
equally low as it has been for many months.
This also applies to those countries that have
a fixed exchange rate with the dollar.
In this respect it came as some relief to the
Dutch timber trade when the Governor of
the Malaysian Central Bank (Bank Negara)
announced that, for the time being anyway,
there would be no changes in the current peg
of Malaysian ringgit to the dollar. As a
result of the peg, the current low dollar is a
stimulant for Malaysian exports.
Importers in Holland are, of course, happy
that the peg does not change at the moment.
Should the exchange rate be amended from
its current 3,8 Ringgit into US$ 1 by say
(some even speculate 20%) the rate would
change, for example, to 3,25 to US$ 1 and
the consequence of that would be an
overnight increase in timber prices by the
same proportion.
The following example illustrates the
impact. Suppose that importers have
unshipped outstanding orders with exporters
for say KD Dark Red Bukit 3 x 5" PHND at
USD980 per ton CNF Rotterdam. The
exporter would get USD 980 x MYR 3,8 =
MYR 3724 per ton. In the event that the
exchange rate were to change to MYR 3,25
the CNF Rotterdam-price would increase to
3724/3,25 = USD 1146, meaning that, on
unshipped positions, the importers would
have to find USD 166 per ton extra for the
trade.
The demand is simply not there and
importers say "why put something in the
pipeline if there is no certainty whatsoever
that a parcel can be sold". The current
landed stock in Holland is said to be more
than enough to cater for the current weak
demand in Dark red Meranti and importers
do not want to risk any currency risk
through an advanced purchase.
A change now could, say analysts, create a
messy situation and the question would be
"are retailers/endusers in Holland willing to
absorb higher prices?" or would they simply
cancel orders to avoid the surcharge. The
current 'no change' from Bank Negara is not
seen as an indication that the rate will not
change.
Ringgit Peg Held
Ecomonic Woes
Efforts to halt the decline of the US dollar
versus the Euro have come to nothing so far
and the US is certainly not eager to see a
stronger dollar, as their exports would be hit.
The Dutch Finance Minister is on record as
saying that, even though there are signs of a
global recovery, the economic situation in
the Netherlands is still worrying. Apparently
18
the country is close to, if not already at, the
EU 3% deficit allowance. France and
Germany have already passed this 3% limit
which forms part of the Euro-stability pact
agreement. That France and Germany were
not penalized as called for in the agreement
drew some criticism from Dutch politicians
but now Holland is also in the 'danger-zone'.
This situation means that further budget-cuts
and various tax increases seem unavoidable
and that will hurt consumers after three
earlier hefty rounds of budget cuts. People in
Holland know they will have to tighten their
belts further and this will undoubtedly result
in less spending as everything becomes
more expensive and there is less money to
spend.
Price Trends
As reported earlier, due to the current low
price in the market for Dark Red Meranti
Bukit in common sizes such as 2.1/2x3.1/2"
and 3x5", it is extremely hard to sell Sapelli
or even African Mahogany. Prices for DRM
remain constantly under downward pressure
because of stagnant sales and the lack of
cashflow that may drive some traders to try
and push some sales.
The development of the sales price in
Holland for DRM is also under pressure
because of the falling USD (at the moment
the rate is US$1,287 to the euro) and the
forecast is that the dollar may come down
further
months, there is not much to offer and what
is being offered is offered at very firm
prices. What is seen is that prices CNF basis
Rotterdam for most items have slightly
increased. Notably also, freight rate
increases will to further price increases.
Some shipping companies have indeed
announced that, later this month, the freight
will be raised by USD 10 per cubic metre.
Prices CNF Rotterdam per ton of 50 cu ft
Malaysian DRM Bukit
KD Sel.Bet PHND in 3x5"
US$980 
Malaysian Nemesu KD
Sel & Btr PHND 3"x5" in short supply
Indonesian DRM Bukit
KD Sel.Bet PHND in 3x5"
US$955 
Malaysian DRM Seraya
KD Sel.Bet PHND in 3x5" US$995-1000 
Indonesian DRM Seraya
KD Sel.Bet PHND in 3x5"
(no stocks)
MTCC Certified KD Seraya
Sel&Btr PHND 3x5
US$1010 
Merbau KD
Sel.Bet Sapfree in 3x5"
US$1020
All based on container shipment at US$2050
per G.P. 40 ft. box. Freight variation for
buyers account. Merbau shipment is now
based on container loading due to the hugh
breakbulk freight increase of Malaysian
Ringgit 80/ton.
In this situation should there be an enquiry
in the market Dutch importers/traders attack
like hungry wolves and in this buyers'
market the prospective can play out the
eager traders. Deliberate delays and
renegotiations while pushing stories of even
cheaper offers are all strategies used to get
the traders to try and outbid each other with
lower prices just to get the order.
This is truly difficult market situation, in
sharp contrast with the situation at the
supply-side in Malaysia where, as a result of
the slow supply and production in recent
19
Dollar Exchange Rates 6th February 2004
Australia
Dollar
1.3
Japan
Yen
105.46
Bolivia
Boliviano
7.86
Korea, Rep. of
Won
1168
Brazil
Real
2.93
Liberia
Dollar
1
Cambodia
Riel
3990
Malaysia
Ringgit
3.8
Cameroon
C.F.A.Franc
516.42
Myanmar
Kyat
6.42
Canada
Dollar
1.34
Nepal
Rupee
73
CAR
C.F.A.Franc
516.42
New Zealand
NZ Dollar
1.44
China
Yuan
8.28
Nigeria
Naira
136
Colombia
Peso
2759.0
Norway
Krone
6.89
Congo D.R
C.F.A Franc
516.42
Panama
Balboa
1
Congo, P. Rep. C.F.A.Franc
516.42
Papua New Guinea
Kina
3.18
Cote d'Ivoire
C.F.A.Franc
516.42
Peru
New Sol
3.49
Denmark
Krone
5.87
Philippines
Peso
55.93
Ecuador
dollar
1
Russian Fed.
Ruble
28.53
Egypt
Pound
6.17
Surinam
Guilder
2515.0
EU
Euro
0.79
Sweden
Krona
7.18
Fiji
Dollar
1.69
Switzerland
Franc
1.23
Gabon
C.F.A.Franc
516.42
Thailand
Baht
38.14
Ghana
Cedi
8858.0
Togo, Rep.
C.F.A.Franc 516.42
Guyana
Dollar
179
Trinidad and Tobago
Dollar
6.15
Honduras, Rep. Lempira
17.83
United Kingdom
Pound
0.54
India
Rupee
45.29
Vanuatu
Vatu
110
Indonesia
Rupiah
8460
Venezuela
Bolivar
1597
Abbreviations
LM
Loyale Merchant, a grade of log parcel
QS
CI
CE
CS
Qualite Superieure
Choix Industriel
Choix Economique
Choix Supplimentaire
FOB
KD
AD
Boule
Free-on-Board
Kiln Dry
Air Dry
A Log Sawn Through and Through
the boards from one log are bundled
together
BB/CC Grade B faced and Grade C backed
Plywood
BF
Board Foot
Sq.Ft Square Foot
Cu.m
Koku
FFR
SQ
SSQ
FAS
Cubic Metre
0.278 Cu.m or 120BF
French Franc
Sawmill Quality
Select Sawmill Quality
Sawnwood Grade First and
Second
WBP Water and Boil Proof
MR
Moisture Resistant
pc
per piece
ea
each
MBF 1000 Board Feet
MDF Medium Density Fibreboard
F.CFA CFA Franc

Price has moved up or down
20
Appendix 1
Tropical Timber Product Price Trends
Tropical Log FOB Price Trends
180
160
120
100
80
60
40
20
Meranti SQ & Up
Keruing SQ & Up
African Mahogany L-MC
Obeche L-MC
Sapele L-MC
Iroko L-MC
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2003
Dec
Jan
2004
Meranti and Keruing Log FOB price Trends
85
Price Index (Jan 1997=100)
80
75
70
65
60
55
Meranti SQ & Up
50
Keruing SQ & Up
45
40
Feb
Mar
Apr
May Jun
Jul
Aug Sep
Oct
Nov Dec
2003
Jan
2004
W. African Log FOB price Trends
180
Price Index (Jan 1997=100)
Price Index (Jan 1997=100)
140
160
140
120
100
80
60
African Mahogany L-MC
40
Obeche L-MC
20
Iroko L-MC
0
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2003
2004
21
Tropical sawnwood FOB Price Trends
160
120
100
80
60
40
Meranti
Sapele
Iroko
20
khaya
Utile
Wawa
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2003
Dec
Jan
2004
Dark Red Meranti Sel & Btr FOB Price Trends
94
Price Index (Jan 1997=100)
92
90
88
86
84
82
80
Feb
Mar
Mar
May
Jun
Jul
Aug
Sep
Oct
Nov
2003
Dec
Jan
2004
African Mahogany FAS 25mm FOB Price Trends
120
115
Price Index (Jan 1997=100)
Price Index (Jan 1997=100)
140
110
105
100
95
90
85
80
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2004
22
Other W. African Sawnwood FAS 25mm FOB Price Trends
Price Index (Jan 1997=100)
160
140
120
100
Wawa
80
Sapele
60
Iroko
40
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec Jan
2003
2004
Tropical Plywood FOB Price Trends
90
80
60
50
40
30
Indonesian 2.7mm
Indonesian 6mm
Brazilian Virola 5.2mm
Brazilian Pine 9mm
Malaysian 2.7mm
Malaysian 9mm
20
10
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2003
Dec
Jan
2004
Indonesian Plywood FOB Price Trends
60
Price Index (Jan 1997=100)
Price Index (Jan 1997=100)
70
55
50
45
40
Indonesian 2.7mm
Indonesian 6mm
35
30
Feb
Mar
Apr
May
Jun Jul
2003
Aug
Sep
Oct
Nov
Dec Jan
2004
23
Malaysian Plywood FOB Price Trends
Price Index (Jan 1997=100)
65
60
Malaysian 2.7mm
Malaysian 9mm
55
50
45
40
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec Jan
2003
2004
Brazilian Plywood FOB Price Trends
90
Price Index (Jan 1997=100)
85
80
Virola 5.2mm
75
Pine 9mm
70
65
60
55
50
45
40
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec Jan
2003 2004
Some Sources of Statistical and Economic Data
ITTO Annual Review
www.itto.or.jp/inside/review2002/index.html
International Trade Centre
www.intracen.org
UN/FAO
www.fao.org/forestry
Eurostat
http//europa.eu.int/comm/eurostat
IMF
www.imf.org
World Bank
www.worldbank.org
EUROCONSTRUCT
www.euroconstruct.com
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