Asian Market Settles as Forecast Slowdown Fails to Take Hold
From Timber Trade Journal: After a slight blip late last year, the market has stabilised and shippers are resisting pressure from UK and European buyers to reduce prices
- A light flurry of log prices late last year has settled as the yen has stabilised against the US dollar.
- The weather in Sarawak has been poor for logging and Chinese New Year is also likely to reduce activity.
- Higher freight rates, fuel costs and currency surcharges are not encouraging European buyers to close new business.
- Shippers are resisting UK and European pressure to reduce lumber prices.
- Strong demand from China and Vietnam has kept some log prices firm.