Prepared by Glary NZ Market Insights
Market Overview
The Asia-Pacific log market produced a more constructive signal during the second week of September: Chinese imported log inventories continued to decline even as vessel arrivals increased.
Daily port offtake moved close to 60,000m³ per day on some published industry measures, approaching a level associated with healthier seasonal consumption. This was an improvement from August, when much of the market’s strength could be attributed to restricted supply and logistics.
New Zealand Radiata Pine export pricing remained firm. Mainstream September CFR China business was generally confirmed around US$127–130/JAS, while selected exporter business reached materially higher levels. The higher transactions were considered supplier-specific or upper-end business rather than the benchmark for the whole market.
The overall picture was becoming more balanced: supply remained disciplined, while demand was beginning to contribute more visibly to market support.
China Inventories Remain Controlled
Published industry measures indicated that imported log inventories remained low despite increased arrivals. The direction was broadly consistent: incoming cargoes were being met by stronger port offtake, preventing a broad inventory build.
Earlier in the market cycle, lower stocks could largely be explained by limited supply. September began to show a different pattern, with stronger consumption contributing more clearly to the balance. If sustained, this would provide a firmer foundation for Radiata Pine pricing.
Taicang Remains Firm
Taicang medium A-grade Radiata Pine remained around RMB 820/m³ during the week, consolidating the increase achieved in late August. Some downstream sawn wood prices also increased, suggesting that higher raw-material costs were beginning to move through the processing chain rather than being absorbed entirely by sawmills.
Xinminzhou and Jiangdu remained somewhat softer than Taicang, reflecting greater availability and additional August cargoes. Shandong was more mixed, as increased arrivals created pressure on some specifications and buyers remained cautious.
China’s overall balance improved, but conditions continued to vary between ports according to inventory, vessel timing and local processing activity.
New Zealand Export Conditions
September Radiata Pine CFR China pricing was clearly stronger than earlier in the winter. Most business remained centred around the high-US$120s per JAS, while selected business was achieved above the mainstream range. Cargo specification, timing and customer requirements could therefore create a meaningful spread between individual transactions.
Currency and freight remained important influences on New Zealand export conditions. Breakbulk shipping costs continued to represent a substantial part of delivered log value, while energy and geopolitical volatility created uncertainty for future voyages.
New Zealand supply remained disciplined, with domestic processing demand, harvesting economics and operating conditions influencing export availability. Buyers can review Glary NZ’s New Zealand and Australian log range for current species and sourcing coverage.
China Demand Broadens Beyond Property
China’s property sector remained weak and was unlikely to become the principal driver of a near-term Radiata Pine recovery. However, focusing only on property understated the diversity of consumption.
Packaging, furniture components, mouldings, finger-jointed products, edge-glued panels and other manufacturing uses were important parts of the demand base. Infrastructure investment and manufacturing activity could therefore support log consumption even while residential construction remained subdued.
The rise in September port offtake was encouraging, but several more weeks of data were required before describing the market as fully demand-driven.
Southeast Asia: Specialised Manufacturing Demand
Vietnam continued to be Southeast Asia’s most important Radiata Pine market. Imports were primarily associated with moulding, with furniture representing a smaller component. Changes in domestic plantation harvesting should therefore not automatically be interpreted as direct substitution for imported Radiata Pine.
Thailand should be monitored across higher-grade packaging and pallets, plywood and flooring. Indonesia and the Philippines remained longer-term opportunities in plywood and panel manufacturing.
Malaysia also had panel-sector potential, but imported logs faced additional fumigation and debarking requirements. Cambodia deserved continued attention for moulding, plywood and flooring as manufacturing capacity developed.
Regulation and Market Access
EUDR preparation continued to influence wood-product supply chains serving Europe. Asian manufacturers increasingly required better documentation of species, forest origin, harvest location and legality. This created opportunities for New Zealand and Australian suppliers able to provide consistent traceability documentation. See Glary NZ’s Sustainability & EUDR overview.
Outlook
China entered the second half of September in a healthier position than a month earlier. The key confirmation would be for port offtake to remain close to recent levels while inventories stayed controlled despite normalised vessel arrivals.
For Southeast Asia, the opportunity remained centred on specific manufacturing chains rather than broad regional demand: moulding in Vietnam; packaging, plywood and flooring in Thailand; panel products in Indonesia, Malaysia and the Philippines; and moulding, plywood and flooring in Cambodia.
Overall market tone: moderately firm, with Chinese demand improving and Southeast Asian opportunities becoming increasingly specialised by end use.
This Website Edition is general market commentary based on information available on 13 September 2026. Commercial terms and market conditions may change. For current availability, please contact Glary NZ.