European Buying of African Lumber Very Subdued – ITTO European Market Report 25th June 2008

European forward buying of African hardwood sawn lumber, particularly the major commercial redwoods such as sapele and sipo, remains very subdued and is slowing further now with the onset of the summer holiday season. There are reports that some buyers are using even minor shipment delays as an excuse for cancelling orders. The market for some whitewood species – such as ayous and koto – is a little better, while the European ban on the import of Burmese teak imposed in March this year has generated some new interest in iroko for the boat building industry.  

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Sapele Prices Under Pressure in the EU – ITTO European Market Report 6th June 2008

Prices for existing landed stocks of sapele sawn lumber in the EU are now under significant pressure. Although underlying levels of consumption are still holding up reasonably well, despite the gloomy economic news, importers are nervous about future prospects. Many are also holding high stocks of sapele sawn lumber – partly a hangover from last year when a lot of product wasn’t shipped on time due to transport difficulties. A significant volume arrived earlier this year which is now a depreciating asset sitting in importers yards.

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