The European market for tropical hardwood sawn lumber has changed little over recent weeks, now maintaining a fine and potentially unstable balance between generally low grounded stock levels, very low forward supplies and much reduced consumption. CIF prices are generally firming on the back of rising freight rates and shippers efforts to raise FOB prices.
Continue reading “Fine Balance Between Limited Supply and Low Consumption – ITTO European Market Report 30th November 2009”Europe Crawls Out of Recession – ITTO European Market Report 15th November 2009
The Financial Times (FT) reports that “the worst recession to hit continental Europe since the 1930s ended formally in the three months to September, but with less than a bang than expected.” Drawing on Eurostat data, the FT notes that GDP in the 16-country eurozone grew 0.4% in the third quarter compared with the previous 3 months. That was the first positive growth reported since early 2008. Germany returned to its role as Europe’s economic powerhouse, reporting a 0.7% expansion, boosted by investment spending and exports. Italy also performed strongly with GDP rising 0.6% in the third quarter. But the overall euro-zone rebound was marred by a much weaker than expected performance by France, which reported a GDP rise of 0.3% – the same as the previous quarter. Eurozone prospects also remain blighted by Spain, hit badly by its property market collapse.
Continue reading “Europe Crawls Out of Recession – ITTO European Market Report 15th November 2009”