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The Global Forest Industry in the 2Q/2016

The Global Forest Industry in the 2Q/2016

The Global Sawlog Price Index (GSPI) was up 4.2% in the 2Q/16 to $71.18/m3, the highest quarter-over-quarter increase since the 2Q/11. Sawlog prices increased in 16 of the 19 regions tracked by the WRQ.

The Euro-based European Sawlog Price Index (ESPI-€) has declined six percent over the past two years after a period when the Index was fairly stable from 2010 to 2014. The ESPI-€ was €83.84/m3 in the 2Q/16, up 1.8% from the previous quarter.

Both wood fiber price indices jumped in the 2Q/16 because prices increases were seen for both wood chips and pulplogs in practically every major market around the world.

The Softwood Wood Fiber Price Index (SFPI) was up 2.3% from the 1Q/16 to US$89.63/odmt. This was the first quarter-over-quarter increase since early 2014. A combination of a weaker US dollar and higher wood fiber prices in the local currencies in Western Canada, France, Brazil and Germany were the main reasons for the higher SFPI this quarter.

The Hardwood Wood Fiber Price Index (HFPI) was up 3.7% from the 1Q/16, which was also the first increase in two years. The biggest price increases (in US dollars) occurred in Russia, Brazil, Chile, Australia and Eastern Canada.

Global Pulp Markets

On a global basis, market pulp production increased 4.8% year-over-year with the biggest increases in Western Europe, Latin America and Russia.

Global trade of pulp went up by about five percent during the first five months of 2016 as compared to the same period in 2015. China stood out by increasing imports in July this year at a record high level.

The high inventories of pulp have put downward pressure on prices, with spot prices being lower in the 3Q/16 than earlier in the year, and list prices likely to weaken in September and October.

Global Biomass Markets

North American overseas pellet exports declined in the 1Q/16 for the first time in a year, falling four percent from the previous quarter. This was still 25% higher than shipments one year ago.

The United Kingdom was by far the largest importer of wood pellets in the world. In the 2Q/16, the country imported record high volumes; 21% more than in the 2Q/15.

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