Malaysia: Log market to be sustained by Indian imports says producer

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ITTO's Tropical Timber Market Report
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Sarawak based Jaya Tiasa Holdings Bhd. is of the view that export market prices for logs from Sarawak will remain firm due to the tight supply situation. The company suggested that India will continue to be a major importer of Sarawak logs even though log prices may increase. Up to the end of July this year log prices were up around 35% compared to levels in the same period last year.

This company reportedly produced 598,000 cu.m of logs in the first eight months of this year. Last year annual log production by the company was around 940,000 cu.m.

India a major buyer of Malaysian logs
It has been reported that India imported 2.21 million cu.m of logs in 2010 which is about 56% of Sarawak’s total log production thereby displacing Japan as the largest importer of Sarawak logs.

Meanwhile statistics released by the Sarawak Timber Industry Development Corporation (STIDC) indicate that India imported 582,000 cu.m or 63% of Sarawak’s total logs production of 912,000 cu.m in the first half of 2011. Imports by Taiwan P.o.C ranked second at 128,000 cu.m, Japan third with 89,000 cu.m, followed by China where imports were 61,500 cu.m for the same period. Log production in Sarawak declined by up to 15% to 4.26 million in the first half of 2011 year on year.

This translates to a monthly average production of 710,000 cu.m in the first half of 2011, the lowest monthly average in two decades. In addition, analysts commented that one of the main reasons behind the tight log supply situation in Sarawak is the unresolved river transportation system problems.

Caution urged as India not immune to global economic shocks
Analysts are urging caution in painting an overly optimistic picture of India’s continual role as the largest importer of Sarawak’s logs production. India is not immune to the effect of the euro-zone debt crisis and a possible second recession in the US. The recent depreciation of the Rupee could also impact the capacity of Indian manufacturers to continue importing at current levels.

Excise duty, a form of tax collected by the Indian government on the value of shipments by factories in India dropped 8% for the first time in 16 months in September 2011, signaling a possible slowdown in the Indian manufacturing sector.

Indian Purchasing Managers Index for the manufacturing sector falls
Reinforcing the likelihood of a slow down in the Indian economy, in September 2011, the HSBC Purchasing Managers Index (PMI) for the manufacturing sector in India felled to 50.4 from 52.6 in the August 2011. Any reading below 50 indicates a contraction in the manufacturing sector. The HSBC PMI for the Indian services sector fell to 49.8 in the same month. The services sector contributes to 60% of economic activities in India.

Malaysia Log Prices Malaysia Log Prices
Sarawak log, FOB US$ per m³
Meranti SQ up 265-292
Small
253-286
Super small
255-279
Keruing SQ up 247-259
Small
238-271
Super small
227-251
Kapur SQ up 239-265
Selangan Batu SQ up 244-278

Pen. Malaysia logs, domestic (SQ) US$ per m³
DR Meranti 283-302
Balau 325-355
Merbau 378-409
Rubberwood 106-140
Keruing 247-263
Peninsular Malaysian meranti logs are top grade and are used for scantlings for the EU. Their prices are higher than Sarawaks.

Malaysia Sawnwood Prices
Malaysia Sawnwood, FOB US$ per m³
DR Meranti
415-451
White Meranti A & up
310-340
Seraya Scantlings (75x125 KD)
452-464
Sepetir Boards
277-306
Sesendok 25,50mm
364-382
Kembang Semangkok
344-373

Malaysian Sawnwood, domestic
US$ per m³
Balau (25&50mm,100mm+)
346-366
Merbau
486-538
Kempas 50mmx (75,100 & 125mm)
290-330
Rubberwood 25x75x660mm up
241-291
50-75mm Sq.
279-311
>75mm Sq.
301-331


Malaysia Plywood Prices
Malaysia ply MR BB/CC, FOB US$ per m³
2.7mm
448-509
3mm
429-459
9mm & up
380-450
Meranti ply BB/CC, domestic US$ per m³
3mm
372-462
12-18mm
355-384


Other Malaysia Panel Prices
Malaysia, Other Panels, FOB US$ per m³
Particleboard Export 12mm & up
263-286
Domestic 12mm & up
254-268
MDF            Export 15-19mm
315-347
Domestic 12-18mm
306-325


Malaysia Added Value Product Prices
Malaysia, Mouldings, FOB US$ per m³
Selagan Batu Decking
576-586
Red Meranti Mouldings 11x68/92mm x 7ft up
Grade A
590-603
Grade B
545-555


Malaysia Furniture and Parts Prices
Malaysia, Rubberwood, FOB US$ per piece
Semi-finished dining table solid laminated top 2.5'x4', extension leaf
79-95
As above, Oak Veneer
86-100
Windsor Chair
78-80
Colonial Chair
76-81
Queen Anne Chair (soft seat) without arm
78-87
with arm
78-88
Chair Seat 27x430x500mm
64-69
Rubberwood Tabletop US$ per m³
22x760x1220mm sanded & edge profiled
Top Grade
634-664
Standard
617-633


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