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International Log & Sawnwood Prices

01-15th June 2006

1. CENTRAL/ WEST AFRICA

Congo Basin Forest Partnership meets in Paris
The Congo Basin Forest Partnership (CBFP), an initiative established in 2002 at the World Summit on Sustainable Development (Johannesburg, South Africa) that brings together some thirty governmental and non-governmental organizations to enhance the sustainable management of the Congo Basin forests, will meet on 21-23 June in Paris. The aim of the meeting is to review the activities that have been carried out, in particular since the Head of States Summit in Brazzaville, and to specify future perspectives. There will also be a series of parallel meetings, including a private sector meeting on the theme:"Certification and legality in the forestry-timber sector in the Congo Basin: State of play and perspectives". International donors, decision makers of the African forest administrations, companies in the timber sector and NGOs will discuss the AFLEG and FLEGT processes in the Congo Basin. Another parallel meeting will be on the theme: "Private
investment in the conservation of forest ecosystems in the Congo Basin"

Gabon validates its PAFC certification scheme
A national workshop held in Libreville, Gabon in early May validated the PanAfrican Forest Certification (PAFC) Gabonese certification scheme. The scheme was validated and adopted unanimously with one amendment by administrative, economic, social, NGOs and research stakeholders and was now functional for forest certification in Gabon. The documentation of the
Gabonese system had been opened for public consultation since June 2005. The certification scheme was being translated and would shortly be submitted to the PEFC Council for endorsement.


 

2. GHANA 

FC cracks down on illegal teak operators
As part of measures to curtail the stealing of teak in forest reserves, Ghana's Forestry Commission (FC) has taken some pragmatic steps to ensure that only legally processed teak billets are shipped out of the country. FC plantations department has intensified its monitoring activities to clamp down illegal teak operations. Instead of using force on illegal operators, the department has employed "a diplomatic approach" to confiscate teak billets. Brong Ahafo Regional Zonal Manager, Mr. Joe
Ackah, informed that about ten uncertified mobile sawmills were identified in Tein II and Paamu/Berekum forest reserves. Authorities were able to impound over 1,200 teak billets now placed at the Berekum District office of the Forestry Services Division. The billets were meant for export and could have costed the government several millions of cedis. Mr. Ackah said that illegality
occurred due to lack of logistics and capacity on the part of the FC and lack of cooperation among the police, the community and the FC.

Mr. Clement Brown, head of the Plantation Department of FC, informed that it had placed teams on the roads leading to Accra to inspect containers carrying teak from the hinterland. The surveillance of teak movement would not be left in the hands of the regions alone. He disclosed that the teams had recently impounded eight containers carrying teak from Brong Ahafo and Ashanti regions en
route to the Tema harbour for shipment.

Timber exports rise in Q1 2006
According to the Timber Industry Development Division (TIDD) of Ghana's Forestry Commission (FC), Ghana's wood exports totalled 106,892 m3 worth .41.2 million in the first quarter of 2006, up 1.9% in volume and 1.4% in value from 2005. A total of 19 different products were exported. Exports of lumber, veneer, boules, poles, pegs, plywood and billet accounted for 88% and 91.5% of the total export value and volume, respectively. Exports of secondary wood processed products (spwp) accounted for the balance. Apparent structural constraints, including deficient equipment, low calibre manpower holding, low-level production techniques and consumer taste underpin the limited performance of spwp exports, particularly for the European market.

The European market remains the bastion of Ghana's wood products export destination, accounting for 40.7% and 47.8% of the total export value and volume. India and the USA have also consistently been posting strong indications as equally lucrative destinations for Ghana's wood products. India was the single largest importer of the products, accounting for 16% of the total export value in the period. India notably imported 2,500 m3 of Ghana's maiden gmelian billet. The USA imported 10,208 m3 of wood products worth euro4.57 million, down 39% and 21% from last year. There were, however, significant improvements in US rotary veneer and plywood imports, especially in March 2006, due to the upswing in housing and other construction projects. Nigeria, with imports worth euro2.68 million (notably plywood), was Ghana's sixth largest importer and its largest in Africa.

Price instability, which plagued the Ghanaian timber industry during the last quarter of 2005, spilled over into the first quarter of this year. Some products such as niangon boules and KD wawa lumber, nonetheless, proved resilient and achieved prices above 2005 levels. Wawa in various products, especially KD lumber and mouldings, was the most exported species with 23,137 m3 worth euro6.86 million. It was followed by teak with 22,291 m3 worth euro6.69 million mainly as AD lumber to India.

There were 201 exporting companies during the first quarter of this year with ten of them accounting for 54.5% of the export value. These were Naja David Veneer Ltd., Logs & Lumber Co. Ltd., John Bitar & Co. Ltd., Samartex Timber & Plywood Ltd., Ayum Forest Products & Plywood Ltd., Mondial Veneer (Ghana), Olam Ltd. (Ghana), A.G. Timbers Ltd., Ghana Primewood Ltd and Jowak Enterprise Ltd. Meanwhile, Dupaul Wood Treatment Ltd. has pioneered the export of coconut lumber, exporting a trial order of 0.152 m3 to Japan.

3. MALAYSIA 

Prices soar amid higher costs and log shortages
Prices for Malaysian timber products continue to reach new highs. The recent electricity and fuel hikes (12% in June and 23% in February, respectively) coupled with the ongoing acute shortage of raw material have pushed prices up. Analysts think it is unlikely that timber prices will stabilize in the near future.

The raw material supply situation is further aggravated by an extraordinary long rainy season and recent actions by the government to stop the issuance or renewal of licenses for timber concessions in order to conserve natural forest resources. Many timber traders have marked prices by up to 30% across the board for all timber species towards the end of May 2006. This is especially the case for timber merchants who until recently have relied upon price under-cutting to maintain market share. This practice is no longer sustainable as profit margins are being eroded by higher fuel and transportation costs. Some reports indicate that a number of factories are shutting down and moving over to neighbouring countries to reduce production costs.

Malaysian timber business eyes Bahrain scheme
Malaysian timber businesses are setting their sight towards a massive 422 million dinar nationwide housing scheme in Bahrain that will provide homes for 11,500 families. The 23-project programme will also include 30 million dinar in housing grants. In addition, the implementation stages of the current 16 government housing projects, worth 135 million dinar, includes construction and ownership-transfer costs to build 4,358 housing units, comprising 2,400 houses, 1,258 apartments and 700 housing plots.

The government of Bahrain is keen to have foreign participation in these projects, which will not only attract foreign direct investments but also the transfer of construction technologies.

Furniture industry braces for tougher times
Exports of Malaysian furniture rose to 1.91 billion ringgit in the first quarter of 2006, up 8% from 1.77 billion ringgit in the same period in 2005, according to the Malaysian Timber Industry Board (MTIB). Despite the encouraging results and improved demand from Europe, the Malaysian Furniture Entrepreneur Association (MFEA) is more cautious. MFEA president Cha Hoo Peng warned that rising raw material and financial costs and the negative impact of the strong ringgit could hit furniture exports hard in the second half of the year.

He said that after the 12% average increase in electricity costs, factories could not just switch all manufacturing activities to night shifts to take advantage of cheaper rates. The Malaysian labour laws had constraints and overtime claims would be too costly. Mr. Cha said that since the Malaysian furniture industry was export-oriented, it was vulnerable to external factors such as the strengthening of the ringgit (up 5% this year against the US dollar) and high crude oil prices, which
make plastic and glue more expensive. With high oil prices, petroleum derivatives like upholstery stuffings, plastic, glue and diesel have become more expensive.

MFEA has urged a ban on the export of sawn rubberwood as the inability to secure adequate
rubberwood had forced many financially-weak furniture manufacturers to turn away orders from buyers in the USA and UK. However, sofa-makers were somewhat cushioned against the strong ringgit as leather imports made up half of their total raw material costs. Overall, the growth of Malaysian furniture exports have slowed down since world oil prices started to rise in mid-2004.
The growth of furniture exports in 2004 through 2005 was significantly lower in comparison with other manufactured goods.

Meanwhile, MFEA has advised members to be more productive in their operations and streamline costs. Some of the bigger members would outsource more in Vietnam and China. MFEA expects MTIB to expedite the planting of more rubber trees. For long-term survival, some of MFEA members are investing upstream to plant rubber trees.

India's Ballarpur buys Malaysian paper firm
India's largest paper manufacturer, Ballarpur Industries Ltd., has signed a $261 million deal to buy Malaysia's Sabah Forest Industries (SFI). Under the deal, Ballarpur Industries will take a 78% percent stake in the Malaysian company, leaving 20% equity for JP Morgan Chase. SFI is a fully owned subsidiary of Malaysia's well-known Lion Forest Industries Bhd. and is located in Sipitang in
the eastern Malaysian state of Sabah. It operates one of Malaysia's largest integrated paper and pulp mills with a paper capacity of 144,000 metric tons a year and a pulp capacity of 120,000 metric tons a year. The acquisition will give Ballarpur access to 289,000 hectares of forest land in Sabah and help in its goal to more than doubling its paper-making capacity.

4. INDONESIA  

Indonesia bans use of natural forest trees by 2014
The Indonesian government has decided to outlaw the use of natural forest trees by the pulp and paper industry by 2009 and the wood industry by 2014, the Forestry Department Secretary General Boen Purnama announced. Timber processing factories would have to start establishing new timber plantations (HTI) tosupply them with logs, Mr. Purnama said. He added that if the industry were to start planting trees now, the industrial forests would be able to supply them with enough raw materials by 2014. The policy is aimed at preventing further destruction of the country's tropical forests, which according to the Forestry Minister, M.S. Kaban, were being reduced by an average of 2.87 million hectares per year.

In 2005, the implementation of the HTI reached 2.5 million ha with a sustained yield of up to 22 million m3 of logs. It is projected to reach 5 million ha in 2009 and 9 million ha by 2014.

Bureaucracy hinders timber exports
The Indonesian timber industry seems to be in a limbo according to recent developments. While exports to China and India have been encouraging, the imposed export ban on a wide range of timber products and species appears to catch exporters off-guarded. While the laws and regulations outlining the ban are clearly stated and documented in official publications, the ban has brought about additional level of bureaucracy that seems to have hindered exports.

Timber traders are complaining of excessive and numerous inspections and documents needed to be submitted before an export permit is granted. Processing of export documents is often delayed, causing exporters to incur additional storage and port charges. Importers continue to accept current price levels for Indonesian timber products but many are concerned about shipment commitments.

Finished timber products enjoy price boom
Prices for Indonesian timber products continue to rise gradually in tandem with global tropical timber prices. Prices of finished timber products, in particular, are enjoying a boom as a number of European importers are moving into the market. German and Dutch importers have been reported to be actively sourcing for finished products such as mouldings, MDF and wood flooring products.

Exporters eye opportunities in Middle-East and USA
Indonesian exporters are also reported to be competing with other major tropical timber exporting countries for a share of the booming Middle-East construction market. Manufacturers are canvassing local governments, especially trade agencies, for support and funds for market promotion in that region.

Furthermore, some plywood exporters and manufacturers are keeping a close watch as the new US hurricane season commenced. With the recent visit by Donald Rumsfeld, the US Secretary of Defence, to Indonesia, Indonesian exporters are hoping that US importers will be even more receptive towards Indonesian timber products, e.g. plywood.

   

5. MYANMAR

Exceptional strong European demand drives sales up
Teak logs continued to be selling well and even poor parcels were being sold at prices higher than earlier in the year. There were new buyers coming in to compete. Demand from Europe was exceptionally strong in the main tender. Thai buyers were also very robust in the sealed tender while Indian buyers were comparatively less active. The market for pyinkado and gurjan (keruing)
logs were not as active as before. Sales of gurjan and other species were mainly subject to availability and freshness.

The export market for teak conversions was still weak due to log sourcing difficulties amid strong foreign competition. However, the domestic processing industry was expecting some improvement in log supply after some controls were imposed on the border trade with Thailand and China (see below).

China bans land timber imports from Myanmar
China has recently imposed a ban on land timber imports from Myanmar which has led to dramatic cuts in flows of illegal timber, according to Global Witness. At the request of the Myanmar government (see TTM 11:3), on 27 March the government of the Chinese Yunnan Province instructed Chinese border checkpoints to stop imports of "all sorts of timber and mineral products from Myanmar", which were presumed by both governments to be illegal when sent by land as opposed to better-regulated sea transactions. Chinese timber workers in Myanmar had also been told to return home as it would be a criminal offence to log in Myanmar or import timber by land from that country (see TTM 11:7). Since the issuance of the order, land-based trade flows between
the two countries had been reduced significantly and most border crossings were enforcing the ban, though, according to some reports, some timber was still entering via border back roads.

At least 200 Chinese workers had been arrested by Myanmar. Bilateral talks between Yunnan and Myanmar governments on timber and mineral trading cooperation were continuing. The move follows a report several months ago regarding European imports of processed forest products from China that used illegally logged timber from Myanmar. According to analysts, illegal timber trade costs Myanmar huge losses in government revenue from forgone taxes, causes difficulties to legal
Myanmar exporters in international markets who compete with Chinese exporters that use cheap
illegally-harvested Myanmar wood and gives financial support to armed opposition groups in the country.

Myanmar curbs timber land trade with Thailand
Following China's halt of land timber imports from Myanmar, Myanmar authorities have imposed a ban on timber and wood products trade at the Three Pagodas Pass, a key border trade crossing with Thailand. The Three Pagodas timber ban took effect on June 3 and authorities have informed that the ban could be extended to other Myanmar-Thailand crossings soon. There are at least 80 furniture factories in the area around Three Pagodas Pass and many local people earn a living in
timber-related jobs. There were unconfirmed reports of an impending timber ban at all border crossings with Thailand.

Myanmar and India expand bilateral trade
Myanmar and India had agreed to expand and diversify bilateral trade, in keeping with the target of raising the two-way trade to $1 billion by 2006. India's imports from Myanmar are dominated by agricultural and forest-based products. Myanmar contributes to nearly one fifth of India's imports of timber, second only to Malaysia. Timber and wood products account for about one-third of Myanmar's exports to India.

6. PAPUA NEW GUINEA  

7. BRAZIL 

Police bust up illegal logging ring
Brazilian police arrested 28 people suspected of operating an illegal logging ring in the Amazon rain
forest and were looking for 46 more, according to the Ministry of Environment. Some 300 officers in five states were involved in the operation held on 9 June to apprhend a gang accused of using fake permits to harvest rare tropical hardwoods. Twenty-four people were arrested in the far western Amazon state of Acre and four more were captured in neighbouring Rondonia state. Three agents from the Federal Environmental Agency and one member of the Acre State Environment Protection Agency were among those arrested. According to the Environment Minister Marina Silva, the loggers cut some 150,000 m3 of wood worth an estimated $20 million over three years. Ms. Silva said joint operations by the Environment Ministry and federal police had reduced deforestation by 31% in 2005 compared with the previous year.

Lula authorizes paving of Amazon road
Brazilian President Luiz Inacio Lula da Silva has authorized paving a 1,570 km section of the highway from Cuiaba (Mato Grosso State) to the Amazon River port of Santarem, a move that would bring Brazil's main center-west timber and soybean belt closer to the US West Coast, European and Asian export markets. The improvement of the road, now little more than a dirt track that washes out in seasonal rains, will help cut transport costs for timber and grain exports. Currently, products are trucked 2,500 km far to the southern port of Paranagua, Parana State. The government said it is adopting strict environmental controls to help protect the rain forest and has created a forest reserve of 19 million hectares around the road.

Depleting EU duty-free quota affects elliotis demand
European demand for Brazilian elliotis pine has declined in recent weeks in response to the fast depletion of the EU softwood plywood duty-free quota, Euwid reported. The EU duty free quota for softwood plywood, which totaled 650,000 m3, was exhausted in May. A duty rate of 7% is now being applied to deliveries and new orders of elliotis pine plywood. As a result, European buyers
have noticeably lost interest in elliotis pine plywood and prices have dropped. Brazilian mills have resumed cut-backs in production and manufacturers are reported to be operating at only 50-60% of capacity. Demand and prices for substitutes such as maritime pine plywood are expected to firm in the European markets.

Para offers tax relief to solid-wood industries
Nearly 73% of the northern state of Para is covered by natural forests, 60% of which is considered suitable for sustainable management. The solid-wood sector is the second most important in the state's exports. The state government has recently signed a decree that exempts the differential payment of intra- and inter-state taxes for the purchase of goods as well as the ICMS (Services and
Goods Sale Tax) of 40 types of imported machines and equipment for the solid-wood sector. The decree aims at promoting the technological improvement of management systems, reducing waste, stimulating residues utilization, improving work conditions and reducing work accidents, and encouraging integration of industrial process and value adding in the solid-wood sector.

Par¡¢ is the leader in the country's solid-wood sector. The state's total log production (from natural and planted forests) reached 12.7 million m3 in 2004, out of the 17.2 million m3 produced by all northern states. Para accounted for 10.6 million m3 or 52% of the national production of natural logs in 2004.

Sinop solid-wood industry increase sales and hiring
The solid-wood industry in Sinop, northern Mato Grosso, is expected to re-hire over 2,000 workers from July. Lumber companies in the municipality have recently been re-hiring workers as log production and manufacturing resume gradually. The hiring accounts for 20% of the lay-offs in 2005. Over 10,000 direct and indirect jobs had been eliminated in the northern region of the state since the federal government implemented its crackdown on illegal logging and trade (Curupira operation) in mid-2005. The Environment Secretary of State informed that log sales doubled to 7,776 truckloads worth 81 million reais in April, mostly to the domestic market.

Furniture exports set to fall short of 2005 levels
After their fourth consecutive monthly decline (see TTM 11:10), exports of Brazilian furniture fell to $284.3 million in January to April 2006, down 11% from last year according to the Furniture Industries Association of Rio Grande do Sul (MOVERGS). Thus, the possibility of achieving again the $1 billion export level of 2005 is dimming. Export to the USA, the largest market, fell once
again to $98.2 million in the period, down 21.5% from 2005. Exports to France also fell to $24.4 million, down 23%. In contrast, Argentina, Spain and Chile increased the purchase of wood furniture from Brazil. According to MOVERGS, the furniture sector has reached its limit to operate favourably, considering that the US dollar has been depreciating since last year. Companies have been absorbing the increasing production costs to maintain the contracts with their clients.

Weak dollar bears down on furniture clusters
The impact of the depreciation of the US dollar against the reais on the lumber and furniture sectors in Santa Catarina resulted in the loss of nearly 6,000 jobs over the past year. More than a third of these jobs were lost in Sao Bento do Sul and Rio Negrinho, two major furniture clusters. These
clusters exported 79% of their production and accounted for half of the Brazilian furniture exports. Local firms had recently presented to the Treasury Minister the situation that affected the whole economy of the clusters¡¯ municipalities, which depended 50% from the furniture and solid-wood
activity. Retail sales had declined 37% while tax revenues had fallen 15% this year, according to the Trade and Industrial Association of Sao Bento do Sul (ACISBS).

 

8. PERU 

Local industry faces competition from foreign buyers
Prices of some wood species have gradually increased as a result of growing competition from foreign buyers in the main wood production zones of Peru. This is affecting the national timber industry whose profitability has been sliding in recent years, according to Rafael Tolmos, president of the Timber Committee of the Exporters Association (ADEX). Globalization results in local buyers competing with foreign buyers from China, North America and Mexico who pay prices fixed by the
producers without objection. This is forcing domestic consumers and the local industry to pay more in order to secure raw materials, further reducing the profitability of the national industry, indicated Mr. Tolmos. However, he pointed out that added value products account for 45% of total timber product exports, yielding higher profitability compared with primary products. These issues were
raised during a meeting between exporters and advisors of the recently elected president Alan Garcia, aimed at considering possible proposals and future actions for the new government.

Majority of concessions found in breach of law
INRENA is randomly undertaking inspections on several forest concessions as part of its "Ocular Inspection Plan", focused mainly on forest concessions with mahogany and Spanish cedar in the Madre de Dios, Ucayali and Loreto regions. The plan has detected that about 65% of these
concessions were breaking the law and administrative proceedings have been opened against them. The seriousness of the infraction will determine whether the concession contracts would be terminated. A total of 62 forest concessions and nine forest-logging permits granted to native communities have been inspected so far. Some 43 companies (37 concessions and 6 permits)
have been found to have breached the forest law. In most of the cases, the provisions of the annual operative plan (POA) were not fulfilled or harvesting was found to be over the allowable quota.
 

Concessions programme re-opens after changes
INRENA will re-open the forest concessions program in August, after some necessary changes to the bidding conditions are implemented. The changes intend to guarantee the financial solvency of interested investors. INRENA's chief, Leoncio Alvarez, indicated that 500,000 ha would be offered in concessions, including area under 27 forest concessions that were canceled due to breach of the environmental management plans, extraction from unauthorized zones and other infractions.

Previously, forest concessions were given to nearby villagers more for social than economic reasons, resulting in bad administration of the resources. Therefore, INRENA has set stricter requirements to ensure the financial standing of the investor to properly manage theconcession. Mr. Alvarez said that there were $6-7 million of timber in the market that could not be exported for
lack of proof that it was extracted from authorized zones.


Minag to promote investment in forest activities
The Minister of Agriculture (Minag), Miguel Manrique, revealed that problems in the production chain were due to the lack of regulations aimed at strengthening the communication between producers and investors. He added that the forestation law, a new project of law on production chains, was intended to solve these problems. While Peru's combined annual exports of agriculture and forest products are around $1.4 billion, Chile¡¯s exports of forest products is almost $2.5 billion. Mr. Manrique indicated that this has motivated the government to prepare a package of laws to promote investment in forest activities.

Mr. Manrique highlighted the importance of the project of law "Promotion of the Investment in Forestation and Reforestation", which intends to attract investments of $1.5 billion in 10 years. The goals of the law are recovery of degraded and abandoned lands, reforestation of two million ha over the next 20 years and creation of 50,000 direct and 100,000 indirect jobs.

  

9. BOLIVIA

Lands granted to farmers include concession areas
Bolivian president Evo Morales has recently launched the "agrarian revolution" by issuing four new decrees and 34 resolutions through the National Institute for Agrarian Reform (INRA). The government has also abolished Decree 28140 of May 2005 on forest property, which allowed private forest activities in areas with forest vocation.

In consequence, INRA has reassigned land areas and granted 3.1 million hectares in land titles to farmer and indigenous communities in seven departments of the country, including areas reverted from forest concessions. In the department of Santa Cruz, eight forest concessions were partially or totally reverted, namely: Cimal-Industria Maderera Roda, La Chonta y Cronembold in Monteverde; Paragua Ltda y Taruma in Bajo Paragua; Cimal-IMR in Pantanal; and Los Primos and Suto in Santo Corazon. An area of 310,643 ha out of a total 986,515 ha of these forest concessions were
reallocated to communitarian territories of origin (TCO). Nearly 609,911 ha of these concessions are certified forest. One of the concessions was completely affected, five concessions are operating normally while two more are facing access problems due to conflicts with TCO.


Timber companies have 30 days to appeal the decision to the National Agrarian Court. The Land Vice-Minister, Alexander Almaraz, indicated that the government was acting in agreement with the law. According to him, the Forest Law establishes that if agrarian rights are found within a forest concession, the area can be excluded from the forest operation area.

Andean bloc moves on without Venezuela
Members of the Andean trade bloc agreed to chart a new course without Venezuela and to urge the USA to extend expiring trade benefits. Bolivia, Ecuador, Colombia and Peru signed an accord in Quito pledging to respect the rights of the Andean bloc members to negotiate individual free trade agreements (FTA) with the USA. The countries also agreed to initiate FTA talks with the EU by July 20.

 

10. Guatemala 

11. Guyana

Forest products register export expansion
Export of forest products from Guyana was just over $20.5 million at the end of May 2006, up 17% from the corresponding period in 2005. This was mainly due to increases in the export value of logs (up 85%) and sawnwood (up 17%) despite a decline in plywood exports (down 35%). Sawnwood accounted for 37% of the value of exports closely, followed by round logs (35%) and plywood (14%). Greenheart remains the main sawnwood and log exported species. Backed by environmental and regulatory guidelines and a national log tracking system, the wood products sector expects a
continued growth if world demand holds steady. Currently extraction rates in Guyana are well below 50% of the allowable harvest, thus showing scope for further growth.

Known Brazilian species available in Guyana
Other sawnwood species continue to gradually gain importance including mora and other non-traditional species. As Guyana continues its marketing efforts, more buyers are becoming aware of the availability of well known Brazilian species in Guyana. A good example of this is macaranduba (Manilkara spp.) known as bulletwood in Guyana, which previously did not attract
much buyer attention. Demand for bulletwood has been gradually increasing since buyers became aware that this species is also macaranduba. Similar cases have been seen in a number of other species including crabwood (andiroba in Brazil), darina (angelim pedra), tonka bean (cumaru) and dalli (virola).

   

Abbreviations

LM       Loyale Merchant, a grade of log parcel  Cu.m         Cubic Metre
QS        Qualite Superieure    Koku         0.278 Cu.m or 120BF
CI          Choix Industriel                                                       FFR           French Franc
CE         Choix Economique                                                        SQ              Sawmill Quality
CS         Choix Supplimentaire      SSQ            Select Sawmill Quality
FOB      Free-on-Board     FAS            Sawnwood Grade First and
KD        Kiln Dry                               Second 
AD        Air Dry        WBP           Water and Boil Proof
Boule    A Log Sawn Through and Through MR              Moisture Resistant
              the boards from one log are bundled                      pc         per piece      
              together                      ea                each      
BB/CC  Grade B faced and Grade C backed MBF           1000 Board Feet          
              Plywood   MDF           Medium Density Fibreboard
BF        Board Foot F.CFA         CFA Franc        
Sq.Ft     Square Foot              Price has moved up or down
Source:ITTO'  Tropical Timber Market Report

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