原木数据日报-20251017

Group 1: Report Information - Report title: Log Data Daily Report [3] - Research institution: ITC Futures Research Institute [4] - Analyst: Yang Lulin [4] - Date: October 17, 2025 [4] Group 2: Industry Investment Rating - No information provided Group 3: Core View - After the holiday, the fundamentals of logs weakened slightly. While port inventories increased slightly, the outbound volume decreased. However, considering the holiday factor, it is necessary to observe whether this phenomenon will continue. Log spot prices rose steadily, mainly driven by knot - free and laminated timber. After a sharp decline, the log futures price is below the delivery cost line, and it is not recommended to continue short - selling [5] Group 4: Price Information Spot Price - In Shandong and Jiangsu, the spot prices of different specifications of radiata pine range from 720 to 800 yuan for different lengths and grades (3.9m - 6m, small A - medium A) [5] Foreign Market Quotation - The price range of radiata pine (4m medium A) in the foreign market is 115 - 117 dollars per JAS cubic meter in October, up 2 dollars from 113 - 115 dollars in September [5] Futures Price - For contract LG2511, the current price is 797 yuan per cubic meter, up 4 yuan from the previous period. For contract LG2601, the current price is 823.5 yuan per cubic meter, up 2.5 yuan from the previous period [5] Downstream Wood Square Price - The price of 400050100 wood squares in Shandong and Jiangsu is 1270 yuan, with no change from the previous period [5] Group 5: Supply and Demand Information Supply - In August 2025, the import volume of New Zealand logs was 130.6 million cubic meters, down from 145.8 million cubic meters in July. The import volume of North American logs was 10.1 million cubic meters, down from 10.6 million cubic meters in July. The import volume of European logs was 14.8 million cubic meters, down from 16.6 million cubic meters in July. From October 6 - 12, the shipment volume from New Zealand to China was 34 million JAS cubic meters, down from 35 million JAS cubic meters from September 22 - 28 [5] Inventory - On October 10, the total inventory was 299 million cubic meters, higher than 286 million cubic meters on September 26. Shandong's inventory was 189 million cubic meters, and Jiangsu's was 88 million cubic meters [5] Demand - On October 10, the daily average outbound volume was 5.73 million cubic meters, lower than 6.56 million cubic meters on September 26. Shandong's outbound volume was 3.44 million cubic meters, and Jiangsu's was 1.79 million cubic meters [5]