1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The spot price of mainstream delivery products shows different trends, with some prices in Shandong slightly decreasing and others remaining flat, while European spruce and fir in the Jiangsu market are still in short supply [4]. - The supply of logs from New Zealand is expected to reach 1.76 million cubic meters in April, with 25 out of 29 vessels departing in April heading to China [4][7]. - The demand and inventory situation vary among ports. The total inventory of four major ports increased by 77,100 cubic meters compared to the previous week, with some ports experiencing inventory increases and others decreases [5][11]. - The futures market shows a weak and volatile trend, with the main contract LG2507 closing price down 3.2% from the previous week, and the monthly spread has widened [14]. 3. Summary by Directory 3.1 Overview - Spot price: For the mainstream delivery product of 3.9 - meter 30 + radiata pine, the Shandong market price is 780 yuan/cubic meter, slightly down from last week, and the Jiangsu market price is 785 yuan/cubic meter, unchanged from last week. The price of 3.9 - meter 40 + radiata pine in Shandong is 870 yuan/cubic meter, unchanged. The price of 5.9 - meter 30 + radiata pine in Shandong is 795 yuan/cubic meter, down 10 yuan/cubic meter from last week. European spruce and fir in the Jiangsu market have low trading volume and are in short supply [4]. - Supply: As of April 20, 29 vessels departed from New Zealand in April, 25 of which were bound for China and 4 for South Korea with load reduction. It is expected that about 16 vessels will arrive in April and 13 in May, with an expected arrival volume of 1.76 million cubic meters in April [4][7]. - Demand and inventory: As of the week of April 18, the daily average shipment volume of Lanshan Port was 22,500 cubic meters (a week - on - week increase of 4,400 cubic meters), and that of Taicang Port was 14,200 cubic meters (a week - on - week increase of 1,400 cubic meters). In terms of port inventory, Lanshan Port's inventory was about 132,580 cubic meters (a week - on - week increase of 13,800 cubic meters, + 11.62%), Taicang Port's inventory was about 58,840 cubic meters (a week - on - week decrease of 10,700 cubic meters, - 1.79%), Xinminzhou Port's inventory was about 30,350 cubic meters (a week - on - week decrease of 18,400 cubic meters), and Jiangdu Port's inventory was about 20,910 cubic meters (a week - on - week decrease of 31,800 cubic meters). The total inventory of the four major ports was 242,680 cubic meters, an increase of 77,100 cubic meters compared to the previous week [5][11]. - Other factors: As of the week of April 25, the Baltic Dry Index (BDI) was 1,373 points, an increase of 112 points (+ 8.9%) from the previous week. The related Handysize Shipping Index BHSI was 568 points, a decrease of 0.2% from the previous week. The Shanghai Export Container Freight Index (SCFI) was 1,347.84 points, a decrease of 1.7% from the previous week. In terms of exchange rates, the US dollar index continued to decline. As of the week, the US dollar - to - Chinese yuan exchange rate decreased by 0.2% from the previous week, and the US dollar - to - New Zealand dollar exchange rate also decreased by 0.2% from the previous week [5][54]. 3.2 Supply - As of April 20, 29 vessels departed from New Zealand in April, 25 of which were bound for China and 4 for South Korea with load reduction. It is expected that about 16 vessels will arrive in April and 13 in May, with an expected arrival volume of 1.76 million cubic meters in April. Detailed vessel information including departure time, load, current port, next port, and expected arrival time is provided [7]. 3.3 Demand and Inventory - As of the week of April 18, the daily average shipment volume of Lanshan Port was 22,500 cubic meters (a week - on - week increase of 4,400 cubic meters), and that of Taicang Port was 14,200 cubic meters (a week - on - week increase of 1,400 cubic meters). In terms of port inventory, Lanshan Port's inventory was about 132,580 cubic meters (a week - on - week increase of 13,800 cubic meters, + 11.62%), Taicang Port's inventory was about 58,840 cubic meters (a week - on - week decrease of 10,700 cubic meters, - 1.79%), Xinminzhou Port's inventory was about 30,350 cubic meters (a week - on - week decrease of 18,400 cubic meters), and Jiangdu Port's inventory was about 20,910 cubic meters (a week - on - week decrease of 31,800 cubic meters). The total inventory of the four major ports was 242,680 cubic meters, an increase of 77,100 cubic meters compared to the previous week. Detailed historical inventory data and changes of each port are also presented [11]. 3.4 Market Trends - As of April 25, the closing price of the main contract LG2507 was 796 yuan/cubic meter, a decrease of 3.2% from the previous week. The market showed a weak and volatile trend this week, with the fundamental supply - demand pattern remaining weak. The monthly spreads have widened, with the 07 - 09 monthly spread at - 16 yuan/cubic meter, the 07 - 11 monthly spread at - 20.5 yuan/cubic meter, and the 09 - 11 monthly spread at - 4.5 yuan/cubic meter [14]. 3.5 Price and Spread - **Spot price**: The prices of different tree species and specifications in Shandong and Jiangsu markets show different trends, with some remaining flat and others slightly decreasing or increasing over different time periods [19][21]. - **Regional spread**: The price spreads between Shandong and Jiangsu for different tree species and specifications are presented through data and charts, showing different trends and magnitudes [22][33][41]. - **Species and specification spread**: The price spreads between different tree species and specifications, such as 3.9 - meter radiata pine 30 + and 40 +, 3.9 - meter radiata pine 30 + and 5.9 - meter radiata pine 40 +, etc., are presented through data and charts [41][43][45]. 3.6 Other - Shipping and exchange rate factors are analyzed. As of the week of April 25, the Baltic Dry Index (BDI) was 1,373 points, an increase of 112 points (+ 8.9%) from the previous week. The related Handysize Shipping Index BHSI was 568 points, a decrease of 0.2% from the previous week. The Shanghai Export Container Freight Index (SCFI) was 1,347.84 points, a decrease of 1.7% from the previous week. In terms of exchange rates, the US dollar - to - Chinese yuan exchange rate decreased by 0.2% from the previous week, and the US dollar - to - New Zealand dollar exchange rate also decreased by 0.2% from the previous week. Detailed historical data and changes of related indices and exchange rates are provided [54][53].

近日，首笔基于我国原木期货价格定价的进口贸易已经顺利完成，这标志着大连商品交易所的原木期货 价格首次在国际贸易定价中得到运用。 据悉，此次交易的买卖双方分别为浙江凯德嘉瑞国际贸易有限公司（以下简称"凯德嘉瑞"）和新西兰天 柯林业有限公司（Tenco Limited），前者为我国大型原木贸易商、首批原木期货指定交割厂库之一，年 原木进口量超过150万立方米；后者为新西兰原木和锯材供应商，是新西兰原木贸易行业标准术语的创 立者，每年对华出口量约150万—200万立方米，占新西兰对华原木出口总量的约10%。该笔交易涉及辐 射松现货9000立方米，符合原木期货交割标准品或替代品质量要求，结算价格根据"合同签订日原木期 货LG2507合约结算价+基差"进行汇率换算后确定。合同项下货物于4月4日在新西兰马斯登角港装船发 运，并于4月21日抵达我国扬州港卸货。 记者了解到，今年2月份以来，原木价格一路下滑。传统原木国际贸易中出口商每月报一口价的模式遇 冷，海外原木出口商迫切需要寻找一个市场各方都能接受的价格基准以保障业务稳定开展，行业将目光 投向了原木期货。 新西兰天柯林业有限公司中国区负责人Eric Xu表示，无论从面积 ...

Group 1 - The U.S. plans to increase the anti-dumping and countervailing duties on Canadian softwood lumber from 14.4% to 34.45% [1] - Canadian Prime Minister Carney warned that Trump's tariff policies could lead the U.S. into a recession, significantly increasing the risk of economic downturn [1] - Carney emphasized that the tariffs fundamentally harm the U.S. economy and, consequently, the global economy, leading to market reactions [1] Group 2 - Trump announced a 10% "baseline tariff" on all countries, effective April 5, with higher tariffs on countries with significant trade deficits to follow [2] - Carney stated that Canada would respond to U.S. auto tariffs with a 25% countermeasure, indicating ongoing trade tensions [2] - Economic experts predict that the tariffs could lead to a significant increase in U.S. inflation and a potential recession, with global economic growth slowing by at least 1 percentage point [3]