如今，苏豪中锦不仅是原木贸易商，还成为原木期货交割库。"今年7月，我们迎来了原木期货上市后的 首个交割月，完成85手交割出货。"张若凡说，依托期货交割质量标准清晰、客观、可量化、可检验的 特点，一年来能明显感受到标品货物具备更高的流动性。此外，苏豪中锦还在期货交割过程中引入了机 器检尺，以智能化的手段降低检验误差，在更好保障买卖双方权益的同时，进一步推动了行业的转型升 级。 除了原木品种之外，再生钢铁原料领域标准化难题同样迎来突破。再生钢铁原料因来源复杂、分拣技术 良莠不齐，长期面临品质差异大、分类混乱等挑战。为了攻克期货合约设计中的标准化难题，大商所深 度参与国家标准修订工作，推动技术指标完善，进一步提高了检验各环节的规范性和便利性。在《再生 钢铁原料》国家标准修订中，混料交易、夹杂物检测、检验组批等三项技术指标吸纳了期货市场的建 议，推动了期现货标准的统一。 建设全国统一大市场，不是关起门来搞封闭运行的大市场，而是要以畅通国内大循环为基础，更好联通 国内国际两个市场。近年来，大商所稳步推动符合条件的商品期货期权品种纳入对外开放品种范围，允 许合格境外投资者参与更多商品期货期权品种交易，并通过结算价授权等方 ...

人民日报记者 赵展慧 "我们通过科学设计原木期货交割质量标准，推动南北方原木体积测量标准统一，解决同一原木检 尺差异最高达10%的难题，促进消除区域贸易纠纷。"大商所有关业务负责人表示，原木期货的成功上 市，推动这个年加工产值超过2万亿元的产业加速迈向规范化。 "因为各地标准不统一，以前销往不同地方的木材要适应不同的测量方式，原木期货上市后，相当 于为行业提供了一个'标尺'，使得各地从独立的度量模式向期货交割标准靠拢，我们的加工和检测成本 都降低了。"张若凡介绍。同时，作为贸易企业，本来要承受上下游两头的价格波动风险，如今有了原 木期货和期权，企业有了风险对冲的工具，能够更稳健地经营。 如今，苏豪中锦不仅是原木贸易商，还成为原木期货交割库。"今年7月，我们迎来了原木期货上市 后的首个交割月，完成85手交割出货。"张若凡说，依托期货交割质量标准清晰、客观、可量化、可检 验的特点，一年来能明显感受到标品货物具备更高的流动性。此外，苏豪中锦还在期货交割过程中引入 了机器检尺，以智能化的手段降低检验误差，在更好保障买卖双方权益的同时，进一步推动了行业的转 型升级。 除了原木品种之外，再生钢铁原料领域标准化难题同样迎来 ...

在本届进博会上，国内大型原木贸易企业江苏苏豪中锦发展有限公司与新西兰木材供应商富存纳林业有 限公司签订合约，继2024年之后二度合作。"国内市场循环更畅通，今年我们进口规模较去年同期有所 增长。"苏豪中锦公司鸿协公司总经理张若凡说，目前公司还与俄罗斯、白俄罗斯、哈萨克斯坦等国家 展开农林产业相关合作，年贸易额达5000万美元。 "锤音"落地，总量200万立方米、金额2.28亿美元的辐射松原木采购意向合同达成！ 苏豪中锦业务的增长得益于一个期货新品种的上市。2024年11月，原木期货、期权在大连商品交易所上 市，为苏豪中锦这样的贸易公司带来了新利好。长期以来，我国原木现货市场存在测量标准不统一、操 作不规范的问题，比如南北方在原木长度、径级的测定上存在一定差异，不同地区的木材商容易因此产 生纠纷，也制约了木材行业全国统一市场的形成。 "十五五"规划建议提出，"坚决破除阻碍全国统一大市场建设卡点堵点""健全一体衔接的流通规则和标 准"。期货作为在将来某一特定的时间和地点交割一定数量标的物的标准化合约，有着天然的"标准"属 性，能够助力破除不同地区市场间标准不同的卡点堵点。 建设全国统一大市场，不是关起门来搞封闭运 ...

Core Insights - The first China Wood Industry High-Quality Development Conference was held in Dalian, focusing on the theme "Linking Futures to Connect the Future" and gathering over 600 representatives from various sectors [1] Industry Changes - The wood industry is a crucial raw material for national economic construction and green development, with its scale growing from hundreds of billions to over ten trillion yuan [2] - China has become the world's largest producer, consumer, and trader of wood and wood products, exporting to over 180 countries and regions [2] - The launch of log futures and options has shown initial success in enhancing the international influence of China's wood market, with a total trading volume exceeding 7.8 million contracts and a transaction value of 464 billion yuan in the past year [2][3] Standardization and Efficiency - Log futures have significantly contributed to the establishment of a unified national market by addressing long-standing issues with inconsistent measurement standards [3] - The introduction of national standards for log measurement has improved efficiency by over five times compared to traditional methods [3] - The promotion of standardized measurement practices has helped enhance the overall efficiency and standardization of the industry [4] Risk Management - Companies are increasingly focusing on the hedging functions of log futures to stabilize their revenues and manage risks effectively [5][6] - Different levels of risk management strategies are available for companies, ranging from basic hedging to advanced options strategies [6] Import Trade Dynamics - The attitude of foreign exporters towards log futures has shifted dramatically, leading to a more dynamic pricing model and improved negotiation power for domestic importers [8][9] - The introduction of log futures has allowed domestic importers to reference market prices in negotiations, enhancing their bargaining power [10] Future Outlook - There is a strong expectation for the future development of the wood industry and log futures, with plans to enhance the integration of the wood industry chain and supply chain [11] - The Dalian government aims to establish a Northeast Asia wood distribution and deep processing base, promoting the export of wood products [11] - The Dalian Commodity Exchange plans to optimize products and enhance the global influence of "Chinese prices" while promoting a modernized wood industry circulation system [12]

Core Insights - The launch of log futures and options on November 18 and 19, 2024, has led to a stable and orderly market operation, fulfilling risk management and pricing needs for the log industry [1][2] - The trading volume and open interest for log futures and options have steadily increased, with a total of approximately 7.87 million contracts traded and a transaction value of about 464 billion yuan, averaging 32,400 contracts per day [1] - The price trends for log futures and spot markets have shown a pattern of rising and then falling, indicating an increasing correlation between futures and spot prices, with futures prices reflecting market supply and demand changes [1] Market Development - The Dalian Commodity Exchange (DCE) has established a network of 19 delivery warehouses across six provinces to better meet industry delivery needs, with over 400 industry enterprises participating in log futures and options trading [2] - The introduction of log futures and options has provided industry players with effective risk management tools to address price volatility during the procurement cycle [4] Industry Impact - Companies like Zhejiang Wuchan Senhua Group have successfully utilized log futures for risk management, achieving significant gains that offset losses in the spot market [5] - The use of log options is also expanding, with companies like Jiangsu Yaohua Logistics designing flexible options strategies to mitigate risks and stabilize operations [5] - The listing of log futures has contributed to the standardization and transparency of the log spot market, improving information disclosure and quality control across the industry [6] Future Outlook - The DCE plans to continue monitoring market changes and optimize delivery quality standards and pricing mechanisms to enhance the operational quality of log futures and options [7] - There is an intention to promote the use of futures standards in international timber trade and attract foreign traders to increase the international price influence of log futures [7]

Core Insights - The launch of log futures and options on November 18 and 19, 2024, has led to a stable and orderly market operation, fulfilling key functions and bringing changes to the industry chain [1][2] Market Performance - The trading volume and open interest of log futures and options have steadily increased, with a total of 787 million contracts traded and a transaction value of approximately 464 billion yuan, averaging 32,400 contracts per day and 53,400 contracts in open interest [1] - Log futures prices have shown a pattern of rising and then falling, with an increasing correlation between futures and spot prices, indicating the price discovery function of log futures is becoming more evident [1] Risk Management - Log futures and options have become essential tools for industry players to manage price volatility risks, with many trading and processing companies utilizing these instruments to stabilize costs and profits [4][5] - Companies like Zhejiang Wuchan Senhua Group have successfully used hedging strategies to mitigate losses in the spot market, while others have expanded procurement channels through futures [5] Standardization and Transparency - The introduction of log futures has contributed to the standardization and normalization of spot trade, addressing long-standing issues of price and quality ambiguity [6][7] - The market has seen improved transparency, with clearer price references and enhanced information disclosure, leading to better quality control and standardization across the industry [7] Future Developments - The Dalian Commodity Exchange plans to continue optimizing delivery quality standards and layout based on market changes, while also promoting the international use of futures standards to enhance the global price influence of log futures [8]

Core Insights - The launch of log futures and options on November 18 and 19, 2024, has led to a stable and orderly market operation, fulfilling risk management and pricing needs for the log industry [1][2] - The trading volume and open interest for log futures and options have steadily increased, with a total of approximately 7.87 million contracts traded and a transaction value of about 464 billion yuan, averaging 32,400 contracts per day [1] - The price trends for log futures and spot markets have shown a pattern of rising and then falling, with increasing price correlation between futures and spot prices, indicating the effective price discovery function of log futures [1] Market Development - The Dalian Commodity Exchange (DCE) has established a network of 19 delivery warehouses across six provinces to better meet industry delivery needs, with over 400 industry enterprises participating in log futures and options trading [2] - The introduction of log futures and options has provided industry enterprises with essential risk management tools to address price volatility challenges [4][5] Industry Impact - Companies like Zhejiang Wuchan Senhua Group have successfully utilized log futures for hedging, resulting in significant gains that offset losses in the spot market [4] - The use of log options is also expanding, with firms like Jiangsu Yaohua Logistics designing flexible option strategies based on inventory and market conditions [5] - The listing of log futures has contributed to the standardization and transparency of the log spot market, improving information disclosure and quality control across the industry [7] Future Outlook - The DCE plans to continue monitoring market changes and may optimize delivery quality standards and layout based on operational conditions, while also promoting the international use of futures standards in global timber trade [8]

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - The log spot price is running weakly, mainly due to a large short - term arrival volume, a decline in demand, and radiation pine inventory accumulation. The futures price continues to oscillate weakly. The supply side pressure has improved, but the downstream actual demand is lower than expected, and there is no substantial positive news in tariffs and real estate. In the short term, logs will continue to oscillate weakly [2][6] Summary by Relevant Catalogs 1. Spot and Futures - Spot: The price of 3.9 - meter medium A radiata pine logs at Rizhao Port is 750 yuan/cubic meter, and that at Taicang Port is 760 yuan/cubic meter, both down from the previous period. In October 2025, the FOB price of 4 - meter medium A radiata pine logs was 116 US dollars/cubic meter, up 1 US dollar/cubic meter from the previous month [2] - Futures: As of the close on November 18, the main log contract 2601 closed at 785 yuan/cubic meter, continuing its weak oscillation [2] 2. Supply - New Zealand port shipments: From November 8 - 14, 2025, a total of 7 ships with 280,000 cubic meters of logs departed from New Zealand ports, a decrease of 3 ships and 110,000 cubic meters compared to the previous week. Among them, 6 ships with 250,000 cubic meters were directly shipped to China, a decrease of 3 ships and 120,000 cubic meters [2] - Expected arrival volume at 13 ports: From November 17 - 23, 2025, 13 ships of New Zealand logs are expected to arrive at 13 Chinese ports, an increase of 3 ships or 30% week - on - week; the total arrival volume is about 465,000 cubic meters, an increase of 150,000 cubic meters or 48% week - on - week [2] - Actual arrival volume at 13 ports last week: From November 10 - 16, 2025, 10 ships of New Zealand logs arrived at 13 Chinese ports, a decrease of 6 ships or 38% week - on - week; the total arrival volume was about 315,000 cubic meters, a decrease of 214,000 cubic meters or 40% week - on - week [2] - Import volume: In October 2025, China imported 4.19 million cubic meters of logs and sawn timber; from January to October, the import volume was 46.366 million cubic meters, a year - on - year decrease of 12.4% [2] 3. Inventory - As of November 14, the total domestic coniferous log inventory was 2.95 million cubic meters, an increase of 20,000 cubic meters from the previous week; the radiata pine inventory was 2.43 million cubic meters, an increase of 20,000 cubic meters; the North American timber inventory was 100,000 cubic meters, unchanged from the previous week; the spruce/fir inventory was 210,000 cubic meters, an increase of 10,000 cubic meters [3] - High arrival volume continues to put pressure on port log inventory and spot prices. After the arrival volume decreases in mid - November, inventory accumulation may ease after 1 - 2 weeks [3] 4. Demand - Domestic port log outbound volume: From November 7 - 14, the daily average outbound volume of coniferous logs at 13 ports in 7 provinces in China was 65,600 cubic meters; among them, the daily average outbound volume of coniferous logs at Shandong ports was 36,700 cubic meters, and that at Jiangsu ports was 24,400 cubic meters [3] - The national log outbound volume rebounded, especially in Shandong. The core problem is that the port arrival pressure is large, while downstream demand is restricted by seasonal factors, leading to increased sales pressure on traders [3] 5. Recent News and Outlook Tariffs and Imports/Exports - China's radiata pine imports are concentrated in New Zealand, increasing the risk of relying on a single source. The anti - involution policy has an indirect impact on the log market. The May Sino - US Geneva Joint Statement is beneficial for wood product exports, but the terminal market is currently sluggish [4] - The EU will impose higher anti - dumping duties on Chinese hardwood plywood from December 7, 2025. Mexico has made a positive preliminary anti - dumping ruling on Chinese cardboard. Since November 10, 2025, the suspension of US log imports has been lifted, but the arrival volume will be limited in the short term [4] - Russian freight costs have increased by up to 50%, and wood prices have risen by 11% - 14%. China's demand market is currently weak [4] Trading and Delivery - Since its listing one year ago, the trading and holding volume of log futures and options has increased steadily. A total of 8 futures contracts and 164 option contracts have been listed, with a combined trading volume of about 7.87 million lots, a trading value of about 464 billion yuan, an average daily trading volume of about 32,400 lots, and an average daily holding volume of about 53,400 lots [5] - The LG2507 and LG2509 contracts have expired, with a total delivery of 1,412 lots, equivalent to about 127,100 cubic meters of log spot, with a total value of about 104 million yuan [5] Downstream and Building Materials/Real Estate - In September 2025, the sales volume of large - scale building materials and home furnishing stores nationwide was 130.838 billion yuan, a month - on - month increase of 23.84% and a year - on - year decrease of 8.02%; from January to September, the cumulative sales volume was 1,044.801 billion yuan, a year - on - year decrease of 3.75% [5] - As of November 4, the capital availability rate of sample construction sites was 59.82%, a week - on - week increase of 0.12 percentage points. The real estate data shows a downward trend, and the log demand side remains weak [5] 6. Strategies and Suggestions - The 2509 contract weakened in the second - quarter off - season and rose significantly from July to August, mainly driven by shortages of some specifications, rising FOB prices, and pre - delivery stocking demand. After entering the delivery month, the near - and far - month contracts showed different trends [6] - In September, the 2511 contract price rose and then fell rapidly before the delivery month. The "Golden September and Silver October" demand was average, and the futures price回调 after the holiday in October, reflecting market pessimism about downstream demand [6] - The previous main contract 2601 continued to oscillate strongly when the 2511 contract declined. Currently, the downstream actual demand is lower than expected, and there is no substantial positive news. The log market will continue to oscillate weakly in the short term [6]

Core Insights - The Dalian Commodity Exchange (DCE) reported that the first anniversary of the listing of log futures and options has shown stable market operations and significant participation from industry clients, aiding in price risk management and standardization of spot trade [1][2] Group 1: Market Performance - Log futures and options have seen steady growth in trading volume, with a total of approximately 7.87 million contracts traded and a transaction value of about 464 billion yuan, averaging 32,400 contracts traded daily [1] - The main log futures contract has decreased by approximately 7.5% this year, while the CFR price has dropped by about 8.3%, indicating a growing correlation between futures and spot prices [2] Group 2: Industry Impact - The introduction of log futures has contributed to the high-quality development of China's forestry sector by addressing issues such as low market transparency and unclear pricing mechanisms [3] - Some enterprises and farmers in the southwestern region have begun to adopt grading and pricing standards based on delivery standards since the listing of log futures, promoting the normalization and transparency of the domestic log market [3]

11月17日，记者从大连商品交易所（下称"大商所"）获悉，我国原木期货与期权自2024年11月18日、19 日相继在该所挂牌上市以来，首年运行实现"开门红"。 展望未来，大商所相关业务负责人表示，下一步，大商所将持续关注现货市场变化情况，结合产业需 求，优化区域升贴水以及交割质量标准及升贴水设置；根据交割量及现货市场规模，合理优化交割库布 局，促进期货功能更有效发挥，更好服务产业需求；继续开展质检机构培训工作，提高交割质检水平及 效率；持续推进期货标准在国际木材贸易中的输出和使用，并根据品种运行情况，适时引入境外交易 者，进一步提升原木期货品种的国际价格影响力；以龙头企业为切入点，持之以恒做好市场培育工作， 引导和服务产业链上中下游主体更好运用期货和期权工具实现高质量发展。 （文章来源：国际金融报） 从价格走势来看，原木期货与现货均呈现先涨后跌的态势。数据显示，今年以来，原木期货主力合约下 跌约7.5%、CFR报价下跌约8.3%，辐射松4米中A现货均价下跌约5.3%，期现价格联动性逐渐增强，原 木期货价格发现功能日益显现。 对于原木期货上市首年的运行情况，中信建投期货农产品高级研究员陈家谊表示，"原木期货价格 ...