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December 18, 2020

Demand for African tropical timber recovering but prices easing

As businesses in importing countries adapt to working with the coronavirus risk trade has started to revive and some FOB price movements have been reported.
Producers report a growing interest in ovangkol for the Chinese market suggesting this could be an alternative to kevazingo/bubinga. The Chinese demand for okan for flooring production is said to be stable as is demand for belli.
Over the past few months demand for okoume has waned but, fortunately, the market in the Philippines for okoume is firm and stable. Analysts write “If not for this market, okoume production in Congo and Gabon would slow down very fast”. The steady demand for okoume, andoung, gheombi and iroko in Middle East markets has been encouraging and as there are reports that stocks held in the Middle East are declining more orders are anticipated.

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