Veneer Sheet Price in India Stands at $633 per Cubic Meter

India Veneer Sheets Import Price in July 2022

In July 2022, the veneer sheets price amounted to $633 per cubic meter (CIF, India), falling by -3.8% against the previous month. Over the period under review, the import price showed a mild curtailment. The most prominent rate of growth was recorded in April 2022 an increase of 6.2% m-o-m. The import price peaked at $690 per cubic meter in January 2022; however, from February 2022 to July 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In July 2022, the country with the highest price was Hong Kong SAR ($933 per cubic meter), while the price for Gabon ($440 per cubic meter) was amongst the lowest.

From January 2022 to July 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

India Veneer Sheets Import Prices by Type

Average prices varied noticeably amongst the major supplied products. In July 2022, the products with the highest prices were wood, tropical; dark red meranti, light red meranti, meranti bakau, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($734 per cubic meter) and wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($684 per cubic meter), while the price for wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($607 per cubic meter) and wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($641 per cubic meter) were amongst the lowest.

From January 2022 to July 2022, the most notable rate of growth in terms of prices was attained by wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (+1.0%), while the prices for the other products experienced a decline.

India Veneer Sheets Imports

In July 2022, approximately 39K cubic meters of veneer sheets were imported into India; picking up by 28% on June 2022. The total import volume increased at an average monthly rate of +1.3% over the period from January 2022 to July 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain months. The growth pace was the most rapid in May 2022 with an increase of 31% month-to-month. Imports peaked at 44K cubic meters in March 2022; afterwards, it flattened through to July 2022.

In value terms, veneer sheets imports skyrocketed to $24M (IndexBox estimates) in July 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in May 2022 with an increase of 27% m-o-m. Over the period under review, imports hit record highs at 27M cubic meters in March 2022; however, from April 2022 to July 2022, imports remained at a lower figure.

India Veneer Sheets Imports by Type

In July 2022, wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (24K cubic meters) constituted the largest type of veneer sheets supplied to India, with a 63% share of total imports. Moreover, wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm exceeded the figures recorded for the second-largest type, wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (11K cubic meters), twofold. Wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (3K cubic meters) ranked third in terms of total imports with a 7.7% share.

From January 2022 to July 2022, the average monthly growth rate of the volume of import of wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm totaled +4.1%. With regard to the other supplied products, the following average monthly rates of growth were recorded: wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (-2.7% per month) and wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (-3.7% per month).

In value terms, the most traded types of veneer sheets in India were wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($15M), wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($7.5M) and wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($1.9M), together comprising 98% of total imports. These products were followed by wood, tropical; dark red meranti, light red meranti, meranti bakau, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm, which accounted for a further 1.5%.

India Veneer Sheets Imports by Country

Gabon (17K cubic meters), Indonesia (9.3K cubic meters) and China (5.4K cubic meters) were the main suppliers of veneer sheets imports to India, with a combined 82% share of total imports. These countries were followed by Myanmar, Thailand, Singapore and Hong Kong SAR, which together accounted for a further 14%.

From January 2022 to July 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +13.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest veneer sheets suppliers to India were Gabon ($7.4M), Indonesia ($6.7M) and China ($4.4M), together accounting for 76% of total imports. These countries were followed by Myanmar, Singapore, Thailand and Hong Kong SAR, which together accounted for a further 14%.

In terms of the main suppliers, Thailand, with a CAGR of +21.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

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Source: IndexBox Market Intelligence Platform