Burmese wood restrictions cause mahogany furniture prices to skyrocket

From April 1, Myanmar will impose a complete ban on log exports, triggering a surge in demand for mahogany and making it a hot commodity in the market. Since last year, the price of mahogany furniture has seen significant increases, with some pieces rising by as much as 100% depending on the type and quality. For example, Burmese rosewood, a popular variety within the mahogany family, saw its price skyrocket from 23,000 yuan per ton in June last year to 35,000 yuan per ton by the end of the year—an increase of up to 50%. As of last weekend, the market price for Burmese rosewood with a diameter of about 60 cm was around 32,000 yuan per ton. There are even reports of Burmese pear wood with a diameter of 70 cm reaching as high as 60,000 yuan per ton. China's rosewood supply heavily depends on imports, and the revised CITES Convention implemented in June last year allowed countries like Thailand, Vietnam, and Laos to tighten their export restrictions. This has already driven up the cost of imported rosewood in China. Now, Myanmar’s new log export ban is adding fuel to the fire, further pushing prices upward. According to feedback from China Timber Net in late March, Burmese rosewood logs have been highly sought after in the Ruili market. Despite a sharp drop at the start of this year—falling to 21,000 yuan per ton from 35,000 yuan in early 2023—the price rebounded quickly, reaching 32,000 yuan per ton again by March 20th for 60 cm diameter wood. Industry sources say that the sudden price plunge at the beginning of the year was not normal. Since the second half of last year, many investors have poured money into these premium woods, creating a wave of speculation. “The price tripled overnight, and the hype was intense,” one insider noted. Furniture Network estimates that ordinary Vietnamese Huanghuali wood could reach around 6 million yuan per ton this year, while higher-quality pieces may range from 8 to 12 million yuan per ton. Large, high-quality materials can easily exceed 20 million yuan per ton, making them extremely rare and valuable. “The current market is confusing,” said one consumer. “Some people are hoarding goods, others are losing money at high levels, and it's hard to tell what will happen next.” While many investors are concerned about the fluctuating prices, they are not planning to sell anytime soon, preferring to wait and see. Industry insiders believe that mahogany is targeted at high-end buyers and doesn’t follow the fast-moving trends of everyday goods. However, once a transaction occurs, the value involved can be in the hundreds of thousands or even millions. Mahogany is also a scarce resource, often used for collection and long-term value preservation. With strong demand and slow growth cycles, industry players remain confident that prices won't fall significantly. It's worth noting that the market is flooded with imitations. For instance, cheaper African pears are often sold as more expensive Laotian pears. Some dealers lack expertise, potentially misleading buyers. Consumers are advised to purchase mahogany furniture through professional sellers and compare options carefully before making a decision.

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