From April 1, Myanmar will officially ban the export of logs, a move that has sent ripples through the global timber market. Since last year, mahogany—especially Burmese rosewood—has become a hot commodity in the investment world, with furniture prices soaring by as much as 100% depending on the type and quality.
For example, the price of Burmese rosewood saw a dramatic rise 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 nearly 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. Some reports even mention that a piece of Burmese pear wood with a diameter of 70 cm could reach as high as 60,000 yuan per ton.
China heavily relies on imported rosewood, and the newly revised CITES regulations implemented in June last year have led to stricter export controls from countries like Thailand, Vietnam, and Laos. This has already driven up the cost of imported rosewood. Now, Myanmar’s log export ban is further fueling the fire in an already overheated market.
According to feedback from China Timber Net in late March, Burmese rosewood has been highly sought after in the Ruili market. From June last year to the end of the year, the price of Burmese rose pears increased from 23,000 to 35,000 yuan per ton. Although the price dropped back to 21,000 yuan per ton at the start of this year, it fell by as much as 8,000 yuan per ton at its lowest point. However, by March 20th, the price of 60 cm diameter Burmese rosewood had rebounded to 32,000 yuan per ton.
Industry sources suggest that the sharp drop followed by a quick recovery isn’t typical. Since the second half of last year, a lot of speculative money has been flowing into these "second-tier" hardwoods, creating a wave of hype. “Prices shot up threefold almost overnight, and there's a lot of artificial inflation in the market,†one insider said.
Furniture Network estimates that ordinary materials of Vietnamese Huanghuali are expected to cost around 6 million yuan per ton this year, while higher-quality pieces can range from 8 to 12 million yuan per ton. Big-sized materials, especially rare ones, can easily exceed 20 million yuan per ton.
“The current market is quite confusing,†one buyer said. “Some people are hoarding inventory, others are losing money at high prices, and it's still unclear what will happen next.†Many investors who have been buying mahogany furniture are watching the market closely but aren't planning to sell anytime soon.
Industry insiders note that mahogany targets a high-end clientele, and while it may not be as fast-moving as a snack bar, once a transaction occurs, it can involve hundreds of thousands or even millions of yuan. Additionally, because mahogany is a scarce resource, it has both collectible value and potential for long-term appreciation. With slow growth cycles and strong demand, industry players remain confident that prices won’t fall significantly.
It’s also worth noting that many products in the market are not genuine. For instance, cheaper African pears are often passed off as more expensive Laotian pears. Some dealers lack expertise and may mislead customers. Consumers are advised to purchase mahogany furniture with the help of professionals and to compare options before making a decision.
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