Log market editorial — Dec-25 quarterly shows broad recovery
MPI's Dec-25 quarterly log-price survey shows a strong export-grade recovery versus the previous quarter, with Pruned up 17.5% to a $201 weighted average and Unpruned A up 16.9%. Domestic P2 up 7.1%, Pulp up 22.6%. The India FTA (Section 2) is the single most consequential structural change for forward margins. Argus's earlier analysis that NZ could raise ETS auction volumes 2028–30 still sets market framing: Argus.