PriceSensitive

MWY secures Japanese price rise for 2019

Industrial, Materials
ASX:MWY      MCAP $64.62M
25 April 2019 23:44 (AEST)

Midway Limited has secured a higher plantation hardwood price from Japanese customers for the rest of 2019.

As a result of price negotiations, Japanese customers have agreed to increase by $1.75 per tonne to $182.25 commencing immediately.

With Japanese customers accounting for approximately 30 per cent of exports this increase will be extremely beneficial towards Midway.

Midway is Australia’s largest high-quality wood fiber processor and exporter with aims to become Asia’s leading supplier of the wood fiber.

This increase with Japan provides an equilibrium with Chinese customers. Chinese customers agreed to pay $182 per tonne for the second half of 2019.

Midway Managing Director Tony Price is pleased for this increase in revenue.

“The price increase with Japanese customers underpins a strong second half of the 2019 financial year reflected in consensus forecasts and provides a solid start for the first half of the 2020 financial year,” he said.

Please find the announcement here

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