Midway secures higher price from Japanese customers

Company News

by Katrina Bullock

Forestry company, Midway (ASX:MWY), has secured a higher plantation hardwood price from Japanese customers for the remainder of the 2019 calendar year.

Japanese customers have agreed to increase the first quarter price by US$1.75 to $US182.25 per bone dry tonne for the rest of the 2019 calendar year. The rise will take effect in April.

Japanese customers account for approximately 30 per cent of total Midway hardwood woodfibre exports.

This increase aligns with increases which have already been implemented in relation to the company's Chinese customers.

Shares in Midway (ASX:MWY)are 1.97 per cent higher at $3.62.