Agarwood Market, Two Columns — 24 Oct 2026: High-end Strengthens, Mass Market Holds

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Agarwood Market, Two Columns — 24 Oct 2026: High-end Strengthens, Mass Market Holds

*Two columns* means reading agarwood prices as two non-overlapping systems: Column 1 is the scarcity/collector gauge (imported producing-region material plus traditional wild *Aquilaria sinensis*), Column 2 is the industrial-plantation gauge (domestically cultivated, induced-resin wood). Their magnitudes differ by tens of times; merged into one table, they distort each other.

Column 1 (scarcity gauge): Hainan traditional wild / *tushen* 3,200–8,600 RMB/g; Vietnam Nha Trang bracelet 2,600–9,800 RMB/strand; Indonesia Kalimantan 680–2,600; Brunei 4,200–15,000; Malaysia 720–2,800; Vietnam *kyara* 12,000–48,000 RMB/g; auction anchor — Guardian Hong Kong autumn sale, *Qinan Mountain* (Vietnamese raw-sinking) HK$15.477 million / ~2,500 g ≈ 6,190 RMB/g (6 Oct 2026). Sample prices taken 2026-04-02, reviewed quarterly.

Column 2 (plantation gauge, Xinhua·China Agarwood Price Index, Aug issue published 2026-09-29): Hainan plantation bracelets — 0.6 cm 94.97 RMB/g, 0.8 cm 116.95, 1.0 cm 115.50, 1.2 cm 79.36, 1.5 cm 85.25; Hainan plantation incense sticks — 1.5 mm 61.43 RMB/g, 1.8 mm 40.99, 2.0 mm 50.07; Hainan plantation essential oil 1 g 359.34 RMB/bottle (Jul issue); Guangdong Dianbai induced-resin material 180–520 RMB/g and stick incense 35–180 RMB/tube (2026-04-02 sampling).

Three points this issue: (1) The official index, released at the 19 Sep 2026 Xinhua Index autumn conference in Shanghai, characterises the market as *"better quality, better price; high-end strengthening; mass market steady; categories active"* — scarce top-grade material keeps climbing, processed goods (sticks, oil) rise steadily, e-commerce demand is releasing, while bracelets and seedlings hold their base. (2) Chengmai's agarwood acreage has reached 34,000 mu, with 21 nurseries, 22 cooperatives, 38 processors and 3 industrial parks, annual output value past 100 million RMB. (3) Medicinal-market reference (Bozhou, 30 Sep 2026): Indonesian 15–20% resin 1,500 RMB, Indonesian grade 800, Indonesian off-grade 135, Hainan grade 700 — all flat week-on-week.

How not to misread it: never compare across columns; *"Hainan"* splits in two — traditional wild material belongs to Column 1, plantation material to Column 2 (which is what the Xinhua index measures). Column 1 is reviewed quarterly and anchored by auction results; Column 2 follows the monthly Xinhua index. Where no new official issue has been published, the previous issue is kept with its collection date — no back-filling, no invention.

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