Glenn Mackie, senior policy analyst with the New Zealand Forest Owners Association, said that there was a major price correction under way.
"We normally have an annual price correction, but that didn't happen last year," he said.
Peter Weblin, PF Olsen's chief marketing manager, said he didn't believe the long-term growth trend driven by China was changing.
"The market's been climbing consistently for the last couple of years and we don't see that trend changing."
But the buildup of inventory on Chinese wharves had triggered a fall with April's relatively small reduction in export log prices followed by larger reductions this month.
Some prices are down as much as $25/JAS per cubic metre, meaning that in just two months export log prices had lost 14 months of prior month-on-month gains. May export log prices were now equivalent to prices in January 2013.
Most market commentators were expecting a further drop in price in June, and then a recovery over the next few months, said Mr Weblin.