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Rubber and Wood May 21, 2020 06:30:08 PM

Lumber Prices Gain Momentum As Demand Picks Up

Paul Ploumis
ScrapMonster Author
The U.S, building permits in April 2020 reported a decline of nearly 21% from the previous month.

Lumber Prices Gain Momentum As Demand Picks Up

SEATTLE (Scrap Monster): The softwood lumber prices, especially those of construction framing dimension items, recorded large improvement from the record lows during end-April this year.

The Western SPF 2×4 prices surged higher by 2% over the prior week during the week ending on May 15, 2020. From the prior month, the prices were up by 14% from $316 mfbm to $360 mfbm. Upon comparison with mid-May 2019 levels, the prices were up by nearly 8%, said Madison’s Lumber Reporter.

The U.S, building permits in April 2020 reported a decline of nearly 21% from the previous month. The U.S. housing starts have dropped by approximately 30%, when matched with the same month a year before. The improvement in U.S. homebuilder sentiments is expected to result in more stability in housing market during May 2020. The recent surge in mortgage applications too is a positive sign for lumber markets.

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Russia Emerges as the World's Largest Softwood Lumber Exporter

Although lumber exports to China have recorded massive increase over the past several years, much of the imports by the country from the U.S. and Canada are low-grade materials. The exclusively premium lumber grades, which are priced higher than standard grades, are mainly exported to Japan.

 

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