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Wood raw-material costs for sawmills in North America and Europe eased in the 3Q\/22 as demand and prices for lumber fell.<\/p>\n
The Global Sawlog Price Index (GSPI) fell five percent from its all-time high in the previous quarter to US$90.54\/m3. The decline follows a two-year increasing streak when the index had only one occasion when it declined q-o-q.<\/p>\n
Global Wood Fiber Markets<\/strong><\/p>\n Prices for pulplogs and wood chips have increased in practically all markets worldwide in the 3Q\/22. As a result, the Hardwood Fiber Price Index (HFPI) has moved upward for over two years to reach $100.47\/bdmt in the 3Q\/22, 26% higher than its 15-year low in the 2Q\/20.<\/p>\n Global softwood fiber prices have also risen over the past few years, with the Softwood Fiber Price Index (SFPI) increasing for nine consecutive quarters. In the 3Q\/22, the SFPI was $101.63\/bdmt, the highest level since early 2021.<\/p>\n Global Pulp Markets<\/strong><\/p>\n Market pulp prices continued up in the 3Q\/22 but started to level off late in the quarter and into early 4Q\/22. Softwood and hardwood chemical pulp prices were substantially higher in the 3Q\/22 y-o-y, with the most substantial increases occurring in China, where NBSK was up 18% over the past years, and HBSK has risen 36%.<\/p>\n Global Lumber Markets<\/strong><\/p>\n After three months of incremental price decreases, the North American lumber market continues to struggle against inflationary pressures and high-interest rates that are taking a toll on the housing market.<\/p>\n Forest2Market's Southern yellow pine lumber price composite for November was $253\/m3, almost half of what it was in November 2021 and the lowest since early 2020.<\/p>\n Lumber production has declined in three of the four major regions of North America during the first eight months of 2022. Only the US South increased production (+6.9% y-o-y), while output in BC, Eastern Canada, and US Northwest fell by 12.5%, 6.6%, and 6.9%, respectively.<\/p>\n As a result of Russia's invasion of Ukraine and the boycott by western countries in trading with Russia, the country's exports have fallen from an all-time high of 31 million m3 in 2019 to an estimated 19 million m3 in 2022, and Russia's share of global trade declined from 22% to about 14%.<\/p>\n Global Biomass Markets<\/strong><\/p>\n The wood pellet market in Europe has been turbulent during the fall, with prices for industrial and residential pellets jumping to all-time highs.<\/p>\n In some markets, residential pellet prices in the 3Q\/22 were three times as high as in the 3Q\/21.<\/p>","protected":false},"excerpt":{"rendered":" Wood raw-material costs for sawmills in North America and Europe eased in the 3Q\/22 as demand and prices for lumber fell. The Global Sawlog Price Index (GSPI) fell five percent from its all-time high in the previous quarter to US$90.54\/m3. … Continue reading