{"id":87470,"date":"2024-04-16T09:47:28","date_gmt":"2024-04-16T09:47:28","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/global-wood-prices-are-plummeting-softwood-lumber-is-much-cheaper-on-the-world-market\/"},"modified":"2025-09-18T17:27:56","modified_gmt":"2025-09-18T17:27:56","slug":"global-wood-prices-are-plummeting-softwood-lumber-is-much-cheaper-on-the-world-market","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/global-wood-prices-are-plummeting-softwood-lumber-is-much-cheaper-on-the-world-market\/","title":{"rendered":"Global wood prices are plummeting \u2013 softwood lumber is much cheaper on the world market"},"content":{"rendered":"

Global wood prices have fallen by 10% on the world market. This has two reasons. On the one hand, the supply of wood exceeds the demand. On the other hand, the persistently high interest rates are significantly slowing down house building activity. And there are other problems that are putting pressure on softwood lumber prices.<\/span><\/p>\n

Global lumber prices fell more than 10% from March to April (see chart below). Lumber now only costs around USD 550 per 1,000 board feet on the US futures market, after prices were around USD 620 in March. The last time wood prices were this low was in November last year - 6 months ago.<\/p>\n

The further recovery in wood prices that all market observers actually expected has failed to materialize and has even turned into its opposite. A key reason for the price slide is that lumber production in North America continues to outpace supply, analysts say.<\/p>\n

According to the latest data from Statistics Canada, lumber production rose 16.4% at the start of the year, while sales grew much more slowly at 11.2%.<\/p>\n

In addition, the development of the US economy and statements from the US Federal Reserve suggest that hopes of a Fed rate cut in June are too optimistic. This is particularly true for the US housing market and the demand for houses and lumber.<\/p>\n

A prolonged phase of restrictive monetary policy will lead to persistently high mortgage interest rates and weaken the prospects for a revival in construction activity and thus demand for wood.<\/p>\n

Wood prices are falling \u2013 house prices are not<\/strong><\/p>\n

\"\"<\/a><\/p>\n

The further recovery in prices actually expected by all market observers has failed to materialize and has even turned into its opposite.<\/p>\n<\/div>\n

The price of softwood lumber initially rose sharply in recent years due to disorganized supply chains and increasing demand during Corona. Wood prices on the world market have now fallen sharply compared to last year and have returned to pre-crisis levels.<\/p>\n

The problem, however, is that falling lumber prices are not leading to significantly lower prices for new homes in North America .<\/p>\n

Relatively speaking, it is much cheaper to buy lumber today than it was a year ago. But that compares with an unprecedented rise in prices for other building materials and also services.<\/p>\n

According to Gauvin, it is therefore unlikely to lead to a reduction in the cost of new houses. \u201c We see this in electrical and plumbing , as well as concrete, sheetrock and roofing,\u201d said Bart Frisbie, president of builder Sterling Homes in South Burlington, Vermont.<\/p>\n

\u201cWhile lumber costs have come down, which is extremely helpful, many other costs have not and probably never will,\u201d he told farmcrediteast.com.<\/p>\n

Mortgage interest rates are way too high<\/strong><\/p>\n

In 2023, housing starts fell 8.8% to their lowest level in three years as high borrowing rates and high inflation put home purchases out of reach for many potential buyers. These factors also discouraged homeowners from putting their homes on the market, resulting in a low inventory of homes for sale.<\/p>\n

With 11 interest rate hikes in the last two years, the lack of affordability has scared off many potential homebuyers. The feared recession in the US appears to have been averted, and the US Federal Reserve has signaled that it will likely start cutting interest rates later this year, albeit in small steps.<\/p>\n

And the inflation rates are also getting closer to the desired values. But mortgage rates are still high , down only slightly from their highest level in more than 20 years.<\/p>\n

Americans' purchasing power is expected to increase in 2024. However, while the outlook for 2024 is more positive than in the past two years the economic growth is expected to slow in the second and third quarters.<\/p>\n

In parallel, growth in construction and manufacturing will also weaken before accelerating in the fourth quarter.<\/p>","protected":false},"excerpt":{"rendered":"

Global wood prices have fallen by 10% on the world market. This has two reasons. On the one hand, the supply of wood exceeds the demand. 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