{"id":87669,"date":"2024-06-06T08:00:59","date_gmt":"2024-06-06T08:00:59","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/global-wood-prices-plummet-sharply-pessimistic-outlook-for-the-wood-market-in-2024\/"},"modified":"2025-09-18T17:28:16","modified_gmt":"2025-09-18T17:28:16","slug":"global-wood-prices-plummet-sharply-pessimistic-outlook-for-the-wood-market-in-2024","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/global-wood-prices-plummet-sharply-pessimistic-outlook-for-the-wood-market-in-2024\/","title":{"rendered":"Global wood prices plummet sharply \u2013 Pessimistic outlook for the wood market in 2024"},"content":{"rendered":"

Global lumber prices fell sharply in early June. The reason is falling demand. High mortgage interest rates are preventing people from building and buying houses in the USA. The outlook for 2024 is very pessimistic. Improvement is not expected until 2025.<\/span><\/p>\n

Lumber prices fell well below US$500 per 1,000 board feet (mbf) in June (see chart below). This is a new eight-month low for global lumber prices .<\/p>\n

In March, lumber was still trading at a good USD 620. That is a price drop of more than 20 percent for lumber in just under 3 months. Lumber prices were last this low in November 2023.<\/p>\n

This is due to the weaker demand outlook for lumber and persistently high inflation in the US and on the world market, which reflect an overall difficult global economic situation. At the same time, mortgage rates in the US for 30-year mortgages rose to over 7%, which represents a significant obstacle to new construction or home purchase for many potential home buyers.<\/p>\n

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

Lumber prices fell significantly below 500 US dollars per 1,000 board feet (mbf) in June. This is a new eight-month low for global lumber prices. In March, lumber was still trading at just over 620 USD.<\/p>\n<\/div>\n

The rise in mortgage interest rates also correlates with the rise in yields on long-term government bonds, say analysts at tradingeconomics in an analysis. The background to this is the concerns about persistently high inflation, which prompted the US Federal Reserve to continue to maintain higher interest rates or not to lower them for the time being.<\/p>\n

However, the sharp rise in mortgage rates also caused a significant decline in home sales in the US of 7.7% in May compared to April. This was the largest decline since February 2021.<\/p>\n

This reinforces the negative trends in the real estate market , say market observers at tradingeconomics, which will have a negative impact on the entire real estate sector.<\/p>\n

In addition, the 7.4% year-on-year increase in the U.S. home price index, which exceeded previous market forecasts, highlighted the ongoing affordability and accessibility challenges in the housing market.<\/p>\n

Pessimistic outlook for the wood market in 2024<\/strong><\/p>\n

\" There is too much lumber in production for current demand . Until people start reducing production, it's just a race to the bottom,\" Dave Pengilly of Sierra Forest Products in California told the US trade portal timberprocessing.<\/p>\n

\"We are not demanding that lumber be priced at $1,000\/mbf, but most U.S. sawmills cannot survive at $400\/mbf,\" said Ryan Miller of Miller Lumber in North Carolina.<\/p>\n

A survey of US sawmills also shows the serious problems on the timber market : only around 29% still said their forecast for the business situation in the lumber sector for 2024-2025 was good. Another 36% said the forecast was mediocre (compared to 49% a year ago), but 32% of sawmills gave a poor forecast, compared to 9% a year ago.<\/p>\n

This shows that many of the rather optimistic business expectations of last year have deteriorated considerably. From the perspective of US sawmills, the current development on the wood market is \"very worrying,\" the study continues. \"Until the US central bank lowers interest rates, things will remain difficult,\" is another conclusion.<\/p>\n

\"It will be another tough year,\" they also say . Many sawmills apparently do not see an improvement in the market situation and rising lumber prices until 2025. The lumber markets are under massive pressure in all areas. Production costs continue to rise while lumber prices fall.<\/p>\n

\u201cPoor markets in 2024 with hopes of a recovery in the fourth quarter of 2024 for a much-needed robust market in 2025,\u201d is the current forecast of the US sawmill industry.<\/p>\n

This development will not be without consequences for the European timber market and export prices in the current year.<\/p>","protected":false},"excerpt":{"rendered":"

Global lumber prices fell sharply in early June. The reason is falling demand. High mortgage interest rates are preventing people from building and buying houses in the USA. The outlook for 2024 is very pessimistic. Improvement is not expected until … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":87671,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-87669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nGlobal wood prices plummet sharply \u2013 Pessimistic outlook for the wood market in 2024 - Timber Industry News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.timberindustrynews.com\/ro\/global-wood-prices-plummet-sharply-pessimistic-outlook-for-the-wood-market-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global wood prices plummet sharply \u2013 Pessimistic outlook for the wood market in 2024 - Timber Industry News\" \/>\n<meta property=\"og:description\" content=\"Global lumber prices fell sharply in early June. 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