Norwegian sawlog and pulpwood prices continued to decline during the first half of 2026, reversing part of the steep increase recorded during the previous two years as record harvesting volumes were followed by weaker lumber demand and a more difficult operating environment for sawmills.<\/p>\n
The correction has been particularly pronounced for pine sawlogs and softwood pulpwood. By June 2026, average pine sawlog prices were approximately one-quarter below their 2025 average, while spruce sawlogs had fallen by almost 15%.<\/p>\n
Prices nevertheless remain high when viewed over a longer period. Even after the latest declines, average roundwood values continue to exceed those recorded during most of the past three decades.<\/p>\n
Record prices encouraged record harvesting<\/strong><\/p>\n Norwegian forest owners received exceptionally high prices in 2025. In inflation-adjusted terms, Statistics Norway said a comparable national price level had not been seen since around 1990.<\/p>\n The average settlement price across all industrial roundwood assortments reached NOK 847\/m\u00b3 (\u20ac76.96\/m\u00b3) in 2025.<\/p>\n High prices brought more timber onto the market. Norway harvested 12.8 million m\u00b3 of industrial roundwood during the year, the highest annual volume recorded in the official statistics. Timber exports also reached a record 5.37 million m\u00b3.<\/p>\n The rise was visible across all major assortments. Average spruce sawlog prices exceeded NOK 1,000\/m\u00b3, while pine sawlogs averaged NOK 952\/m\u00b3. Pulpwood prices also reached levels well above those seen during most previous years.<\/p>\n Most birch harvested in Norway is sold as hardwood pulpwood. Only a limited volume meets sawlog quality requirements.<\/p>\n Price correction deepens in 2026<\/strong><\/p>\n The market began to turn after prices reached their high point during the second quarter of 2025.<\/p>\n Statistics Norway\u2019s quarterly figures indicate that the average industrial roundwood price in the first quarter of 2026 was approximately 15% below the second-quarter 2025 peak. Monthly figures from the Norwegian Directorate of Agriculture show that the decline continued through June.<\/p>\n Spruce sawlogs averaged approximately NOK 885\/m\u00b3 (\u20ac80.41\/m\u00b3) in June, compared with the 2025 annual average of NOK 1,037\/m\u00b3 (\u20ac94.23\/m\u00b3). This represents a decline of around 14.7%.<\/p>\n The reduction in pine sawlog prices was considerably larger. The June average of NOK 713\/m\u00b3 (\u20ac64.79\/m\u00b3) was about 25.1% below the 2025 average.<\/p>\n Pulpwood values fell by similar proportions. Spruce pulpwood declined by around 26.6%, while pine pulpwood was approximately 25.9% lower.<\/p>\n More logs meet a weaker lumber market<\/strong><\/p>\n The decline is the result of a change on both sides of the market.<\/p>\n Record prices encouraged forest owners to increase harvesting throughout 2025. This expanded the volume of raw material available to buyers at the same time as demand from the processing industry began to weaken.<\/p>\n The additional supply did not immediately push prices down because export demand remained strong and competition for logs continued into the first half of 2025. Once the lumber market weakened, however, sawmills became less willing to maintain the prices paid during the peak.<\/p>\n Housing construction remains subdued in Norway and in several important European markets. High borrowing costs have delayed residential projects, while weak new construction has reduced orders for structural lumber and other wood products.<\/p>\n Sawmills are consequently operating in a different market from the one that supported sawlog prices during 2024 and early 2025. Lower lumber sales and pressure on finished-product prices have reduced the amount mills can pay for raw material without further compressing margins.<\/p>\n The decline in sawlog prices is therefore not simply the result of higher harvesting. It also reflects the processing industry\u2019s reduced capacity to absorb those volumes at last year\u2019s prices.<\/p>\n Begna Bruk shows pressure moving down the supply chain<\/strong><\/p>\n The financial deterioration reported by Begna Bruk illustrates the pressure now facing parts of the Norwegian sawmill industry.<\/p>\n The company recorded a loss of NOK 12 million, approximately \u20ac1.09 million, in 2025, after posting a profit of NOK 3.8 million, or approximately \u20ac0.35 million, in 2024. Its board attributed the reversal to a substantially weaker market, and the sawmill has announced reductions in operations.<\/p>\n The result shows how quickly the economics of timber processing changed during the year. Sawmills initially faced exceptionally expensive sawlogs, but the subsequent fall in raw material prices did not immediately restore profitability because the lumber market was weakening at the same time.<\/p>\n For producers carrying timber purchased at earlier, higher prices, the market correction can also create an inventory problem. Finished lumber is sold into a softer market while part of the raw material used to produce it may still reflect peak-period procurement costs.<\/p>","protected":false},"excerpt":{"rendered":" Norwegian sawlog and pulpwood prices continued to decline during the first half of 2026, reversing part of the steep increase recorded during the previous two years as record harvesting volumes were followed by weaker lumber demand and a more difficult … Continue reading \n\n
\n \nAssortment<\/th>\n 2025 average<\/th>\n June 2026<\/th>\n Change<\/th>\n<\/tr>\n<\/thead>\n \n Spruce sawlogs<\/strong><\/td>\n NOK 1,037\/m\u00b3
\n(\u20ac94.23\/m\u00b3)<\/span><\/td>\nNOK 885\/m\u00b3
\n(\u20ac80.41\/m\u00b3)<\/span><\/td>\n\u221214.7%<\/strong><\/td>\n<\/tr>\n \n Pine sawlogs<\/strong><\/td>\n NOK 952\/m\u00b3
\n(\u20ac86.50\/m\u00b3)<\/span><\/td>\nNOK 713\/m\u00b3
\n(\u20ac64.79\/m\u00b3)<\/span><\/td>\n\u221225.1%<\/strong><\/td>\n<\/tr>\n \n Spruce pulpwood<\/td>\n NOK 610\/m\u00b3
\n(\u20ac55.43\/m\u00b3)<\/span><\/td>\nNOK 448\/m\u00b3
\n(\u20ac40.71\/m\u00b3)<\/span><\/td>\n\u221226.6%<\/strong><\/td>\n<\/tr>\n \n Pine pulpwood<\/td>\n NOK 579\/m\u00b3
\n(\u20ac52.61\/m\u00b3)<\/span><\/td>\nNOK 429\/m\u00b3
\n(\u20ac38.98\/m\u00b3)<\/span><\/td>\n\u221225.9%<\/strong><\/td>\n<\/tr>\n \n Hardwood pulpwood, including birch<\/td>\n NOK 588\/m\u00b3
\n(\u20ac53.43\/m\u00b3)<\/span><\/td>\nApprox. NOK 500\/m\u00b3
\n(\u20ac45.43\/m\u00b3)<\/span><\/td>\nApprox. \u221215.0%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n