Lumber prices soared 40% for the seventh week in a row
Posted on October 26, 2021 |
- Lumber price grew by 40% to $545 after falling at $389 per thousand board feet in August, which is higher than pre-pandemic prices but lower than May 2021's $1,515
- Buyers withdrew from buying lumber when prices rose 300% above pre-pandemic levels but as prices dropped, buyers came in which increased lumber demand and prices in the market.
- On the supply side, wildfires in the U.S. Pacific Northwest and British Columbia curtailed production in many sawmills in which only the five biggest publically traded lumber producers supplied lumber which put up pressure on the lumber prices
