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Lumber prices down 8.4% as inflation destroys home renovation projects

Posted on April 18, 2022   |  

  • Lumber futures fell by 8.4% to $870 a 1,000 board feet in Chicago on Monday, extending a slump to 30% since the start of March.
  • The DIY sector is eroding because inflation is increasing and buyers are just walking away and refusing to pay the high prices.
  • The DIY sector is the largest lumber market segment, which accounts for 40% of consumption, and big-box retailers such as Home Depot Inc. and Lowe’s Cos. represent half of the segment, with the rest coming from smaller retailers and contractor yards. 
  • Lumber has been volatile throughout the COVID-19 pandemic, with a recent rise in March due to lingering supply and shipment woes from last year’s floods in B.C.
  • Inventory is also stacking up as transportation jams have left many of North America’s biggest producers with stockpiles at sawmills due to a lack of rail cars and damaged roads, as a result, producers are sitting on a lot of inventory because they can’t ship the stuff.
  • The backlog is critical in Western Canada. Some lumber companies cut back on operations in which Canfor Corp. cut operating schedules at its sawmills in B.C. starting April 4 to address unsustainable inventory levels. West Fraser Timber Co., the world’s largest lumber producer, shortened output in early February due to the inability to ship products.



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