Russia's invasion of Ukraine increasing lumber prices by 14% in past month

Posted on March 14, 2022   |  

• Lumber futures soared to a record high of $1,711 per thousand board feet last May, after falling through the spring and summer, they have been rebounding but since Russia invaded Ukraine, prices grew by 14% to $1,452, which is 15% below the all-time peak.
• Russia is the largest lumber exporter in the world, and its forest-product exports were worth more than $12 billion in 2021, targeting its lumber markets can intimidate lumber prices further.
• Before the war, lumber prices were volatile, in January, they dropped by 15% and since February 1, they grew by 55% but just before Russia attacked Ukraine on February 24, prices of leading lumber futures ended at daily limits in 25 of 35 trading sessions this year.