By Madison's Lumber Reporter
Madison’s is running out of adjectives to
describe these non-stop increasing lumber
prices. Customers who regularly make
large-volume lumber purchases remain underbought
and can no longer delay booking orders, as they
wait in hopes that prices will go down. Supply
continues to be incredibly scarce. U.S. housing
starts data for March 2021 has been released;
activity is up significantly compared to one
year ago. Indeed, permits for total housing
starts are up +30% while permits for
single-family starts are up +36%. This indicates
there is significant upside yet to demand as
home construction activity is continuing to
increase.
It is a very dry spring in British Columbia and
at time of writing there is a wildfire burning
in the area of Merritt, in the central-interior.
The forecast is for rain in a few days;
currently there is concern that a long, dry
summer could pose real problems to log supply.
“Once again ‘all hell broke loose’ in the market as prices soared
and buyers frantically searched for coverage.” — Madison’s Lumber
Reporter
Buyers of Western S-P-F lumber and studs in the United States continued
to understandably agonize over every transaction; only to either pull
the trigger or to find that they lost the deal while they vacillated.
The pace of sales advanced again along with prices, and there was a
general scramble as customers chased down every lead in existence to
furnish their depleted inventories. Order files at sawmills pushed into
early May or further depending on the item and the source.
The upward price trend in Western S-P-F persisted according to Canadian
producers as the market got nuttier with each passing day. The severe
supply crunch tightened even further with large swathes of Canadian
buyers waking up as good building weather spread across the Great White
North. Sawmill order files were extended into mid-May, while rail car
availability remained sub-optimal, but improving.
Continuing to surpass any level previously considered normal, in the
week ending April 16, 2021, the wholesaler price of benchmark
softwood lumber commodity item Western S-P-F KD 2×4 #2&Btr was
US$1,210 mfbm. This is up by +$80, or +7%, from the previous week.
That week’s price is up by +$170, or +16%, from one month ago when
it was $1,040.
“Purveyors of Southern Yellow Pine commodities related a
re-strengthening of demand. Availability dried up across the board
and sawmills ceased taking the wide range of counter-offers they had
been entertaining through the first half of April.” — Madison’s
Lumber Reporter
Compared to the price one-year-ago, when it was US$316 mfbm, for the
week ending April 16, 2021, that price is up by +$894, or +283%.
Compared to two years ago when it was $336, that week’s price is up by
+$874, or +260%.
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