Lumber party: economic bounce fuels wood price rally
22 Apr, 2021 10:23 PM
5 minutes to read
Financial Times
US wood prices are racing higher amid a vigorous economic recovery from the pandemic, blasting through previous records as sawmills struggle to keep pace with demand in the run-up to peak homebuilding season. Lumber futures have soared by more than 50 per cent this year to more than $1,327 per 1,000 board feet length as housebuilders and DIY stores scramble for increasingly scarce supplies. That has taken gains since the depths of the Covid-19 crisis to 400 per cent, significantly above the contract s previous high of $650 set in 2018 (all figures US$).
OSB Market Trends to Watch Through 2024
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CLEVELAND, Dec. 23, 2020 /PRNewswire/ Demand for oriented strand board (OSB) wood panels is forecast to increase 1.0% annually through 2024 to 21.4 million square feet, as measured on a 3/8 inch basis, despite weak construction activity amid the Covid-19 pandemic. A new Freedonia Group analysis projects demand will return to growth beginning in 2021 and continue to expand through 2024, driven by growth in new single-family home construction and rising spending on home renovation projects:
Roofing and subflooring will remain the leading applications for OSB panels, accounting for almost two-thirds of demand gains through 2024.