Lumber Prices Forecast to Surge Back to Spring 2021 Peak

However, the prices of the commodity started to surge by mid-November this year and are now close to $1,000 per thousand board feet, it noted.

SEATTLE (Scrap Monster): The lumber prices may continue to rise to above $1,000 per thousand board feet, thus hitting the peaks recorded in spring this yea, said Ross Price, director of finance at commodities platform Mickey.

As of October this year, lumber prices were seen flattening out at a stable range of between $500 and $600 per thousand board feet, which was expected to sustain for the remainder of the current year and probably for the next year as well. However, the prices of the commodity started to surge by mid-November this year and are now close to $1,000 per thousand board feet, it noted.

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According to Mickey, the factors that caused rise in lumber prices earlier in 2021 are still in play. The unseasonably warm weather across the U.S. has resulted in extension of construction activities into the start of winter. This has bolstered the demand for building materials including lumber. The low interest rates too have boosted housing demand in the U.S. The flooding in Canada has limited supply and impacted shipments, thus resulting in higher prices.

The multiple favourable factors including strong construction activity, labor shortages, bad weather conditions in Canada and the doubling of tariffs on Canadian lumber by the U.S. administration are likely to keep lumber prices high.

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