Framing Lumber Prices
The framing lumber composite price increased 0.5% for the week ending on Oct. 4 compared to the previous week. Lumber prices are currently 3.6% lower than they were one year ago.
NAHB continually tracks the latest lumber prices and futures prices, and provides an overview of the behaviors within the U.S. framing lumber market. The information is sourced each week using the Random Lengths framing lumber composite price which is comprised using prices from the highest volume-producing regions of the U.S. and Canada. A summary of other wood prices, including plywood prices, is included below.
Summary of the week-to-week lumber prices and plywood prices for the week ending Oct. 4, 2024:
- The Random Lengths framing lumber composite price dropped 0.5%.
- Prices are flat over the past month, and 3.6% lower than one year ago.
- The price of lumber futures fell 1.1%.
- Prices are up 8.3% from a month ago and 7.2% higher than they were one year ago.
- The structural panel composite price did not change from the previous week.
- OSB prices were flat.
- Western Fir plywood prices were flat.
- Southern Yellow Pine plywood prices were flat.
Notable Canadian Sawmill Curtailment
Western Forest Products Inc. recently announced plans to curtail production in its British Columbia sawmills by approximately 30 million board feet during the period of October to December, 2024. The company sited market challenges of weak lumber demand and higher U.S. softwood lumber duty rates.
Western’s President and CEO Steven Hofer: “With the potential for the combined U.S. Softwood lumber duties rate to more than double in the second half of 2025, all levels of government need to be focused on creating a policy environment that supports the forestry industry and encourages domestic investment.”
In 2024, Fastmarkets/RISI estimate that sawmill curtailments have reduced North American softwood lumber production capacity by 3.1 billion board feet. Many of these curtailments have taken place in Western Canada.
Notable Sawmill Closures and Market Impacts
- Canfor Corp., the fourth largest softwood lumber producer in North America, recently announced the closure of two mills in British Columbia and curtailment of mills in the southern U.S. by the end of the year.
- The company sited the ongoing weak lumber market and increased U.S. tariffs on Canadian softwood lumber as reasons for mill closures and curtailments.
- The closures will eliminate an estimated 670 million board feet of annual production capacity.
