Lumber Near September-2024 Lows

Lumber climbed past $630 per thousand board feet, the highest level since October, amid higher effective US import costs on Canadian softwood and tighter expected supply. Prices rose despite a small reduction in preliminary antidumping and countervailing duties, because the combined tariff burden remains high at about 35.9% including the existing Section 232 levy, set to take effect in August. The market is also being driven by uncertainty ahead of final duty decisions, prompting buyers to accelerate purchases and lift near-term demand. At the same time, US domestic production is still constrained, while housing-related consumption remains structurally large, with softwood lumber and engineered wood products heavily used in new construction. Each new home requires roughly 15,000 board feet of lumber plus extensive engineered wood products, keeping baseline consumption elevated even in a softer housing cycle.

Lumber increased to 633.50 USD/1000 board feet, the highest since October 2025. Over the past 4 weeks, Lumber gained 6.31%, and in the last 12 months, it increased 2.68%.

Lumber climbed to $617 per thousand board feet, the highest level since October, as constrained supply outweighed subdued conditions in the housing market. The US lumber market remains tight, with domestic production failing to fully offset reduced imports from Canada following tariffs. Canada still supplies roughly 30% of US consumption, underscoring its continued importance despite trade barriers. The US Commerce Department has proposed lowering combined duties on Canadian lumber to 24.8% from 35.2%, but an additional 10% Section 232 tariff keeps the effective rate close to 35%. Supply pressures have been further intensified by wildfire damage and other production disruptions in Canada, prompting British Columbia to introduce emergency measures aimed at boosting timber availability after storms and fires threatened output.