Lumber Hits 7-week Low

Lumber increased to 593.50 USD/1000 board feet, the highest since April 2026. Over the past 4 weeks, Lumber gained 1.38%, and in the last 12 months, it decreased 2%.

Lumber futures have been trading below $600 per thousand board feet since early April, as weaker consumer sentiment and uncertainty surrounding developments in the Middle East weigh on demand. At the same time, supply constraints in several regions have partially offset the decline in demand. Profitability for Canadian mills remains under pressure from elevated duties and tariffs. The US has recently outlined preliminary antidumping and countervailing duties on Canadian softwood lumber, with the antidumping rate reduced from 20.6% to 10.7% and the countervailing duty trimmed from 14.6% to 14.2%, bringing the combined rate to about 25.9%. Including an existing 10% Section 232 tariff, total effective duties on Canadian imports are expected to remain near 35.9% once they take effect in August. Despite these measures aimed at supporting domestic producers, US sawmill utilisation remains relatively weak at around 64%, with capacity use trending lower since 2017.

Lumber decreased to 561.00 USD/1000 board feet, the lowest since March 2026. Over the past 4 weeks, Lumber lost 5.45%, and in the last 12 months, it increased 1.52%.