Lumber prices see ‘major jump’ after wildfires in British Columbia
VANCOUVER — The wildfires in the B.C. Interior that have forced some sawmills to halt operations have resulted in a boost in lumber prices at a time when forestry companies have been squeezed by softwood duties on exports to the U.S.
By Friday, the benchmark price of Western spruce-pine-fir lumber rose 7.12 per cent to US$406 per thousand board feet from US$379 last Friday, according to figures from Random Lengths, which tracks lumber and panel prices.
It’s a “major jump,” said Shawn Church, Random Lengths editor.
Ketan Mamtora, an analyst with BMO Capital Markets, said he expects prices will rise between six and eight per cent over the next couple of weeks, partly due to a limited supply.