Global Softwood Lumber Trade Hit Second Highest Level in History
The Wood Resources Quarterly Report for Q1 2019 indicates that the free fall in lumber prices in the U.S. came to a halt in early-2019, with prices hitting cyclical lows in January 2019.
According to the report, the global softwood lumber trade touched the second highest level in its history during 2018. The exports of softwood lumber from Canada registered a decline by 6% during the previous year. The shipments to Canada registered the biggest decline. Also, Swedish softwood lumber exports declined for the first time in past five years, with notable declines in exports to Asia and the MENA region. Meantime, Russian softwood lumber exports rose 7% in 2018, registering the sixth straight year of increase.
The Chinese lumber imports surged higher by 14% during the initial quarter of 2019, despite uncertainties with regards to the country’s economic growth.
The Softwood Fiber Price Index (SFPI) edged higher marginally by 0.5% in Q1 this year, with major contributions coming from Russia, New Zealand and the U.S. South. Also, the tighter supply of pulp logs resulted in 2.5% surge in the Hardwood Fiber Price Index (HFPI) in Q1 ’19, upon comparison with the prior quarter.
The sawlog prices witnessed decline mainly on account of plentiful supply or reduced demand for lumber. The Global Sawlog Price Index (GSPI) dropped by 1.8% to hit the lowest level since Q2 2017. Meantime, the European Sawlog Price Index (ESPI) too witnessed a quarter-on-quarter decline by 3.1% to reach the lowest level since 2010.
The global pulp shipments were down by 4.1% in the first three months of 2019 from the similar period in 2018.
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