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The Rise In Lumber Price Is Almost Four Times The Rise In Gold!
Lumber prices in the US have increased by approximately 104 percent since the beginning of the year. The rise in lumber price is almost four times the rise in gold!
Yazar: Tom Roberts
Yayınlanma: 25 Ağustos 2020 18:50
Güncellenme: 20 Aralık 2024 22:03
The Rise In Lumber Price Is Almost Four Times The Rise In Gold!
Timber was the most expensive commodity in the US since the beginning of the year! According to the news in the Financial Times, producers cut production by calculating that demand will decrease during the corona virus epidemic. However, the opposite scenario happened. The people who stayed in their homes literally flocked to the timber to expand and renovate their living spaces. Lumber prices in the US have increased by approximately 104 percent since the beginning of the year. The rise in lumber price is almost four times the rise in gold! The price of 1000-piece lumber rose to $ 828. Last week alone, prices gained 18 percent.The Most Intense Demand Period In History
Robin Cross, a lumber broker, said: “This is the most intense demand in lumber history. Production was reduced as the epidemic started to spread in North America. Stocks were already low due to the dynamism in the construction sector before the epidemic. This was reflected in the prices. The manufacturers made a very wrong assessment of demand, ”he said. Chris McIver, vice president of sales of West Fraser, the largest timber producer in North America, said: “Many people who had to stay at home decided to make some repairs, from fixing the roof to updating the rooms, and the demand exploded,” he said.Impact Of Migrants To Rural Areas
The number of people who escaped from city life after quarantine and migrated to rural areas is also quite high. These people either built a tree house for themselves on the land they bought or attempted to renovate the houses they bought. With low bank loans added to this, it became difficult to find timber in the US. Timber is one of the most produced materials in the world in terms of use and production. However, a truly global market had not been formed until now, with a low trade volume. After the timber shortage in the USA, Russian and European producers started to sell to this country. Canadian producers also cut sales to Asia and ship their timber to the neighboring USA. The National Home Builders Association said in a statement last week that the rise in lumber prices has risen enough to prevent the US housing market from recovering.İLGİLİ HABERLER
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