Lumber Hits Lowest Level in Over 2 Years
Lumber futures fell below $515 per thousand board feet to reach its lowest level since September 2024, amid persistent weakness in the U.S. housing market and elevated input costs. The White House removed 50% tariffs on Canadian plywood, effective October 30th, though softwood lumber tariffs remained in place and elevated, potentially making plywood a relatively cheaper substitute in certain construction applications. While the Commerce Department lowered antidumping and countervailing duties on Canadian softwood to 24.75% from 35.16%, a separate 10% US tariff brings total duties to 34.75%. The US Lumber Coalition backed the decision, as forestry groups have long accused Canada of dumping lumber in the US. President Trump also signed an order aimed at reducing homeownership costs. The measures come as the U.S. housing sector remains under pressure from high mortgage rates and construction costs, with homebuilder confidence falling to its lowest level in 14 years.
Lumber futures fell below $515 per thousand board feet to reach its lowest level since September 2024, amid persistent weakness in the U.S. housing market and elevated input costs. The White House removed 50% tariffs on Canadian plywood, effective October 30th, though softwood lumber tariffs remained in place and elevated, potentially making plywood a relatively cheaper substitute in certain construction applications. While the Commerce Department lowered antidumping and countervailing duties on Canadian softwood to 24.75% from 35.16%, a separate 10% US tariff brings total duties to 34.75%.
The US Lumber Coalition backed the decision, as forestry groups have long accused Canada of dumping lumber in the US. President Trump also signed an order aimed at reducing homeownership costs. The measures come as the U.S. housing sector remains under pressure from high mortgage rates and construction costs, with homebuilder confidence falling to its lowest level in 14 years.