【Brief Description】U.S. lumber prices soared 378% a year 2020 furniture failed to find a rate of 16.2% children's furniture failed to find a rate greater than 20% National building materials and home furnishing stores in April sales rose 66.28% year-on-year, the continued release of consumer demand for products National key research and development program project "wood industry energy saving and production safety control technology" held a meeting to promote
U.S. lumber prices soared 378% a year
2020 furniture failed to find a rate of 16.2% children's furniture failed to find a rate greater than 20%
National building materials and home furnishing stores in April sales rose 66.28% year-on-year, the continued release of consumer demand for products
National key research and development program project "wood industry energy saving and production safety control technology" held to promote the meeting
April national forestry purchasing managers index released enterprises return to stable development
China's furniture exports from January to April amounted to 145.71 billion yuan, up 57.1% year-on-year
Recently, lumber prices in the futures market have reached record highs. As of May 7, they rose nearly 9% in one week, 27% throughout April, 78% in 2021, 378% in the last 12 months , and even more than the doggie dollar!
Overall, there are six main reasons for the spike in North American lumber prices.
① Decline in dimensional lumber capacity
② Low inventory of new single-family homes
③ Historic lows in mortgage rates
④A historically large inflow of capital
⑤ Increased wealth from the dramatic rise in the stock market
⑥Unprecedented massive shift to single family households
This, combined with the impact of the New Crown epidemic, brought production at steel mills to a halt, slowed construction only slightly, and slowed rail and truck traffic. To this day, some steel mills and railroads are still at a standstill. Another issue affecting lumber prices is trucking and the lack of available drivers. Currently, the number of new drivers remains the lowest in recent years. Many truckers have shifted under the Amazon camp as a result of the New Crown epidemic, which has significantly reduced freight supply capacity and, in turn, increased lumber prices.
But is this price increase sustainable in the future? Continued high lumber prices have put tremendous pressure on the manufacturing and production of furniture products. And the day the bubble bursts in the future, it could cause even more serious problems. Perhaps all furniture industry employees who need to use wood should be vigilant and careful from now on!
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