After a sharp increase in 2021, the price of lumber has dropped immensely in 2022, which is giving one western Canadian trader optimism that a more stable market will return.
The pandemic, severe flooding in British Columbia and inflation can all be blamed for creating volatility in the usually steady market over the past two years.
“I don’t think anyone could honestly say they expected to see what we saw with these fluctuations,” he said. Wetaski said one of those areas of focus was home renovation projects, which quickly drove the market up. The supply shock caused huge competition for transportation, which was also dealing with challenges thanks to closed highways and railways from the floods.
Wetaski said there was not quite what he would call a panic in the market, but because of the uncertainty around shipping, a lot of purchasing was happening so that demand, which was still fairly strong across North America, could be met.“Really true to form essentially that is what we did see. We saw transportation start to loosen up, although it certainly isn’t better,” Wetaski said.
“There’s too much supply. Demand was kind of muted and it’s come down to these levels because of that,” Wetaski said.
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