NOVEMBER 2024 BUILDING MATERIAL MARKET REFLECTION
Building Material Market Overview
The Western SPF commodity markets remained robust throughout November, achieving double-digit gains across nearly all categories. As the month concluded, prices appeared to have peaked across the board. However, with the holiday season approaching and strong mill order files, prices are expected to remain stable as 2024 comes to a close.
New Residential Construction Press Release
Lumber demand remained strong elevating pricing even higher. The back end of the month saw prices level with the arrival of the U.S. Thanksgiving holiday and yards received product purchased in October and early November.
OSB continued its push upward as product available outside of contracts was still limited. It feels like prices have peaked as we head into December.
Plywood prices moved higher through the first half of November then seemed to top out. Availability was in its normal 2-week delivery time.
EWP pricing saw some minor adjustments down as programs were finalized for the upcoming year. Supply remains good.
Building Materials continue to see minor price increases on some items as we head into 2025, but supply remains stable on most product lines.
Looking Through the Crystal Ball
As product arrived at yards buyers stepped back to reevaluate inventory positions heading into the holiday season. Something to keep an eye on that while Western SPF has been on the rise the past two months SYP has been moving in the opposite direction.
With the holiday season upon us and mills having strong order files it seems pricing has enough footing to hold though December.
FRAMING LUMBER
| R/L | NOVEMBER 26, 2024 | OCTOBER 31, 2024 | +/- |
|---|---|---|---|
| 2×4 | $662 | $596 | 11 |
| 2×6 | $863 | $76113 | 13 |
| 2×8 | $719 | $654 | 10 |
| 2×10 | $902 | $793 | 14 |
| 2×12 | $1,071 | $960 | 12 |
| STUDS | NOVEMBER 26, 2024 | OCTOBER 31, 2024 | +/- |
|---|---|---|---|
| 2×4 – 92 5/8“ | $476 | $425 | 12 |
| 2×4 – 104 5/8“ | $536 | $464 | 16 |
| 2×6 – 92 5/8“ | $522 | $452 | 15 |
| 2×6 5/8“ | $698 | $610 | 14 |
OSB
OSB continued its push upward as product available outside of contracts was still limited. It feels like prices have peaked as we head into December.
| OSB | NOVEMBER 26, 2024 | OCTOBER 31, 2024 | +/- |
|---|---|---|---|
| 3/8″ | $590 | $520 | 12 |
| 7/16″ | $590 | $520 | 12 |
| 15/32″ | $620 | $550 | 11 |
| 19/32″ | $760 | $690 | 9 |
| 23/32″ | $880 | $810 | 8 |
PLYWOOD
Plywood prices moved higher through the first half of November then seemed to top out. Availability was in its normal 2-week delivery time.
| PLYWOOD (STD) | NOVEMBER 26, 2024 | OCTOBER 31, 2024 | +/- |
|---|---|---|---|
| 9.5 (3/8) | $735 | $675 | 9 |
| 12.5 (1/2) | $980 | $900 | 9 |
| 15.5 (5/8) | $1,225 | $1,125 | 9 |
| 18.5 (3/4) | $1,470 | $1,350 | 9 |
| 25.5 (1) | $2,217 | $2,037 | 9 |
Framing Lumber Composite Price
NOVEMBER 26, 2024 LUMBER MARKET REPORT HIGHLIGHTS:
Trading overall took a step back from previous weeks, as buyers digested recent purchases and evolving economic developments amid the virus pandemic. Prices of framing lumber were mixed, with recent increases in Canadian S-P-F moderating, Southern Pine prices gaining upward momentum, and many sellers of western species still looking for a bottom. Led by the surge in Southern Pine, the Random Lengths Framing Lumber Composite Price posted a $4 uptick, a second modest increase in as many weeks.
- Framing lumber markets saw mixed reactions to the President-elect’s announcement of tariffs with varying
price pressures and inventory strategies across regions. - Western S-P-F market remained mostly stable with minor price increases and a brief spike in lumber
futures. - Lumber futures saw the January and March contracts dropping following news of possibly higher tariffs on
Canadian imports. - Stud lumber experienced slower trading in many species, while some prices continued to rise. The Coast
market maintained upward momentum despite slowdown.
| This Week | Last Week | Year Ago | |
|---|---|---|---|
| FRAMING LUMBER COMPOSITE PRICE | $629 | $626 | $515 |
| 2×4 #2&BTR KD Western S-P-F | $662 | $656 | $559 |
| 2×6 #2&BTR KD Western S-P-F | $863 | $852 | $480 |
| 2x4x9′ Studs | $620 | $615 | $559 |
| 2x6x9′ Studs | $825 | $817 | $613 |
| 2×10 #2&BTR KD Western S-P-F | $902 | $884 | $459 |
2020-2024 FRAMING LUMBER COMPOSITE PRICE
Structural Panel Composite Price
NOVEMBER 26, 2024 PANEL MARKET REPORT HIGHLIGHTS:
Structural panel sales and price trends were mixed. Sales of OSB were more active, and prices ranged from firming in the north to surging in the south. A surge in demand for Southern Pine plywood that peaked in late trading supported price gains in rated sheathing and led some mills to go off the market to evaluate capacity. Western Fir plywood producers continued to run mills at a reduced rate, yet sheathing prices remained weak. Modestly stronger sales provided some optimism in the Canadian plywood market, but prices lacked any lift.
- OSB trading activity slowed significantly across all regions during the holiday week.
- Most OSB prices remained stable or slightly higher amid limited demand and tight supplies.
- The Western plywood market remained stable with firm prices despite quiet trading, while mills
anticipated better conditions in 2025 amid mixed views on potential tariffs. - Canadian plywood trading was quiet as buyers depended on contracts, with prices remaining steady and
some December shipments selling slightly higher.
| This Week | Last Week | Year Ago | |
|---|---|---|---|
| ORIENTED STRAND COMPOSITE | $613 | $607 | $575 |
| 3/8″ 4×8 OSB | $590 | $585 | $560 |
| 23/32″ 4×8 OSB T&G | $880 | $875 | $810 |
| 3/8″ 4×8 Spruce Plywood | $735 | $735 | $632 |
2020-2024 ORIENTED STRAND BOARD COMPOSITE PRICE
*All Pricing is in CAD