SEPTEMBER 2025 BUILDING MATERIAL MARKET REFLECTION
Building Material Market Overview
The Western SPF lumber market continued to search for a trading level through September. The announcement by the United States of an additional 10% tariff on lumber on top of the almost 35% duty rate created even more uncertainty. This pushed buyers into the markets for both short covering and to replenish low field inventories, allowing mills to move off excess product and establish an order file.
New Residential Construction Press Release
Western SPF lumber: buyers jumped in on the heels of the U.S. announcement of an 10% tariff on top of the current 35% duty rate.
OSB: The equilibrium between supply and demand continues with prices holding steady now for the past 8 weeks.
Plywood found some traction in the market pushing prices upwards and order files moving into late October.
EWP supply conditions remain stable for both Joist and LVL with no reported disruptions of shortages.
Building Materials: The supply chain continues to remain consistent with material availability and lead times, outside of the occasional logistical delay.
Looking Through the Crystal Ball
The Western S-P-F lumber market has recently stabilized, with mills reporting solid sales and buyers stepping in to replenish inventories. However, this momentum appears fragile, driven more by opportunistic purchasing at low prices than by sustained demand. If so, a longer digestion period may follow before buyers re-enter the market.
Mills are holding decent order files and firming prices, though offerings are thinner and quoting is selective. Prompt shipments remain available, and some mills are still open to negotiation.
Canadian SPF exports to the U.S. continue to decline, raising concerns about domestic supply coverage. While U.S. markets still require Western SPF, demand remains subdued. The key questions now are how much Canadian supply the market can absorb and how mills will respond if export volumes stay low.
FRAMING LUMBER
| R/L | SEPTEMBER 26, 2025 | AUGUST 29, 2025 | +/- |
|---|---|---|---|
| 2×4 | $588 | $615 | -4 |
| 2×6 | $491 | $516 | -5 |
| 2×8 | $544 | $567 | -4 |
| 2×10 | $534 | $578 | -8 |
| 2×12 | $829 | $859 | -3 |
| STUDS | SEPTEMBER 26, 2025 | AUGUST 29, 2025 | +/- |
|---|---|---|---|
| 2×4 – 92 5/8“ | $460 | $468 | -2 |
| 2×4 – 104 5/8“ | $530 | $536 | -1 |
| 2×6 – 92 5/8“ | $467 | $516 | -9 |
| 2×6 5/8“ | $516 | $550 | -6 |
OSB
OSB: The equilibrium between supply and demand continues with prices holding steady now for the past 8 weeks.
| OSB | SEPTEMBER 26, 2025 | AUGUST 29, 2025 | +/- |
|---|---|---|---|
| 3/8″ | $315 | $315 | 0 |
| 7/16″ | $315 | $315 | 0 |
| 15/32″ | $345 | $345 | 0 |
| 19/32″ | $485 | $485 | 0 |
| 23/32″ | $590 | $590 | 0 |
PLYWOOD
Plywood found some traction in the market pushing prices upwards and order files moving into late October.
| PLYWOOD (STD) | SEPTEMBER 26, 2025 | AUGUST 29, 2025 | +/- |
|---|---|---|---|
| 9.5 (3/8) | $619 | $597 | 4 |
| 12.5 (1/2) | $825 | $796 | 4 |
| 15.5 (5/8) | $1,032 | $995 | 4 |
| 18.5 (3/4) | $1,238 | $1,194 | 4 |
| 25.5 (1) | $1,869 | $1,803 | 4 |
Framing Lumber Composite Price
SEPTEMBER 26, 2025 LUMBER MARKET REPORT HIGHLIGHTS:
- The framing lumber market showed modest signs of improvement after weeks of weak performance and cautious buyer approach, though overall demand and pricing momentum remained limited.
- Western S-P-F prices firmed slightly amid a modest pickup in sales and mill downtime, but overall demand and gains stayed mixed.
- Lumber Futures saw modest gains midweek, supported by thin trading volumes and increased open interest.
- Stud lumber had some species show signs of price stability amid slight improvements in sales and reduced production, though most markets continued to see mild declines.
| This Week | Last Week | Year Ago | |
|---|---|---|---|
| FRAMING LUMBER COMPOSITE PRICE | $512 | $512 | $534 |
| 2×4 #2&BTR KD Western S-P-F | $588 | $576 | $519 |
| 2×6 #2&BTR KD Western S-P-F | $491 | $483 | $629 |
| 2x4x9′ Studs | $572 | $565 | $462 |
| 2x6x9′ Studs | $599 | $614 | $593 |
| 2×10 #2&BTR KD Western S-P-F | $534 | $535 | $687 |
2020-2025 FRAMING LUMBER COMPOSITE PRICE
Structural Panel Composite Price
SEPTEMBER 26, 2025 PANEL MARKET REPORT HIGHLIGHTS:
- OSB prices became firmer in some regions due to mill curtailments and tightened supply across North America.
- Weak demand persisted across most regions.
- The Western plywood market showed little movement, as steady sales and firm mill quotes kept pricing mostly unchanged.
- Canadian plywood prices rose steadily as mills extended lead times and regional buying patterns shifted across Canadian markets.
| This Week | Last Week | Year Ago | |
|---|---|---|---|
| ORIENTED STRAND COMPOSITE | $330 | $324 | $465 |
| 3/8″ 4×8 OSB | $315 | $315 | $460 |
| 23/32″ 4×8 OSB T&G | $590 | $590 | $750 |
| 3/8″ 4×8 Spruce Plywood | $619 | $596 | $586 |
2020-2025 ORIENTED STRAND BOARD COMPOSITE PRICE
*All Pricing is in CAD