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Framing lumber markets hovered in a holding pattern as traders embraced a wait-and-see approach to a potential 25% tariff on Canadian shipments to the US President Trump threatened to impose the tariffs as soon as February 1.
The Random Lengths Framing Lumber Composite Price continued to trade in a narrow range, and finished the week $1 lower.
Western S-P-F buyers moved to the sidelines in late trading, citing minimal immediate needs and uncertainty about the tariffs and near-term prospects. Mill quotes and prevailing price trends were mixed.
Many traders found the market difficult to gauge as activity slowed. Price weakness lingered in the Southern Pine market amid sluggish to stagnant sales. Buyers lacked urgency and the potential impact of tariffs on demand for SYP was a widespread topic of conversation.
Traders debated how much of a price spread between Western S-P-F and SYP would need to emerge before end users substituted species on a larger scale. Warmer weather replaced the subfreezing conditions that idled the SYP market last week. Demand, however, fell short of supplies on most items.
In Coast markets, Hem-Fir dimension continued to face serious downward pressure from soft Inland prices. Meanwhile, dry Douglas Fir dimension prices stabilized, assisted by a green market that has found its footing. Some of the largest increases of the week were posted in green Fir, where all widths gained by double digits amid increased demand from customers in California.
Price adjustments in 1-inch board markets remained mostly higher, with some of those increases gathering moderate strength, especially in #2&Btr Ponderosa Pine. While mills carried respectable order files, buyers often looked for the quickest shipping items. Increased activity among wholesalers was noted in Southern Pine.
Want to find out more? The Fastmarkets Random Lengths Weekly Report contains insights into all the key grades across the lumber market.