Lumber prices in the U.S. are plummeting and nearing pre-COVID figures while pulling global prices down with them. After reaching a peak above $1600 per board foot in May 2021, lumber futures on the Chicago Mercantile Exchange dropped below $500 per board foot. The main reason for the decrease in prices is the slumping demand for timber-based materials in the construction sector. According to the U.S. Census Bureau, in June, new home sales dropped by 6.6% in the U.S. compared with May and consisted of 676k units. The average selling ...
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