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Timber Exchange trade statistics August of 2024
2024 09 16
- In August, the State Forest Enterprise (VMU) announced 170 auctions. The auctions were organised by 25 VMU units.
- The Timber SPOT index recorded an index value of EUR 65.35/solid m3. Comparing the index value with the corresponding period last year, an increase of 24% is visible. Compared to the previous month, the index rose by 8%.
- Significant price changes were recorded:
- The price of sawn timber (birch, spruce, pine), grade B/C, rose by 13%, from EUR 81.28/solid m3 to EUR 91.88/solid m3.
- The price of sawn logs (birch, spruce, pine) of grade D fell by 5%, from EUR 80.18/solid m3 to EUR 76.41/solid m3.
- The price of packing logs rose by 15%, from EUR 56.35/solid m3 to EUR 64.61/solid m3.
BALTPOOL Timber Price (SPOT) Index
Trade in TOP timber assortments in ETTS short-term auctions
Trade in TOP assortments in ETTS short-term auctions
| Assortments | Quantity, solid m³ | Change in quantity per month | Quantity percentage in the scope of TOP 5 assortments | Price, Eur/solid m³ | Change in price per month | Change in price per year | |
| Baltpool Timber Spot index | Index | 26 870 | -137% | 44.7% | 52.74 | 4.8% | -35% |
| PJ (spruce, pine, birch); B/C; St,Vd; L2, L3 | 1 515 | -77% | 6% | 81.28 | -11% | 1% | |
| PJ (spruce, pine, birch); D; St,Vd; L2, L3 | 6 935 | -47% | 25.8% | 80.18 | 14% | 51% | |
| TR (deciduous, conifers) | 3 550 | -77% | 13.2% | 64.06 | 10% | 28% | |
| PP (spruce, pine, birch) | 3 595 | -72% | 13% | 56.35 | 2% | 11% | |
| PM, ML (class II and III calorific value) | 11 275 | 42% | 42% | 41.75 | 7% | -9% | |
| Felling residues, covered felling residues | 2 400 | 14% | 9% | 26.08 | -7% | -29% | |
Trade in regional units of the State Forest Enterprise in short-term auctions
Timber assortments sold at ETTS short-term auctions
Abbreviations:
KA – felling residues; KAD – covered felling residues; KAK – felling residues at cleared space; KL – hard leafy short timber; ML – firewood; PM – panel timber; PJ – sawn logs; PP – pulpwood; TR – packing logs; St – large-sized timber, small-end diameter ≥32 cm; Vd – medium-sized timber, small-end diameter 20-31 cm; Sm – small-sized timber, small-end diameter ≤19 cm; L1 – assortment length class, ≤2.9 m; L2 – assortment length class, 3.0 – 3.9 m; L3 – assortment length class, 4.0 – 6.0 m; L4 – assortment length class, 6.1 – 8.9 m.
Global timber market
In the forthcoming month, the timber industry faces ongoing challenges and adjustments due to fluctuating demand, regulatory changes, and strategic shifts in global markets.
North America’s Lumber Production Curtailment
One of North America’s largest lumber producers, Interfor, has announced a significant reduction in output by at least 15% for the remainder of 2024, amounting to as much as 350 million board feet through December. This decision follows earlier curtailments, responding to declining demand and falling prices for lumber products like two-by-fours. Despite a recent price surge that saw lumber prices increase by $23 per thousand board feet, the company cited ongoing economic uncertainties and high interest rates as factors continuing to impact lumber demand negatively.
Timber Import Trends and Economic Outlook in the United Kingdom
The first six months of 2024 have seen a lower volume of timber imports in the UK compared to the previous year, with a 3.6% deficit. However, the gap has been narrowing since March, suggesting a potential recovery by the end of the year. Despite the challenging conditions indicated by the lowest housing starts in 15 years during Q1, there are signs of possible market improvement towards the end of 2024, fueled by a predicted growth in the construction sector in 2025.
Global Timber Market Dynamics
July 2024’s Global Timber Index (GTI) report shows ongoing sluggishness in international timber markets, despite some positive signs in specific countries. The GTI, which tracks timber sectors in nine countries, indicated overall declines with Thailand, Congo, and Ghana performing slightly better than others. The report highlights various national efforts to tackle the challenges in the timber industry, ranging from government assistance in easing port congestion to implementing tariffs on imported products to protect domestic industries.
EU Regulation on Deforestation-Free Products (EUDR)
Set to take effect on December 30, 2024, the EUDR will require that commodities like wood be deforestation-free and compliant with the production country’s laws to be traded within the EU. The regulation has stirred concerns among EU members and producing countries, prompting calls for a delay in its implementation due to practical and bureaucratic challenges. The German Federal Ministry of Food and Agriculture (BMEL) has published a guidance document to assist the forestry sector in navigating the new regulation, emphasizing the need for early compliance efforts despite ongoing uncertainties.
These articles illustrate the complex interplay of economic, regulatory, and strategic factors currently shaping the global timber industry. From production adjustments in response to market demands in North America to the anticipatory responses to new EU regulations, stakeholders across the industry are actively seeking to adapt to a rapidly changing landscape.