According to the latest data provided by the UK’s Department for Business, Energy and Industrial Strategy (BEIS), the price of imported sawn or planed wood jumped more than 20% between June and July. The price of some imported timber has jumped 23% in just one month’s time. According to the BEIS, building materials are currently 64% higher than they were in July 2020. Imported plywood was nearly 12% more expensive in July than it was in June and up 82% over the past year.
Timber has consistently been one of the materials facing the most severe shortages and price hikes. Last month, the Construction Leadership Council (CLC) warned it was among a group of materials including steel, cement, and roofing products that were still being constrained by supply issues.
Overall building material prices were 20.1% higher in July compared to a year ago and had jumped 4.5% since June. The UK has struggled with material shortages since last year, as some production slowed due to lockdowns and manufacturing plants closed. A surge in construction activity earlier in 2021 exacerbated the problem, and was compounded by shipping issues that included a blockage on the Suez Canal by a container ship, and the partial closure of a Chinese port last month.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Timber prices jump 23% in a month