The Director of the Timber Pricing Branch at the BC Ministry of Forests issued a memorandum on May 31st regarding BC stumpage lags. Starting on June 1, 2023, stumpage updates will occur monthly rather than quarterly.
Wood Markets News
Stora Enso Announces Closure of Its Näpi Sawmill in Estonia, Plus Other Facilities in Finland, the Netherlands, and Poland
Stora Enso announced that it will close its Sunila pulp production unit in Finland, the De Hoop containerboard site in the Netherlands, one containerboard line at its Ostrołęka site in Poland, and the Näpi sawmill in Estonia. The closures would target a reduction of approximately 600 employees.
Canadian Housing Starts Declined Month-Over-Month in May
The Canadian Mortgage and Housing Corporation reported that the standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada declined 23% in May to 202,494 units, compared to April’s 261,357 units.
European Commission Closes Antitrust Investigation Into Wood Pulp Sector
According to reporting by Reuters, the European Commission on Thursday said it had closed an antitrust investigation in the wood pulp sector, as it had found insufficient evidence to pursue the probe.
Canadian Investment in Building Construction Increased in April
Statistics Canada reported that investment in building construction increased by 0.4% to $20.3 billion (CAD) in April. Investment in single-family homes decreased 2.1% to $7.7 billion, marking its lowest level since November 2021.
30-Year Fixed-Rate Mortgage Falls, but 15-Year Rate Rises in the Week Ending June 15th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending June 15th. The 30-year fixed-rate mortgage averaged 6.69%, down from last week when it averaged 6.71%.
Canadian Home Sales Rose 5.1% in May, Building on April’s Double-Digit Increase
The Canadian Real Estate Association reported that home sales posted over the Canadian MLS® Systems were up 5.1% nationally between April and May, building on the double-digit jump in April and smaller gains recorded in February and March.
US Weekly Jobless Claims Unchanged in the Week Ending June 10th
The advance figure for seasonally adjusted initial unemployment claims was 262,000 during the week ending on Saturday, June 10th. This is unchanged from the previous week’s revised level of 262,000. The 4-week moving average was 246,750—an increase of 9,250 from the previous week.
BC’s Skeena Sawmills and Bioenergy Plant Reopen as They Wait Word on a Provincial Grant
The Terrace Standard reported Wednesday that the Skeena Bioenergy plant reopened on Monday, June 5th, following a resumption of operations at Skeena Sawmills next door on Wednesday, May 31st.
Metsä Group to Construct New Kerto® LVL Mill in Äänekoski, Finland
Metsä Group announced that it has decided to invest approximately EUR 300 million to construct a new Kerto® LVL mill in Äänekoski, Finland, to produce beams and panel products used in the construction industry.