According to data released on Wednesday, April 6, 2022, by United States Department of Agriculture’s (USDA) Foreign Agricultural Service, the U.S. exported 628,659.8 metric tons of wood pellets in February, down when compared to the 655,656.5 metric tons exported in January.
Wood Markets News
Cross-Laminated Timber and Local Forest Products Featured in Remodeling of Quebec’s Chibougamau-Chapais Airport
The terminal highlights its proximity to the boreal forest by using locally produced wood and high-performance products such as glulam and CLT structural slabs. Timber curtain walls surround the waiting area on three sides. Engineered wood and steel components make up the roof structure.
Mortgage Rates Climb for the Fifth Successive Week in the Week Ending April 7, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 7, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 4.72% with an average 0.8 point, up from last week when it averaged 4.67%. A year ago, at this time, the 30-year FRM averaged 3.13%.
Weekly Jobless Claims Decline in the Week Ending April 2, 2022
The U.S. Department of Labor is reporting that an additional 166,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, April 2, 2022. This is a decrease of 5,000 from the previous week’s revised level.
West Fraser Announces Permanent Capacity Reduction at its Hilton, Alberta Pulp Mill
West Fraser announced on Wednesday (4-5-22) that it will permanently reduce capacity at its pulp mill in Hilton, Alberta (“Hilton Pulp”) by the end of this year. One of Hinton Pulp’s two production lines will shut, and the remaining line will produce Unbleached Kraft Pulp (“UKP”) rather than Northern Bleached Softwood Kraft Pulp (“NBSK”).
Enviva Inc. Announces Plan to Build a New Pellet Plant in Bond, Mississippi
Enviva Inc., the world’s leading producer of sustainable wood bioenergy, announced on Tuesday (4-5-22) that it will be investing approximately $250 million in Bond, Mississippi to build a new wood pellet production plant. The Bond plant is expected to have a production capacity of more than 1 million metric tons of wood pellets per year.
Drax Group Commissions New Pellet Production Facility in Demopolis, Alabama
Drax Group has opened a 360,000-ton pellet production facility in Demopolis, Marengo County, Alabama. The new facility is expected to help meet the growing demand for biomass in the UK, Europe, and Asia. Drax acquired the plant, which was already under construction, as part of its acquisition of Pinnacle Renewable Energy.
Canadian Investors Expect the Bank of Canada to Raise Interest Rate in Half-Percentage-Point Increments
As the outlook for Canada’s inflation rate continues to worsen, Canadian investors are betting that the Bank of Canada (BoC) will begin hiking its key interest rate in half-percentage-point increments, with the first of rarely used upsize moves possibly coming as soon as this month.
Vietnam’s Wood Industry Impacted by the Russia-Ukraine War
Vietnam has limited trade interaction, import or export, with either Russia or Ukraine. In 2021, Vietnam imports from Russia were valued at $55 million (USD), or about 2% of the total wood materials imported by the country. During the same time period, Vietnam exports to Russia were $7.3 million and to Ukraine even of a lesser value.
Veolia Launches World’s Largest Biorefinery to Produce CO2-Neutral Bio-Methanol From Wood Pulp
Veolia has launched the world’s largest biorefinery project which will be producing CO2-neutral bio-methanol from a pulp mill located in Finland. Although almost completely unexplored to date, the project will allow for the unlocking of the potential of this alternative source of feedstock for biofuel.