Element5, Ontario’s only cross-laminated timber (CLT) manufacturer announced on Friday (4-16-21) that its new factory in St. Thomas, Ontario, has received Forest Stewardship Council® (FSC®) Chain of Custody certification from SCS Global Services.
Wood Markets News
Canadian Unemployment Increases 3.6% in February
Statistics Canada (StatsCan) is reporting that February Employment Insurance (EI) reflecting the week of February 14 through February 20, shows the number of Canadians receiving regular EI benefits rose 3.6% (+53,000) to 1.5 million in February, following an 11.2% increase in January.
West Fraser is Producing and Shipping OSB Panels from their Chambord, Quebec Mill
West Fraser Timber Company has announced that it is once again producing and shipping OSB panels to customers from their Chambord, Quebec mill. The Chambord facility had been shuttered since 2008 but returned to life when West Fraser took possession of the mill via its acquisition of Norbord.
Existing Home Sales Decline in March, Rise 12.3% Year-Over-Year
The National Association of Realtors® (NAR) is reporting that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums and co-ops — declined in March for the second month in a row, down -3.7% below February to a seasonally adjusted rate at 6.01 million homes.
30-Year Mortgage Rate Drops for Third Week in a Row During Week Ending April 22, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 22, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.97% percent with an average 0.7 point, down from last week when it averaged 3.04%. A year ago, at this time, the 30-year FRM averaged 3.33%.
Conference Board Reports U.S. Leading Economic Index® Increases 1.3% in March
The Conference Board, which was founded in 1916 as a non-partisan, not-for-profit think tank, released today (4-22-21) their March 2021 Leading Economic Index® (LEI) for the U.S. According to the release, the LEI, which is based on ten separate components, increased 1.3% in March to 111.6 (2016 = 100), following a -0.1% decrease in February and a 0.5% increase in January.
Weekly Jobless Claims Decline in the Week Ending April 17, 2021
The U.S. Department of Labor is reporting that an additional 547,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday April 17, 2021 — a decrease of 39,000 from the previous week’s revised level. This is the lowest level of initial claims since March 14, 2020.
The State of Oregon’s One-of-a-Kind Wildfire Risk Policy
Oregon is the only state in the U.S. who has for the past 48-years maintained a wildfire risk policy. The provider is Lloyd’s of London, the insurance company founded in the 17th century coffeehouse near the Tower of London, known for issuing one-of-a-kind insurance policies. With the 2021 fire season just about to begin, Oregon will once again rely on its one-of-a-kind $25 million wildfire policy with Lloyd’s.
Today’s Log Prices Continue to Lag Behind Current Finished Lumber Prices
Demand for wood and wood products is unrelenting. Resulting in lumber prices reaching historic high levels and daily climbing ever higher. The shares of publicly traded lumber manufacturers, distributors and retailers wood suppliers continue to soar. While oddly enough, trees themselves remain dirt cheap in places like Louisiana, where timber supplies are plentiful.
Stora Enso Announces Pending Q3 Closure of Paper Mills – Veitsiluoto in Finland and Kvarnsveden in Sweden
For over a decade paper demand in Europe has been on the decline. The COVID-19 pandemic further changed consumers behavior patterns and led to a significant overcapacity in the European paper market, which has resulted in historically low-price levels and challenged the cost-competitiveness of many paper mills. As a result, Stora Enso has announced that they intend to permanently close the Veitsiluoto mill in Finland and Kvarnsveden mill in Sweden sometime in Q3 of 2021.