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Lumber Is One of the Main Items of the Construction Industry Both in Brazil and Abroad, So Much So That Houses in the United States Are Mostly Built Using This Category of Material. In Short, Lumber Can Be Used for the Construction of Forms, Walls, Floors, and Other Purposes.
Lumber has an accumulated decline of 32% over the past 52 weeks. However, according to data published by Investing, the average price of lumber is double what it was being charged in 2020, when the pandemic was at its peak in the United States under Trump’s administration. The impacts fall exclusively on the construction industry, which uses this material on a large scale, so much so that a large part of homes in the United States are made from wood in walls and floors. The war between Russia and Ukraine has again impacted prices.
It is not only lumber that is facing a significant increase in its accumulated value since the pandemic, despite the 32% decline over the past year. Metals have also been key players in this scenario. Steel and iron saw sharp increases during the pandemic year and have since fallen by nearly a third. Now, it is worth noting that they are experiencing a new rise due to the war between Russia and Ukraine.
Check the History of Lumber Prices
During June of 2020, two years ago, the average price at which lumber was being traded was around US$ 297. However, now, despite its accumulated decline over the past year, it is being quoted at over US$ 570, which is practically double. On this Monday, June 20, the price is experiencing strong fluctuations with new increases of 2%. Despite this, the market appears positive, believing that price stability may be a reality starting in 2023.
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One of the highest prices for lumber was recorded starting in March 2021. At that time, the price was more than double what it is today, averaging US$ 1250. The construction industry was heavily stagnated due to the risks of slow growth and reduced investments in the sector.
Several reasons contributed to the increase in lumber prices. One of them, for example, was related to the pandemic and social isolation, which, just like with metals, caused a decrease in the production of wood products. And with lower production, there was less supply and more demand to meet, which caused prices to skyrocket.
War Between Russia and Ukraine Causes Accelerated and Unstable Prices of Commodities. It Is Unknown What Will Happen to the Construction Industry
The war between Russia and Ukraine has caused the pace of commodities to become completely accelerated. After all, the world is becoming more and more globalized, and one country needs another for the economy to remain stable. One of the biggest impacts has fallen on the price of Brent oil, with an accumulated increase of 65%, while diesel and gasoline prices were adjusted during last Friday, June 17.
Putin, the Russian president, states that there is no forecast for the conflicts to come to an end and that he expects the redemption of the Ukrainians.
