Lumber buyers ‘pay up or run out’ amid U.S. homebuilding surge
With U.S. lumber prices at fresh record highs, construction companies and wood wholesalers are buying just enough to get by, threatening to make price swings even bigger.
Lumber futures in Chicago reached a record $855.10 per 1,000 board feet on Tuesday, having surged more than 30% since Jan. 12. This price surge during what is typically a winter lull has surprised the industry, raising home-building costs and forcing many buyers to purchase only their immediate needs.Read moreCharles Krupa / AP
