Key Takeaways
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The downward trend that began in mid-October continued through November. SPF #2&Btr prices fell more than 10% during the month, hitting the monthly low at the end of November as U.S. Thanksgiving approached and Canadian demand remained in the typical seasonal fade. While there is hope for some activity after the long U.S. holiday, uncertainty remains high.
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Mills had warned that current price levels were unsustainable and could eventually lead to supply constraints—a point most buyers genuinely agree with. Despite these concerns, the vast majority of mills continued operating. Some even offered discounts to maintain volumes, contributing to further price declines. This created a buyer’s market, frustrating the mills that tried to hold prices.
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Negotiations for Q1 2026 J-Grade have already begun. Weak North American market prices are expected to put strong pressure on Canadian mills unless major curtailments or shutdowns actually occur. Recently, the Canadian government announced forestry aid for the domestic industry, which may provide some relief, but market fundamentals remain challenging.
Western SPF J-Grade 2″x4″
- November 2025: $610-$620
- MoM: ▲$10 (▲1.6%)
- YoY: +$35 (+4.3%)
*C&F JPN, USD per Thousand Board Feet
Western SPF #2&BTR 2″x4″
- November 2025: $385
- MoM: ▲$60 (▲13.5%)
- YoY: ▲$85 (▲18.1%)
*FOB Mill in Canada, USD per Thousand Board Feet
Western SPF #3/Utility 2″x4″
- November 2025: $270
- MoM: ▲$7 (▲2.5%)
- YoY: ▲$70 (▲20.6%)
*FOB Mill in Canada, USD per Thousand Board Feet
