Key Takeaways

• Higher US duty rates combined with historically weak demand are expected to keep Canadian SPF prices below breakeven through September.

• Many Canadian SPF mills may face increasing pressure for production shifts or curtailments in Q4, as neither demand nor prices show signs of recovery at this time.

• Q4 J-Grade negotiations are stabilizing with some discounts from Q3, though some buyers continue to push for deeper reductions, potentially extending talks into October.

Western SPF J-Grade 2″x4″

• September 2025: $630-$640
• MoM: ▲$15 (▲2.3%)
• YoY: +$45 (+7.7%)

*C&F JPN, USD per Thousand Board Feet

Western SPF #2&BTR 2″x4″

• September 2025: $422
• MoM: ▲$25 (▲6.0%)
• YoY: +$34 (+8.8%)

*FOB Mill in Canada, USD per Thousand Board Feet

Western SPF #3/Utility 2″x4″

• September 2025: $285
• MoM: ▲$25 (▲8.1%)
• YoY: ▲$10 (▲3.4%)

*FOB Mill in Canada, USD per Thousand Board Feet