Key Takeaways
- In February, North American lumber trading remained subdued, with buyers covering near-term needs amid winter slowdowns and tariff headlines that brought no policy changes. Over the month, #2&Btr rose about 1.3%, leaving the market stable but without clear momentum for the upcoming spring.
- Despite modest North American gains, Japanese demand for SPF J-grade lumber fell another $5 in February. Buyers focused on near-term needs amid a weak yen and the March fiscal year-end. Some Canadian mills offered discounts, but volumes remained limited, while European competitors and government-subsidized Sugi pressured both studs and wider dimensions, restricting opportunities for Canadian SPF.
- Looking ahead, Q2 negotiations have begun, with mills aiming to maintain current price levels. Buyers remain cautious, limiting purchases until deals are finalized. North American spring demand could lift the soft market, but economic or political tensions, such as tariffs, might push excess supply to Japan, further intensifying competition. Either direction is possible, but large price swings are not expected.
Western SPF J-Grade 2″x4″
- February 2026: $580-$595
- MoM: ▲$5 (▲0.1%)
- YoY: ▲$40 (▲8.7%)
*C&F JPN, USD per Thousand Board Feet
Western SPF #2&BTR 2″x4″
- February 2026: $460
- MoM: ▲$9.0 (+1.3%)
- YoY: ▲$52 (▲3.4%)
*FOB Mill in Canada, USD per Thousand Board Feet
Western SPF #3/Utility 2″x4″
- February 2026: $348
- MoM: +$25 (+7.7%)
- YoY: +$8 (+2.4%)
*FOB Mill in Canada, USD per Thousand Board Feet