Demand Keeps Prices Flat

North American lumber prices stopped climbing in mid-April as buyers stayed cautious, leaving benchmark framing lumber unchanged even with tariff pressure hanging over the market. (madisonsreport.com) Madison’s Lumber Reporter said the Easter long weekend “did little” to lift demand for construction framing lumber, and much of the trade was focused on tracking delayed shipments rather than placing fresh orders. Its weekly index for the week ending April 17, 2026 was US$523 per thousand board feet, flat from the prior week. (madisonsreport.com; nahb.org) The National Association of Home Builders said that same April 17 reading was up 4.3% from a month earlier and 2.0% from a year earlier, while lumber futures rose 1% on the week but fell 4.5% from a month ago. That left cash prices steady and futures softer after the early-April spring bump. (nahb.org; madisonsreport.com) The market backdrop is a housing sector that still needs wood but is not buying aggressively. Fastmarkets said this week that North American wood products are moving closer to supply-demand balance, with a broader lumber demand recovery now expected in 2027 rather than 2026. (fastmarkets.com) Tariffs are still part of the story even when prices are flat. Global Affairs Canada said the U.S. Department of Commerce on April 9, 2026 issued preliminary results in its seventh review of Canadian softwood lumber duties, and industry coverage said the preliminary combined duty rate would fall to 24.83% from 35.16%, though the current rate remains in force until a final decision later in 2026. (international.gc.ca; indexbox.io) That means builders and sawmills are dealing with two signals at once: current demand is too soft to push prices higher, but trade policy can still reset costs quickly if duties change or if buyers rush to cover future needs. Madison’s said sentiment stayed “muted” even as spring weather spread across the continent. (madisonsreport.com; madisonsreport.com) Earlier in April, Madison’s reported that buying from Texas and California had nudged some prices higher as spring construction picked up, but mills were more focused on filling order files than on testing bigger increases. By mid-April, that momentum had faded into a wait-and-see market. (madisonsreport.com; madisonsreport.com) For now, the clearest number in the market is still US$523 per thousand board feet. Until demand strengthens or tariff rules change, lumber buyers are getting stability instead of another spring price spike. (nahb.org; madisonsreport.com)