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August 31, 2021

Norway: Sharp rise in softwood log prices

Norway: Sharp rise in softwood log prices

The gradual increase in softwood prices in Norway since the second quarter of 2020 has continued into the second quarter of 2021, apart from a temporary slump in April. 

Hardwood logs rose sharply in the middle of the second quarter, only to drop to the lowest value since February 2020 at the end of the quarter. At the same time, Norwegian pulpwood prices initially collapsed quite significantly, only to gradually recover again.

The sharp drop in the price of softwood logs was exacerbated by the significant appreciation of the Norwegian krone (NOK) against the euro (€). This development was preceded by an almost three-year increase in the price of softwood logs, which came to a standstill in early 2019. Both the prices for spruce logs and the prices for pine logs fell to an all-time low in the first quarter of 2020, but this was largely due to the sharp change in the exchange rate from NOK to €. The current price increase is also reinforced by the now falling rate of the NOK against the €.

In June 2021, pine was quoted at € 50.60 per cubic meter and spruce at € 51.70 per cubic meter. Compared to the previous month, pine rose by 2.8% and spruce rose by 6.5%. Within a year, the price of pine has risen sharply by 22.6%. The prices for spruce also rose by 23.8%.

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