In North America, SPF markets in May were generally stable, with a slightly firmer undertone in select items. Supply remained balanced, while demand was uneven but sufficient to hold price levels and prevent any meaningful softening.

Canadian SPF J-grade showed a mixed but resilient tone, with exporters facing continued competitive pressure while tighter availability in certain dimensions helped support price stability. In Japan, construction activity was constrained in some cases by naphtha-related shortages, which reduced lumber inventory turnover and kept overall demand flow subdued.

Looking ahead, the market remains sensitive to shifts in demand, especially in North America where liquidity is concentrated. At current levels, pricing stability is largely supply-driven, and any sustained improvement in demand could quickly restore upward momentum, while weaker consumption would likely keep the market in a narrow trading range.

Western SPF J-Grade 2″x4″

• May 2026: $565-$575
• MoM: ±$0 (±0%)
• YoY: ▲$90 (▲13.7%)

*C&F JPN, USD per Thousand Board Feet

Western SPF #2&BTR 2″x4″

• May 2026: $480
• MoM: ▲$10 (▲2.0%)
• YoY: +$30 (+6.7%)

*FOB Mill in Canada, USD per Thousand Board Feet

Western SPF #3/Utility 2″x4″

• May 2026: $442
• MoM: ±$0 (±0%)
• YoY: ±$0 (±0%)

*FOB Mill in Canada, USD per Thousand Board Feet