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Ukraine's invasion halved the Russian lumber export prices

Ukraine's invasion halved the Russian lumber export prices

Posted on November 24, 2023   |  

Since early 2022,  Russian lumber export prices have fallen by 50%, attributed to import boycotts following the Ukraine invasion, reduced demand in China, and ruble depreciation.

Russian lumber export prices have fallen from an early 2022 peak of $310/m³ to $163/m³ in Q3 2023, with significant declines observed in Russia's Northwest, Far East, and Siberia.

Export volumes, reaching over 31 million m³ in 2020, decreased to around 23 million m³ in 2022. 

This year's estimate suggests a further decline below 21 million m³, marking a 25% or 4.6 million m³ decrease since 2021.

Europe has seen a notable reduction in shipments, especially from Northwestern sawmills, without significant redirection to other importing regions, contributing to the overall decline. 

The Russian domestic market has also experienced reduced demand for forest products, resulting in an estimated 20% decrease in lumber production over the past two years.



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