Views: 1 Author: Site Editor Publish Time: 2024-07-22 Origin: Site
The rapidly spreading wildfires in British Columbia will strain the supply of wood products and cause lumber prices to rise as they disrupt lumber production during this year's peak construction season.
The wildfires in the western part of the province intensified on Friday and have now burned more than 38,000 hectares. The wildfires have forced more than 14,000 people to evacuate their homes, disrupted mining and forestry production, and damaged public utilities.
Some plants were closed due to evacuation orders and nearby fires, including Canada's largest producer West Fraser Timber Co and privately held Tolko, as well as Norbord Inc, the world's largest maker of oriented particleboard.
Bank of Montreal analyst Ketan Mamtora said in an interview that lumber prices could rise 6 percent if production shuts down for several weeks.
