A U.S. timber industry broker told reporters that hurricane Harvey's damage in the southeastern United States could push up timber prices. "As time goes on, the price will be a little bit higher, but it will be more gradual than most expected," the broker said. Gradual price increases will end in the next one or two years."
The United States now hurricane Harvey has been downgraded to a tropical storm, hurricane destroyed the roof, razed houses, flooded large areas of Texas, including Houston. Continued rainfall is expected to continue to affect the region.
Houses and businesses will need rebuilding after the hurricane. The broker says the price of American lumber has risen by 31% since last January, much of it due to the US decision to impose a 19.88% countervailing duty on Canadian soft wood exporters.