Timber Development UK (TDUK) has launched the Structural Timber Price Index, a tool to help the construction industry assess changes in the UK timber market.
The Structural Timber Price Index displays the monthly price of structural timber stretching back to 2018, giving users the ability to compare today’s timber prices to those seen five years ago.
The figures seen in 2018 were pre-Brexit, pre-COVID and pre-War in Ukraine, making them arguably the most recent ‘normal’ year we have experienced and therefore a sensible point for comparison.
Nick Boulton, TDUK Head of Technical and Trade Policy, explained: “The TDUK Structural Timber Price Index is a powerful new tool for the construction industry to understand the state of the timber market in the UK.
“As you can see from this first iteration, now online for public use, the price of structural timber has been on a roller coaster journey over the past three years, in between major events like Brexit, COVID, and the invasion of Ukraine.
“Timber is a globally traded commodity and the UK is a major importer of structural timbers, so large geopolitical events can ripple across the trade. The abnormal structural timber prices we have seen over the past three years reflect the abnormal market we have all lived through.
“However, the three most recent months shown on the index – from November 2022 to January 2023 – are among the most stable price periods we have seen since 2019 – which likely reflects the balance between supply, demand, and price.
“While no one can predict the future, the commodity market for structural timbers has historically been a steady, and dependable one. We will be watching the market carefully to see whether this trend will be re-established.”
This latest tool is part of TDUK’s ongoing mission to provide comprehensive market data to help the timber supply chain navigate the changing economic climate.
This includes monthly timber import statistics, quarterly reports on UK timber demand and supply, and weekly economic and construction updates from the Construction Products Association.