The market correction continued last week on most Western SPF items. Studs took the hardest hit as mills tried to find a trading level by offering steep discounts, only to find few buyers. Southern pine was the one bright spot in the market as mills were able to move loads without discounting.
The panel market was another story as OSB mills had to slash prices to move prompt loads. Mills have acknowledged that the market is over produced and have started to correct the problem by announcing shutdowns in the coming weeks. Many feel that we are near a bottom in panels.
Overall business is still very strong. Housing starts and permits continue to improve each month. Mortgage rates remain a value and home prices are steadily improving. All signs of a better housing industry.