VANCOUVER, BC- Canfor Corporation posted net income of $4.5 million for the second quarter, reflecting an improved market for lumber sales and a big turn-around from the $16.2 million loss the company experienced in Q1 of this year.
Canfor said it observed greater demand for lumber in both North American and offshore markets during Q2. The company said it benefited from the 3% uptick in U.S. housing starts as well as the 12% Q2 increase in Canadian housing activity. China and Japan provided solid export markets for Canfor wood products.
In addition to increased demand, Canfor said it profited from rallying lumber prices. The company said the average North American benchmark Western SPF 2x4 #2&Btr price rose 11% to US$295 per Mfbm, with similar increases seen for most other grades, while the spread between Western SPF structural and utility grade pricing also narrowed.
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