-
Bloomberg
U.S. Lumber Importers Are Driving Buying Mania for European Wood
(Bloomberg) — Facing skyrocketing lumber prices at home, U.S. importers are driving competition for European wood, and winning.The frenzy comes on the heels of record American forest-products imports from Europe in 2020, when North American demand soared and caught sawmills off guard with low inventories. Lumber prices have reached new peaks on a near daily basis in recent weeks, quadrupling from just a year ago. The unprecedented rally has been spurred by low borrowing rates, an increased appetite for larger homes, and a frenzy of do-it-yourself renovations during the pandemic.Unrelenting building demand means U.S. sawmills have been unable to catch up, causing suppliers to look to Europe for a reprieve as it is one of the few parts of the globe with a surplus due to a beetle infestation that killed large swaths of trees that must now be harvested. Voracious U.S. demand means beetle-killed wood in Europe could sell faster than expected, though international shipping and U.S. trucking constraints limit supply chain capabilities.“The other markets are getting pulled up by the U.S.,” said Geoff Berwick, vice president of business development at Atlantic Forest Products.Berwick has been importing lumber from Europe since 1999 and his job has never been easier, he said. Customers tell him: “Get me covered and let me know what it’s going to cost.” Normally, prices are negotiated.The buying power of lumber importers in the U.S. is strengthened by home builders’ willingness to pay up, as project costs rise by the hour on some days. The cost of lumber for the average U.S. house has increased by nearly $36,000 over the last year, according to the National Association of Home Builders.The U.S. continues to buy the biggest share of its foreign forest products from Canada, but imports from the European Union reached an all-time high in 2020, nearly tripling 2019’s amount. The biggest jump from European countries came from Sweden, which rose a dizzying 1,300%. Imports from Europe remained strong in the first three months of 2021, up 37% from the same period a year ago, USDA Foreign Agricultural Service data show.“European producers will always look for the best markets. Right now that’s still the U.S.,” said Thomas Mende, chief executive officer of Binderholz Timber Inc. in Georgia, the U.S. branch of Binderholz GmbH in Austria. “The Chinese have been more aggressive and are willing to pay higher prices, so are the Indian buyers.”These days when Binderholz has wood available, it’s often sold within a minutes, Mende said.Insane DemandEven with “insane” Chinese demand for European lumber, the strength of U.S. buying is the largest factor supporting prices, said Hans-Joachim Hormel, the head of Baden-Wuerttemberg State Forest lumber sales in Germany. U.S. buyers have lower expectations for quality, so the damage and discolorations in lumber from beetle-infested forests make it ideal for export stateside, Hormel said.BPWood, a lumber trading house based in one of the main North American producing regions of British Columbia, has increased its European imports tenfold compared to a typical month last fall, according to Chief Executive Officer Paul Bouchard.Still, deliveries may come with a one- to two-month lag given robust demand in the U.S. “It’s a rowdy, rock ‘n’ roll surreal market right now,” Bouchard said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
-
Associated Press
FM says Iran ready for closer ties with rival Saudi Arabia
Iran’s foreign minister said Wednesday that his country is ready for closer ties with its regional rival Saudi Arabia, adding that he hoped recent talks between the two sides would lead to greater stability in the region. Mohammad Javad Zarif was speaking in Damascus after a meeting with Syrian President Bashar Assad. On Monday, Iran’s foreign ministry confirmed the talks, mediated by Iraq and hosted in Baghdad early last month.
-
Axios
In photos: Dozens dead as Israel and Hamas intensify aerial bombardments
At least 35 Palestinians and five Israelis have been killed as fighting between Israel’s military and Hamas entered a third day Wednesday, per Reuters.The big picture: The worst aerial exchanges of fire between Israel and Hamas since 2014 come after escalating violence in Jerusalem that injured hundreds of Palestinians and several Israeli police officers during protests over the planned evictions of Palestinian families from their homes. Get market news worthy of your time with Axios Markets. Subscribe for free.The UN has said the evictions would violate international law. Smoke billows on May 12 at Ashkelon’s refinery, hit by Hamas rockets the previous day in southern Israel, near the Gaza Strip. Photo: Jack Guez/AFP via Getty Images People gather at the site of a collapsed building in the aftermath of Israeli air strikes on Gaza City on May 11. Photo: Mahmud Hams/AFP via Getty Images Rockets are launched from Gaza toward the coastal city of Tel Aviv, Israel on May 11. Photo: Anas Baba/AFP via Getty Images A Palestinian youth comforts an injured boy receiving medical care al-Shifa hospital after an Israeli air strike in Gaza on May 11. Photo: Mahmud HamsA/AFP via Getty Images Israeli emergency services transport an injured man in the town of Holon near Tel Aviv, on May 11. Photo: Gideon Markowicz/AFP via Getty Images Israeli soldiers fire tear gas at Palestinian demonstrators at the Qalandiya checkpoint between Ramallah and Jerusalem, in the occupied West Bank, on May 11. Photo: Abbas Momani/AFP via Getty Images A Palestinian protester burns tires in response to Israeli security forces at the Beit El checkpoint early on May 12. Photo: Issam Rimawi/Anadolu Agency via Getty Images Smoke billows from Israeli air strikes in Gaza City on May 11. Photo: Anas Baba/AFP via Getty Images Israeli forces and others take cover on the ground as rockets are launched from the Gaza Strip into the southern Israeli city of Ashkelon on May 11. Photo: Jack Guez/AFP via Getty Images A Palestinian man holds an injured girl awaiting medical care at al-Shifa hospital, after an Israeli air strike in Gaza city, on May 11. Nine children were among 24 Palestinians killed in Israeli airstrikes the previous day, AP reports. Photo: Mahmud Hams/AFP via Getty Images A Rabbi inspects the damage inside a religious school in the central Israeli city of Lod, near Tel Aviv, on May 11 following overnight exchanges of fire. Photo: Ahmad Gharabli/AFP via Getty Images Smoke billows from a fire caused by Israeli air strikes in Khan Yunis, in the southern Gaza Strip on May 11. Photo: Said Khatib/AFP via Getty Images Rockets are launched from Gaza into Israel on May 11. Photo: Majdi Fathi/NurPhoto via Getty Images Palestinian children inspect their damaged house following an Israeli airstrike at Al-Shati Refugee Camp in Gaza City on May 11. Photo: Mohammed Abed/AFP via Getty Images Israel’s Iron Dome aerial defense system intercepts rockets above the southern Israeli city of Ashkelon, after they were launched from the Gaza Strip on May 10. Photo: Jack Guez/AFP via Getty Images Israeli forces fire tear gas towards Palestinians throwing stones during a protest in Bethlehem, in the occupied West Bank, on May 10. Photo: Hazem Bade/AFP via Getty Images Palestinian medics evacuating a wounded person during protests in Jerusalem’s al-Aqsa mosque compound on May 10. Photo: Ahmad Ghabarli/AFP via Getty Images Palestinians respond to Israeli forces during a protest against attacks by Israeli police on Palestinians at Masjid al-Aqsa, in Nablus, West Bank early on May 11. Photo: Mamoun Wazwaz/Anadolu Agency via Getty Images Israeli forces during a Palestinian protest at Masjid al-Aqsa, in Nablus, West Bank, early on May 11. Photo: Mamoun Wazwaz/Anadolu Agency via Getty ImagesEditor’s note: This article has been updated to reflect the latest exchanges and more photos.Like this article? Get more from Axios and subscribe to Axios Markets for free.
-
Reuters
Moderna to deliver 25 million COVID-19 vaccine doses to Australia
Australia currently has two authorized vaccines from Pfizer-BioNTech and AstraZeneca. It has been trying to speed up the rollout of jabs after it was stalled by supply hold-ups in Europe and concerns about blood clots tied to the AstraZeneca shot. The deal also includes the supply of 15 million doses of Moderna’s updated variant booster vaccine candidate to be delivered in 2022, the company said.
-
TheGrio
NeNe Leakes, ‘RHOA’ castmembers respond to Porsha Williams’ engagement to co-star’s ex
The fallout of the latest Real Housewives of Atlanta scandal continues. Nene Leakes and more celebs have responded to Porsha Williams‘ recent social media announcement that she is engaged to her co-star’s ex. As theGrio previously reported, shockwaves were sent throughout The Real Housewives world Monday night when Porsha Williams confirmed on her Instagram account that she is with Simon Guobadia, who was previously married to her RHOA co-star Falynn Guobadia.
-
The Week
Alexandria Ocasio-Cortez had harsh words for Andrew Yang after his Israel-Palestine comments
Rep. Alexandria Ocasio-Cortez (D-N.Y.) has mostly stayed out of New York City’s mayoral race, but she had some harsh words for candidate Andrew Yang, the presumptive favorite, on Tuesday. Yang had tweeted Monday that he is “standing with the people of Israel” amid the escalating violence between Israeli forces and Hamas, which stems from the government threatening to evict Palestinian families from their homes in east Jerusalem. Yang’s words ultimately led his campaign to cancel a planned trip to help distribute groceries in Queens ahead of Eid al-Fitr, the Muslim celebration marking the end of Ramadan. Ocasio-Cortez, who has often criticized the Israeli government and expressed support for the Palestinian people, weighed in after hearing the latest development, calling Yang’s initial plan “utterly shameful” after issuing what she described as a “chest-thumping statement of support” for Israel’s military strikes on Gaza. Utterly shameful for Yang to try to show up to an Eid event after sending out a chest-thumping statement of support for a strike killing 9 children, especially after his silence as Al-Aqsa was attacked. But then to try that in Astoria? During Ramadan?! They will let you know. t.co/r721mHyfri — Alexandria Ocasio-Cortez (@AOC) May 11, 2021 More stories from theweek.comTed Cruz walks out of gun violence hearing after failing to change the subjectAmerica’s vaccination rate is ticking upward againAn anti-vax conspiracy theory is apparently making anti-maskers consider masking up, social distancing
-
-
The Week
World’s most vaccinated nation sees COVID-19 resurgence, raising questions over Chinese vaccine
Despite its standing as the world’s most vaccinated country, the 115-island archipelago Seychelles is seeing a dramatic resurgence in COVID-19 transmission, bringing its daily case rate to “a higher number of infections per capita than India,” The Wall Street Journal reports. To date, approximately 67 percent of Seychelles’ population is vaccinated — the majority of those citizens received Chinese vaccine Sinopharm, while the remainder received Covishield, a derivative of AstraZeneca’s shot manufactured in India. But according to the island nation’s health ministry, “more than one third of new active cases are people who are fully vaccinated.” Authorities have not yet disclosed how many of the new cases are among Sinopharm recipients, but “the situation is being watched all over the world for what it says about the effectiveness of vaccines,” writes the Journal. On Friday, the World Health Organization cleared the Sinopharm shot for emergency, global use, despite little data on its efficacy in patients over 60. According to the Journal, the authorization is expected to help “alleviate a severe shortage of doses in the developing world, as vaccine exports from COVID-19-struck India grind to a halt.” To help curb the spread of infections, the Seychelles government recently instituted new preventative measures, such as early bar closures and bans on household intermingling. The good news, however, is most of Seychelle’s cases appear to be mild, said Kate O’ Brien, director of immunizations, vaccines and biologicals at the World Health Organization. “The Sinopharm vaccine really requires two doses,” she added, “and some of the cases that are being reported are occurring either soon after a single dose, or soon after a second dose.” More stories from theweek.comTed Cruz walks out of gun violence hearing after failing to change the subjectAmerica’s vaccination rate is ticking upward againAn anti-vax conspiracy theory is apparently making anti-maskers consider masking up, social distancing
-
-
-
Associated Press
Whitmer threatens profit seizure if pipeline keeps operating
Michigan Gov. Gretchen Whitmer threatened Tuesday to go after Enbridge’s profits from a Great Lakes oil pipeline if the company defies her order to shut it down. The Democratic governor issued the warning in a letter to the Canadian energy transport company on the eve of a state-imposed deadline to halt operation of Line 5, which moves oil through northern Wisconsin and Michigan to refineries in Ontario. Enbridge repeated its intention to defy Whitmer’s demand.
The post EU companies could face legal action over Iran contracts appeared first on Norton Tug of War Businesses.
