GET OUT OF HERE, BEAR MARKET! The abbreviated workweek offered a CORNUCOPIA of items for industry participants to digest leading into the extended Thanksgiving weekend. The ripple effect from the severe rainstorms that hammered the Pacific Northwest and British Columbia the prior week continues causing havoc. The province of B.C. remains in a state of emergency, as the majority (if not all) of major routes leading into Vancouver, B.C., remains blocked as crews work diligently to reopen impacted roads and rail lines. Pouring a more GRAVY on the wound, weather forecasts predict more heavy rainfall will pound the region through this coming holiday weekend, only worsening the recovery efforts in the short term. If that wasn’t enough for one week, Wednesday brought us the long-awaited decision from the U.S. Department of Commerce, as they handed down their final decision on the second administrative countervailing duty and anti-dumping rate review. The duty STUFFING decision was made, which will add an average of 9% more to Canadian shipments into the U.S. from the current 8.99% average. This increase to 17.9% (on average) will officially go into effect once the notice records, most likely next week. This closes the book on the U.S. Department of Commerce’s second review for the year 2019. Next up for the U.S. Department of Commerce is the study of the 2020 time period, which has already begun. This determination will occur late next year and will most likely result in a duty reduction due to the severely elevated prices our industry experienced. Enough news for now, as I’m a lumber guy and not a reporter. So loosen your belt, grab a seat at the table to find out all that transpired this week in the place I like to call: ‘The Wonderful World of Wood.’ Enjoy…
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