In the first quarter, around 3.5 million m³ of log wood for industrial use were harvested in Norway – an unprecedented volume according to Statistics Norway. This marks the continuation of a clear trend that could potentially lead to the record achieved in 2024 being broken (see Record harvest in Norway).
At NOK 834/m³ (approximately €73/m³), average prices have also reached a new all-time high. Since mid-2023, prices have been rising uninterruptedly, to be precise by around NOK 280/m³ (€25/m³). Adjusted for inflation, a similar level was last seen in 1987, i.e. almost 40 years ago. For comparison: Over the past 15 years, the real-term log price in Norway has fluctuated between NOK 420 and 560/m³ (€37 and €49/m³). Nominal prices ranged from NOK 290 to 530/m³ (€25 to €46/m³) during the same period.
The increased harvest volumes and higher prices are mainly attributed to stronger international demand. The war in Ukraine and wide-spread bark beetle infestation in Central Europe, combined with a weaker Norwegian krone, are said to have made Nordic log wood increasingly attractive.
