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Ottawa investing another $600,000 to help spur lumber exports to India

MONTREAL - The federal government is investing an additional $600,000 to spur efforts to boost lumber exports to India, a potentially large market that's home to about 1.2 billion people. Natural Resources Minister Joe Oliver announced the funding to Forest Innovation Investment India (FII India) during a trade mission. Ottawa has already provided $1.6 million to FII India, which is also funded by the B.C. government. The initiative showcases the use of Canadian wood to makers of office furniture, doors and window manufacturers, and builders.

Ottawa investing another $600,000 to help spur lumber exports to India

MONTREAL - The federal government is investing an additional $600,000 to spur efforts to boost lumber exports to India, a potentially large market that's home to about 1.2 billion people. Natural Resources Minister Joe Oliver announced the funding to Forest Innovation Investment India (FII India) during a trade mission. Ottawa has already provided $1.6 million to FII India, which is also funded by the B.C. government. The initiative showcases the use of Canadian wood to makers of office furniture, doors and window manufacturers, and builders.

West Fraser Timber CEO says U.S. housing market improving though slowly

VANCOUVER - The head of West Fraser Timber warned Tuesday that demand for lumber can be volatile through the winter as the recovery in the U.S. housing market continues to be slow. Lumber prices were up in the third quarter, helping boost the Vancouver-based company's revenue and profit, but West Fraser CEO Ted Seraphim told analysts that he was wary. "Lumber demand has been relatively strong in October," he said. "Nevertheless, we are still early in the recovery of the housing market and as such, we should expect some volatility in lumber and panel markets over the winter."

Interfor logs $15.8 million in Q2 on record quarterly revenue

VANCOUVER - International Forest Products Ltd. (Interfor) has reported net income $15.8 million, or 28 cents per share, in the second quarter compared to $100,000 in the second quarter of 2012. The company (TSX:IFP.A) says it achieved record quarterly sales revenue in the quarter at $274.7 million — an improvement of $49.3 million over the same quarter last year. Lumber shipments reached a record 433 million board feet in the three-month period and reflects the acquisition of the three U.S. Southeast sawmills on March 1, 2013, together with stronger North American demand.

Analysts trim forecasts for lumber prices in 2013 despite U.S. housing surge

MONTREAL - A resurgence in U.S. housing construction is still expected to boost lumber prices, but perhaps not as high as had been expected this year. A 21 per cent drop in the cash price since mid-March and lower future prices have prompted several analysts to trim about five per cent off their 2013 price forecasts. Western SPF (spruce-pine-fir) softwood prices are now expected to increase 20 per cent, on top of the 16 per cent increase realized in 2012.
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