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Sat 2 Sep 2006 04:00 AM

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Wood prices hit by second hike

Wood prices have spiked for a second time this year with the price of plywood, whitewood, MDF and Red Meranti soaring by up to 30% during August

Wood prices have spiked for a second time this year with the price of plywood, whitewood, MDF and Red Meranti soaring by up to 30% during August.

“The current scenario and the rising local demand indicate that there is going to be another big spurt in prices of building materials before the end of 2006,” said Rizwan Sajan, chairman of Dubai-based Danube Building Materials.

According to the company, the price of Red Meranti rose from US $550 (AED2,000) to $700 per tonne over the month.

At the same time, whitewood jumped 20% to top $300 per m3, while MDF has increased from $215 to $270.

One of the reasons for the increase is that the major suppliers of whitewood timber are diverting supplies to the European market.

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