FWPA team at TMI launch: (From left) Jodie Mason, Janette Newport, Sarah Downey, Kevin Peachey, Andrew Leighton, Emmy Petersson and Erick Hansnata
Forest & Wood Products Australia (FWPA) announced the launch of the Softwood Timber Market Index (TMI) to further support planning, growth and investment across the industry. Source: Timberbiz
The Timber Market Index is a representative directory of historic price movements for different categories of softwood products, to be published quarterly. The data used to calculate the index is collected anonymously to ensure data security and accuracy.
The TMI has been developed with strong support from industry and is a collaboration between FWPA and the Australian Forest Products Association (AFPA).
In 2017, AFPA commissioned a Timber Market Index report, which reviewed the opportunity to establish a new and best-practice approach to an index.
The report recognised that establishing a TMI based on the existing FWPA softwood weighted average data series is part of a best practice approach and could be used to form the basis of new indices for the Australian softwood industry. Governance for the index will be overseen by an industry committee and independent Chairperson, which will provide ongoing management of the tool.
“The Timber Market Index is a powerful new tool in tracking industry price movements and trends over time.” said Kevin Peachey, Head of Built Environment Programs at FWPA.
“It’s exciting to see this great initiative launched and to be able to support our industry with increased transparency and confidence in tracking industry trends” Kevin continued.
“The development of the Timber Market Index is a great example of collaboration and will help support industry analysis as well as business planning” said Andrew Leighton, CEO of FWPA.
The TMI is independently audited by consultants to ensure that all inputs are correct, providing assurance for all parties. The index may be used by the industry and its consultants to help track price movements.
Learn more: www.fwpa.com.au/new-timber-market-index-to-track-price-movements-of-australian-softwood-products/
