This is a factor that makes the cost structure more important to lumber producers. We also know that in recent years the cost of fibre has increased significantly in Canada. Producers are facing a significant increase in costs and this is having an impact.
I will say, though, that we're facing two other challenges.
First, in terms of logistics, supply chain issues, which I'm sure you've heard about, have a significant impact on the distribution of supply. It also creates price increases. Today, I would say that our lumber inventories are twice as high as we would like them to be. That's a lot of money, and that's a lot of FBMs, board feet, not going to market. There are buyers who [Technical difficulty—Editor] wooden planks, but we're just not able to distribute them all, and that has a big impact.
Second, I mentioned that from the beginning of the pandemic, there were cuts in production capacity as we anticipated a return to the 2008‑09 financial crisis. It took some time for that output gap to close, while demand remained strong. All of this drove up prices.