Brazilian Timber Stumpage Index – Pinus (BTSI-P)

Over the past 10 years, pine stumpage prices in Brazil have undergone a significant transformation — driven by changes in timber supply, strong industrial demand, and structural adjustments in the balance between forest resources and industrial capacity. To monitor this dynamic, we developed the BTSI-P – Brazilian Timber Stumpage Index (Pine).

The index is calculated based on volume-weighted pine stumpage prices across Brazil’s main pine-producing states (Paraná, Santa Catarina, Rio Grande do Sul, and São Paulo), using 2013 as the base year (2013 = 100). Built from Consufor’s proprietary database, the BTSI-P aims to provide a transparent and consistent benchmark for investors, forestry companies, and analysts monitoring timber price dynamics in Brazil.

In the first quarter of 2026, the index reached 319 points, highlighting the magnitude of the appreciation observed in pine stumpage prices over the past decade.

However, it is important to note that over the last eight quarters, the index has been following a downward trend, raising a yellow flag regarding market stability and balance in the short to medium term.

•BTSI 1ºT 2026: 319

• 10-year change: 153%

• 5-year TMCA:13%

• 2013-2026 TMCA: 9%

• YoY /change: -4 %

* CAGR – Compound Annual Growth Rate.