F&P: Textiles Fibre Weekly Update
Key message: DWP price jumps USD 95/t to USD 990/t after the Chinese New Year. Further gains likely. On a FY basis, this adds > USD 100mn to Sappi’s EBITDA (FY 20A: USD 378mn).
Forestry & Paper Weekly Price Update
Key message: US pulp prices play catch-up, graphic paper price erosion takes a pause and further containerboard and kraft paper price increases on the cards.
F&P: Suzano Q4 20A Pulp Insights
Key message: Pulp “supply/demand scenario should be pretty good for 2021”. Suzano believe there is a supply/demand imbalance, supportive of price increases for all grades in all markets.
F&P: Smurfit Kappa FY 20A Packaging Insights
Key message: Supply of both kraftliner and testliner globally remains very tight. The containerboard market is the tightest they have seen it in 34 years.
F&P Weekly Price Update
Key message: Pulp extends its gains and compresses non-integrated producer margins further. Unbleached sack kraft producers target a EUR 50/t price increase.
F&P: Textiles Fibre Weekly Update
Key message: Further gains for VSF, while DWP prices hold tight ahead of the CNY. VSF stocks still tight at 10.5 days.
Sappi Ltd: Upgrade to Overweight
Key message: Upgrade to Overweight driven by DWP price recovery underway, Packaging and Specialties volume ramp-up and improving Graphic Paper fundamentals
Forestry & Paper Weekly Price Update
Key message: Pulp set to increase in most regions. US CFS producers target a 2-5% price increase and further OCC hikes.
F&P: Navigator Q4 20A UWF Insights
Key message: UWF outlook encouraging. Price inflation in domestic and export markets. Order books are in line with last year and paper stocks in the distribution chain are relatively low.
Forestry & Paper Textiles Fibre Weekly Update
Key message: DWP prices playing catch-up to VSF, up 8% w/w, with further gains in sight. VSF stocks extremely tight at 9 days now.