Key message: European pulp prices place further pressure on Graphic paper producers. US CFS stats for June point to continued strong demand. Testliner prices come under further pressure and various producers confirm downtime due to rising costs. Energy prices in Europe have moderated as Nord stream gas flows resume.
Key message: Big moves for pulp in Europe, Graphic Paper in the green, while testliner shows first signs of weakness.
Key message: Spot DWP now USD 1,210/t. VSF inventory days stable at 12.0, while the average op. rate drops slightly to 78%. VSF theoretical profit further in the red at -USD 149/t (VSF/DWP spread +10% YTD).
Key message: Prices for Pulp, Paper and Packaging stable this week. Potential pulp supply shock in Asia, while May global demand was up 5% y/y. Mondi’s Merebank mill has restarted.
Key message: Record corrugated box volume growth. Returns are back in the zone and a bullish outlook for FY 23E.
Key message: Pulp prices gain further traction, placing some pressure on Graphic Paper margins. US CFS stats for May point to continued strong demand. Containerboard prices remain stable, while OCC is still rising.
Key message: Cotton and polyester in the red, while VSF and DWP prices gain further traction. VSF inventory days tighten further to 12.0, while the average op. rate is down to 74%. VSF theoretical profit further in the red at
-USD 128/t (VSF/DWP spread +13% YTD). Spot DP is stable at USD 1,190/t.
Key message: Pulp prices rise further in all regions. Graphic Paper prices gain further traction, while Packaging prices take a breather. Earnings guidance upgrades from Stora Enso and UPM.
Key message: Cotton, polyester and VSF in the green. VSF inventory days tighten further to 12.5, while the average op. rate is down to 75%. VSF theoretical profit improves but still in the red at -USD 92/t (VSF/DWP spread +17% YTD). Spot DWP is up 4% today to USD 1,190/t.
Key message: May m/m prices changes: China pulp +4-7%; CWF +9%; UWF +6%; US CFS +8%; Testliner +5%. Norske Skog share price increased the most vs. peers (+13% m/m) in May and is now up 54% YTD. In terms of EV/EBITDA multiples, Sappi and Mondi are both trading at the biggest discounts vs. peers.