• Pulp stable across the board: China SW closed the year with a bang, up 19% y/y. With China SW futures running in December, this is likely to provide further support to the physical market heading into 2021.
  • Graphic paper continues to trade sideways: Coated mechanical lagged CWF and UWF, which were marginally up w/w.
  • Containerboard sees further gains: Kraftliner was up 0.4% w/w, while testliner was flat. The kraftliner/testliner spread is down 5% y/y (now EUR 160/t). Marginal OCC increase but up 141% y/y.

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