• Pulp prices largely stable across the board: Arauco announced flat June market pulp and DWP prices in China. The June softwood pulp future is currently USD 935/t vs. July at USD 914/t. Global pulp producer inventories declined by 2 days to 36 days-of-supply in March, while shipments increased by 17.6% m/m (down 0.3% y/y) driving the
    shipment-to-capacity ratio to 97% (flat y/y). European consumer pulp inventories declined by 2.9% m/m in March (+8.0% y/y), while consumption increased by 10.7% m/m. This equates to 26 days of supply in March, flat m/m but 4 days higher y/y.  
  • Graphic Paper prices continue improve, albeit slowly: CWF/HW spread improves but still firmly in the red at EUR 216/t (UWF producers: -EUR 18/t).  In North America, Domtar announced a 6-9% UFS price increase from July.
  • Containerboard in the green, with testliner leading gains (+1.0%): YTD, testliner is up 31%, followed by kraftliner (+17%) and white-top kraftliner (6%). European OCC prices remain elevated but stable at EUR 175/t (up 120% y/y). Klabin has announced a new price increase of EUR 50/t for kraftliner exports, effective 1 June.  

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