• Pulp prices stable but could soon change: The Chinese government announced they would curb commodity prices in China (hardwood DWP down 4% this week to USD 1,060/t). Bleached softwood kraft (BSK) pulp futures are now down USD 147/t in the past two weeks (currently RMB 6,194/t or USD 843/t). Suzano, Klabin and Eldorado confirm prices increase for BEK in Europe (+USD50/t to USD 1,140/t) and North America (+USD 60/t to USD 1,380/t) but keeping prices in China flat (USD 780/t). In Europe, Södra Cell is increasing NBSK pulp price to USD 1,380/t, citing “robust demand outpacing supply”.
  • Graphic Paper prices improving, with CWF leading gains (+0.8% w/w): CWF/HW spread is now EUR 40/t (UWF producers: EUR 233/t). Positive read-though for European UWF producers, with US uncoated free sheet expected to increase by 6-9% (USD 60-80/t): effective June/July) following announcements from Domtar, IP, PCA, UPM, Suzano and Navigator.
  • Containerboard in the green, with testliner leading gains (+2% w/w): YTD, testliner is up 32%, followed by kraftliner (+18%) and white-top kraftliner (6%). European OCC prices remain elevated but slowly moderating, now at EUR 174/t (+82% y/y).    

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