• China pulp prices further in the red this week: China import pulp prices fell further this week (SW: -1% and HW: -8%). The September BSK future (SHFE) settled at USD 843/t last week. NOREXECO pulp futures remain unchanged and for the CY Q4 20E contract imply a 12-13% decline in Europe vs. a 4% decline in China.  
  • European graphic paper margins improve w/w: After factoring in a 30% discount to list pulp prices, the CWF/HW spread improves this week but remains in the red at -EUR 29/t (UWF margin +1% w/w to EUR 156/t). Lecta has announced an 8-10% price increase for its two-side CWF and UWF grades (both reels and sheets) from 1 September. This is driven by “the continuous increase in manufacturing and transport costs”.  
  • European containerboard prices in the green: Testliner led gains this week, up 3%, while OCC remains stable.

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