- Further relief for pulp prices in Europe: Softwood pulp prices in Europe MTD are now down 8%, while hardwood is down 6%. Prices in China and North America remains stable. NOREXECO pulp futures for CY 23E imply a 15-24% decline in Europe, and a decline of 12-27% in China.
- Graphic Paper prices stable: November CWF prices are up 2% while UWF is up 1%. After factoring in a 30% discount to list pulp prices, the CWF/HW spread was up 10% w/w to EUR 314/t, while the UWF/HW spread increased by 8% w/w to EUR 425/t. This is the highest spreads have reached in 2022.
- Containerboard prices continue to gradually decline: Kraftliner prices was down 1% w/w (-2% MTD), while testliner declined by 2% w/w (-5% MTD). The kraftliner/testliner spread increased by 4% w/w to EUR 172/t, while the testliner/OCC spread decreased by 2% to EUR 663/t. OCC prices remain under the pump, down 3% w/w to EUR 71/t (-16% MTD).
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