by Sean Ungerer | Feb 17, 2023 | Forestry and Paper
Mixed moves for pulp this week: Prices in Europe were up c.1% (but down in $). Softwood gained further ground in China, while hardwood came under pressure. NOREXECO pulp futures for CY 23E imply an 8-13% decline in Europe (2024: -15-26% decline), and a decline of...
by Sean Ungerer | Feb 10, 2023 | Forestry and Paper
Further pressure on paper pulp prices: NOREXECO pulp futures for CY 24E imply a 16-28% decline in Europe, and a decline of 8-16% in China. Graphic Paper prices hold steady, except for CM: After factoring in a 30% discount to list pulp prices, the CWF/HW spread was up...
by Sean Ungerer | Feb 7, 2023 | Forestry and Paper
Sappi remains undervalued despite ticking all the right boxes in 2022, but macro-outlook likely to see this persist: In FY 22A, Sappi printed a record EBITDA ($ 1.4bn), reduced net debt by $783mn (equal to -40%), with net debt/EBITDA reaching 0.9x (lowest level since...
by Sean Ungerer | Jan 20, 2023 | Forestry and Paper
Pulp prices start edging down in Europe: NOREXECO pulp futures for CY 23E imply a 12-21% decline in Europe, and a decline of 9-20% in China. Recent UTIPULP data for November showed European pulp consumption was down for a third consecutive month (-13% y/y and -8%...
by Sean Ungerer | Jan 16, 2023 | Forestry and Paper
Q4 22A key prices changes: The imported hardwood (HW) DP price averaged $963/t ($: -18% q/q & +3% y/y; R: -15% q/q & +18% y/y). DP/pulp spread averaged $ 110/t. December 2022 key prices changes: Imported HW DP price averaged $ 908/t ($: -5% m/m & +0% y/y;...
by Sean Ungerer | Jan 13, 2023 | Forestry and Paper
Pulp prices stable to slightly softer: NOREXECO pulp futures for CY 23E imply a 13-21% decline in Europe, and a decline of 9-20% in China. In December, Suzano announced a $40/t (5%) price cut for BEK pulp in China. SCA has restarted its 900ktpa Östrand pulp mill...
