by Sean Ungerer | Oct 7, 2021 | Forestry and Paper
Strong performance with underlying EBITDA up 27% y/y (+9% q/q) to EUR 388mn (CRe EUR 373mn): This was driven by strong volume growth and higher prices. This performance was somewhat impacted by planned maintenance (Q3 21A: EUR 30mn vs. Q3 20A: EUR 35mn) and “sharply...
by Sean Ungerer | Sep 29, 2021 | Forestry and Paper
Global pulp inventories increase further, compounded by pressure from P&B shuts in China: August global pulp shipments +1.2% m/m but down 6.7% y/y (China: -2.9% m/m & -23.2% y/y; North America: +6.2% m/m & -1.5% y/y). The shipment-to-capacity ratio was...
by Sean Ungerer | Sep 27, 2021 | Forestry and Paper
Key YTD moves: Cotton +15%; Polyester +20%; HW DWP +38%; China-origin DWP +23%; medium-grade VSF +3%; high-end VSF +4% and Lyocell -8%. VSF prices under further pressure as spinners wait on the sideline: The VSF operating rate dropped to 68% as more units were closed...
by Sean Ungerer | Sep 22, 2021 | Forestry and Paper
Slight pressure on China pulp prices: China import pulp prices fell further this week (SW: -0.7% and HW: -0.4%). NOREXECO pulp futures for the CY Q4 21E contract imply an 8-10% decline in Europe vs. a 2% decline in China. European graphic paper margins improving...
by Sean Ungerer | Sep 20, 2021 | Forestry and Paper
Key YTD moves: Cotton +14%; Polyester +20%; HW DWP +38%; China-origin DWP +25%; medium-grade VSF +5%; high-end VSF +6% and Lyocell -7%. Led by Sateri, VSF producers tried to entice buyers by slashing prices this week: The VSF operating rate dropped to 75% and...
by Sean Ungerer | Sep 13, 2021 | Forestry and Paper
Key YTD moves: Cotton +15%; Polyester +17%; HW DWP +38%; China-origin DWP +28%; medium-grade VSF +10% and high-end VSF +13%. In contrast, Lyocell is down 7%. VSF price down 1% w/w: The VSF operating rate was flat at 78% and inventory days increased slightly this week...
