by Sean Ungerer | Aug 16, 2021 | Forestry and Paper
Key YTD moves: Cotton +18%; Polyester +20%; HW DWP +38%; China-origin DWP +27%; medium-grade VSF +15% and high-end VSF +16%. In contrast, Lyocell is down 5%. VSF price slightly lower this week: The VSF operating rate improved to 79% as units in Southeast China came...
by Sean Ungerer | Aug 13, 2021 | Forestry and Paper
Pulp prices broadly stable but with slight pressure in China: China import pulp prices for hardwood are now down 18% in the last eight weeks. NOREXECO pulp futures for the Q4 20E contract imply a 12-13% decline in Europe vs. a 2% decline in China. European...
by Sean Ungerer | Aug 11, 2021 | Forestry and Paper
Key YTD moves: Cotton +15%; Polyester +22%; HW DWP +38%; China-origin DWP +26%; medium-grade VSF +15% and high-end VSF +16%. In contrast, Lyocell is down 5%. VSF prices tick up slightly this week: The VSF operating rate improved to 78% as units in Southeast China came...
by Sean Ungerer | Aug 3, 2021 | Forestry and Paper
Q3 21E results this Thursday, key numbers to look out for: EBITDA USD 134mn (+417% y/y and +9% q/q) and EPS of USD 0.04/share. Recent unrest in South Africa and Transnet force majeure will impact Q4: SAP had already guided to lower volumes (DWP: -28kt and Graphic...
by Sean Ungerer | Aug 2, 2021 | Forestry and Paper
Key YTD moves: Polyester +25%; HW DWP +38%; China-origin DWP +26%; medium-grade VSF +14% and high-end VSF +15%. In contrast, Lyocell is down 5%. VSF prices gaining more traction: The VSF operating rate improved to 76%, while VSF inventory days dropped again this week...
by Sean Ungerer | Jul 30, 2021 | Forestry and Paper
Q2 21A saw the fourth consecutive quarterly improvement in EBITDA: Turnover +29% y/y (+10% q/q) & EBITDA +55% y/y (+13% q/q). Higher production volumes for UWF Paper (+66% y/y & +12% q/q) and Pulp (+41% y/y & +13% q/q), while Tissue was down 3%. The EBITDA...
