by Sean Ungerer | Jul 5, 2021 | Forestry and Paper
Key YTD moves: Polyester +19%; HW DWP +44%; China-origin DWP +33%; medium-grade VSF +10% and high-end VSF +13%. In contrast, Lyocell is down 2%. Further pressure on VSF pricing as trades remain thin: The VSF operating rate dropped to 67% as Chengdu Grace Fiber was...
by Sean Ungerer | Jul 2, 2021 | Forestry and Paper
Pulp prices stable but with mounting pressure in China: Most softwood producers are cutting prices by at least USD 50/t in China due to the ongoing purchasing standstill. Chinese pulp imports for May saw volumes flat m/m by up 19% y/y to 2mt. May PPPC stats indicated...
by Sean Ungerer | Jul 2, 2021 | Forestry and Paper
Fedrigoni Q1 21A results (Europe’s leading player in specialty papers and wine labels and 3rd largest self-adhesive materials producer globally): Adjusted EBITDA increased by 11.3% y/y to EUR 48.3mn (FY 20A: Revenue EUR 1,315mn; EBITDA EUR 197mn and EBITDA margin...
by Sean Ungerer | Jun 28, 2021 | Forestry and Paper
Key YTD moves: Polyester +20%; HW DWP +44%; China-origin DWP +33%; medium-grade VSF +11% and high-end VSF +13%. In contrast, Lyocell is down 1%. VSF market flat to down, lacking lustre: Demand is currently being filled for minimal requirements. The VSF operating rate...
by Sean Ungerer | Jun 23, 2021 | Forestry and Paper
Pulp prices broadly stable: Pulp prices in China under slight pressure. Latest pulp inventory figures for the four major Chinese ports indicate stock levels increased by c.12% m/m in May to c.2.05mt, perhaps indicative of reduced purchases by end customers due to high...
by Sean Ungerer | Jun 23, 2021 | Forestry and Paper
H2/FY 21A snapshot (y/y % chg.): Revenue +8% (-1%), EBITDA -8% (-16%) with margin compression of 240bps (-233bps) to 13.6% due to OCC cost pressures (consumes c. 4mpta). Sequentially, there was slight margin expansion driven by the North American business. ROCE was...
