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...
by Sean Ungerer | Jun 21, 2021 | Forestry and Paper
Key YTD moves: Polyester +15%; HW DWP +44%; China-origin DWP +36%; medium-grade VSF +11% and high-end VSF +14%. In contrast, Lyocell is only up 1%. VSF prices continue to stabilize, with new offers partially higher: The VSF operating rate dropped to 68%. VSF inventory...
by Sean Ungerer | Jun 18, 2021 | Forestry and Paper
H&M Q2 21A sales update points to a strong recovery and positive outlook for textile demand: Q1 21A (1 March to 31 May 2021) net sales increased by 75% in local FX. At the start of Q2, c.1,300 stores were temporality closed vs. 140 at the end of Q2. Sales during...
by Sean Ungerer | Jun 17, 2021 | Forestry and Paper
Stalemate between suppliers & buyers in China sees Arauco and Canadian producers cut softwood pulp prices by USD 50/t: In contrast, softwood pulp prices in Europe & North America were up 3% & 1%, respectively. NOREXECO pulp futures unchanged with the CY...
by Sean Ungerer | Jun 14, 2021 | Forestry and Paper
Key YTD moves: Polyester +15%; HW DWP +44%; China-origin DWP +42%; medium-grade VSF +11% and high-end VSF +13%. In contrast, Lyocell is only up 2%. VSF prices stable this week: The VSF operating rate was stable at 70%. VSF inventory days improved slightly to 23 days....
