by Sean Ungerer | May 17, 2021 | Forestry and Paper
Key YTD moves: Polyester +15%; HW DWP +51%; China-origin DWP +43%; medium-grade VSF +20% and high-end VSF +25%. In contrast, Lyocell is only up 4%. Slight pressure on medium-grade VSF, while high-end drops 5% w/w: This brings the high/medium spread in line with the...
by Sean Ungerer | May 14, 2021 | Forestry and Paper
Suzano announced a new 2.3mtpa BEK project in Brazil and is expected to start-up in Q1 24e: The “Cerrado Project” is expected to cost R$ 14.7bn or USD 2.8bn (implying CapEx/t of USD 1,218) between 2021 and 2024 in Ribas do Rio Pardo, the Mato Grosso do Sul state...
by Sean Ungerer | May 12, 2021 | Forestry and Paper
Pulp set to gain further ground in May: Further pressure on supply (logistic problems and un/planned downtime), the ongoing gap between prices in Europe and China and robust domestic demand are driving pulp prices higher. China BSK pulp futures bounced back after the...
by Sean Ungerer | May 10, 2021 | Forestry and Paper
Key YTD moves: Polyester +18%; HW DWP +51%; China-origin DWP +43%; medium-grade VSF +22% and high-end VSF +32%. In contrast, Lyocell is only up 7%. VSF prices appear to have stabilized at RMB 14-15k/t: Prices have been stable but there has been some discounting this...
by Sean Ungerer | May 6, 2021 | Forestry and Paper
Sequential underlying EBITDA improving but still down y/y: EBITDA increased by 14% q/q to EUR 353mn. However, EBITDA declined by 8% y/y. This appears to be a function of MNP’s UFP segment, cost headwinds and unfavourable FX (weaker USD). In contrast, we note that...
by Sean Ungerer | May 6, 2021 | Forestry and Paper
Q2 21A snapshot: EBITDA of USD 112mn was 4% lighter than our estimate, with EBITDA down 2% y/y but up 10% q/q. EPS came in at negative USD 0.01/share (CRe: USD 0/share).Europe (25% of EBITDA) EBIT now in the red: Sales were slightly weaker than what we expected. We...
