by Sean Ungerer | May 5, 2021 | Forestry and Paper
Q2 21E results tomorrow, key numbers to look out for: EBITDA USD 123m (-6% y/y and +25% q/q) and EPS of USD 0/share. We expect a slight uptick in net debt to USD 2.115mn with net debt/EBITDA of 6.4x. Refer to Segmental outlook. European EBITDA margin to come under...
by Sean Ungerer | Apr 26, 2021 | Forestry and Paper
Key YTD moves: Polyester +14%; HW DWP +52%; China-origin DWP +43%; medium-grade VSF +26% and high-end VSF +36%. Further pressure on VSF prices (high-end holding up better), down 8% in three weeks: The VSF operating rate has also weakened from 83% to 74%, impacted this...
by Sean Ungerer | Apr 20, 2021 | Forestry and Paper
Pulp gains further ground across the board (two week % moves: Europe +7%; US +6% and China +2-7%): Demand remains solid, price differentials with Europe and other regions and supply-side continues to provide strong underpin for prices. Graphic paper prices not...
by Sean Ungerer | Apr 20, 2021 | Forestry and Paper
Stora Enso confirms plans to close two loss making paper mills in Europe: This would remove 1.4tpa of paper capacity and 1.3mpta of pulp capacity.Stora Enso to reduce its paper footprint by 35% to 2.6mtpa: Annual paper sales are expected to decrease by EUR 600mn, with...
by Sean Ungerer | Apr 19, 2021 | Forestry and Paper
Key YTD moves: Polyester +17%; HW DWP +51%; China-origin DWP +43%; medium-grade VSF +16% and high-end VSF +38%. Further pressure on VSF prices, down 5% in two weeks: Modal has been stable, while lyocell market has been rumoured to seeing producers selling under...
by Sean Ungerer | Apr 7, 2021 | Forestry and Paper
Pulp ticks up further and more price increases announced: Eldorado and Klabin have confirmed an 8-10% (USD 60-100/t) price increase for BEK to Asia, North America and Europe. Arauco is not offering pulp volumes to China in April due to production and backlog issues....
