by Sean Ungerer | Feb 23, 2021 | Forestry and Paper
Key moves since the Chinese New Year (CNY): Cotton stable, while Polyester and high-end VSF leads fibre gains (both up 13%). Hardwood DWP up 11% vs. China-origin up 10%. VSF prints further gains: Trading mood for VSF remains strong following the CNY. VSF operating...
by Sean Ungerer | Feb 19, 2021 | Forestry and Paper
Further pulp momentum this week, with the US playing some catch-up: Domtar (1.9mtpa of market pulp capacity in the US & Canada) has implemented its third price increase, cumulatively USD 280/t since December last year.Non-integrated Graphic Paper producers further...
by Sean Ungerer | Feb 15, 2021 | Forestry and Paper
Suzano delivered a robust performance: Suzano delivered ahead of promised synergies from the Fibria merger. This coupled with pulp volumes sold up 15% y/y to 10.8mt, helped Suzano print a 50% EBITDA margin.FY 20A cash costs drop 9% y/y, with an outlook for stable cash...
by Sean Ungerer | Feb 11, 2021 | Forestry and Paper
Strong performance in a tough year, with FY 20A EBITDA beating guidance: EBITDA margin down 54% y/y to 17.7% (2nd highest in the history of the group), mainly due to weaker paper and box pricing. FY DPS was increased by 8% y/y. FCF up 23% y/y to EUR 547mn and net...
by Sean Ungerer | Feb 10, 2021 | Forestry and Paper
Pulp prices in China continue to benefit from the futures market: January tonnage was c.126mt (c.2x the highest monthly volume recorded previously). Fundamentally, demand has been strong in China on the back of robust tissue and ivory board consumption. Additionally,...
by Sean Ungerer | Feb 9, 2021 | Forestry and Paper
Key w/w moves: VSF +2%; polyester +4%; and high-quality cotton liner +5%. VSF prints further gains, despite the onset of the CNY: Despite increases going ahead, most spinners have built up sufficient inventory for now and post the holidays. VSF operating rate drops to...
