by Sean Ungerer | Jan 6, 2021 | Forestry and Paper
Pulp stable across the board: China SW closed the year with a bang, up 19% y/y. With China SW futures running in December, this is likely to provide further support to the physical market heading into 2021. Graphic paper continues to trade sideways: Coated mechanical...
by Sean Ungerer | Dec 17, 2020 | Forestry and Paper
Pulp showing marginal gains: Momentum continues in China, with both HW and SW ticking up. Södra Cell is increasing its NBSK price in Europe, effective 1 January. This driven by a recovering market and further tightening expected from multiple maintenance stops. Mixed...
by Sean Ungerer | Dec 11, 2020 | Forestry and Paper
H1 21A snapshot (y/y % chg.): Revenue -9%, EBIT -34% with margin compression of 300bps to 8.0%. ROCE down 310bps to 8.7%. EBITDA was adversely impacted by sales price/mix, specifically for Packaging. Encouragingly, organic FCF generation was up 16%. Dividends resumed...
by Sean Ungerer | Nov 17, 2020 | Forestry and Paper
North American coated free sheet (CFS) producers, including Sappi, target price increases of 2-5%: In October, CFS No 3 60lb rolls were down 4% y/y and down 2% since February. At the end of October, Verso (2nd largest CFS producer: 800ktpa or 34% of market capacity)...
by Sean Ungerer | Oct 28, 2020 | Forestry and Paper
We recently attended a RISI Asian Conference to try help understand how China will fill its fibre gap following the RCP ban and to what extent this will impact global containerboard trade flows. In this note, we provided insights gained into Global Recovered Paper.YTD...
by Sean Ungerer | Oct 26, 2020 | Forestry and Paper
Good news for Sappi, Verso halts efforts to find buyer for its idled Wisconsin Rapids mill: We have previously flagged this as a catalyst for SAP’s North American segment. If the mill closes, this would leave Sappi as the only domestic CFS sheets producer, potentially...
