Research

Key message: Testliner remains under pressure from oversupply and sub-90% utilisation, with prices expected to ease further alongside OCC, keeping margin pressure elevated despite slow market rationalisation. View Presentation

📦 Key message: The North American P&W paper market remained more resilient than Europe in May, though both regions continue to face pressure. European demand contracted by -13% YoY, outpacing the -4% decline in North America. Operating rates remained under strain...

Keymessage:Q2 2025 confirmed a three-speed market: pulp remained weak, graphic paper stayed structurally challenged, and packaging rallied sharply—led by surging recycled fibre costs and broad-based containerboard strength. View Presentation

Key message: Pulp prices continued to decline in Europe and China. Kraftliner softened while testliner dropped further and OCC dropped sharply. In textiles, DWP and VSF prices remained stable, with a slight improvement in profitability as VSF margins rose and...

Key message: Sappi Europe is set to streamline its Alfeld Mill operations, cutting ~3% of capacity and up to €20mn in fixed costs as it confronts structural demand decline and high-cost pressures. 📄Sappi Europe has launched a consultation process at its Alfeld...