Research

Key message: Pulp prices and Graphic Paper prices gain further ground, while Packaging remains broadly stable with the exception of OCC (+2% w/w).

Key message: Positive read-though for both Mondi and Smurfit Kappa. DS Smith expects mid-single volume growth and for further price increases to offset cost pressures.

Key message: We update list of F&P companies ceasing production in Russia. Mondi continues to operate. PEFC declares timber from Russia as “conflicted”, with limited direct impact on Mondi’s CEE operations. Logistics in Russia to tighten across the board (ocean, air, rail and road).

Key message: Most textiles in the green, except cotton. VSF inventory days stable at 19 & the average op. is down to 82%. VSF theoretical profit further in the red at -USD 100/t (VSF/DWP spread +14% YTD). Spot DWP is now USD 960/t, with upside from current levels.

Key message: All grades in the green in February led by Graphic Paper (+10-28% m/m), followed by pulp
(+2-8% m/m) and then packaging (+1-2%).