Research

Key message: Q3 EBIT down 53% q/q. Textile demand outlook for next few months remains uncertain, while cotton dynamics appear supportive of VSF. Lenzing continues to assume a LT DWP price of USD 900/t.

Key message: Positive read-though for Mondi. Corrugated volumes +9-11% y/y. European containerboard stocks remain tight and SKG remains bullish on the outlook for containerboard into 2022 and potentially 2023/2024.

Key message: Pulp prices broadly stable. Europe CWF prices gain further traction & August demand was up 16% y/y (UWF: 3%). US CFS mills are sold out and Sappi to increase prices by up to 8%. US Q3 containerboard production was up 9% (+7% YTD), while box shipments were flat y/y (down 1.6% q/q).

Key message: “Very” positive box volume growth and higher prices more than offset significant input cost pressures.

Key message: Cotton and polyester in the red, while VSF gains further traction. Hardwood DWP down 1% w/w to USD 940/t. The VSF/DWP spread is now up 26% YTD.

Key message: CWF/pulp spread now in the green and European paper producers announce surcharge price increases to compensate for higher energy costs. Containerboard prices gain further traction.

Key message: Top line growth offset by a challenging cost environment. Demand for fibre-based packaging normalized, while Flexible Packaging earnings was hit hard.