Research
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Forestry & Paper: Industry Price Update
Key message: Pressure on Chinese pulp prices, while rising European pulp prices erode graphic paper margins further. Kraftliner up 1.5% and further SBS price increases announced in North America.
Forestry & Paper: Textiles Fibre Update
Key message: Cotton in the green, while VSF and polyester weaken. VSF operating rate down to 67%, while inventory days tick up to 27.5.
Forestry & Paper Price Update
Key message: Pulp prices stable but industry stats appear weaker. European graphic paper demand shows strong rebound y/y but m/m comparison points to weaker demand. Further containerboard price increases announced, while OCC remains stable.
Forestry & Paper Industry Insights
Key message: Fedrigoni results confirm further momentum for specialty papers and self-adhesive labels. Positive read-though for Mondi as Ahlstrom Munksjö’s results point to strong release liner demand. Strong recovery likely to see H&M resume dividends.
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Forestry & Paper Textile Fibre Update
Key message: Cotton and polyester in the green, while VSF shows signs of further pressure. Domestic DWP prices play further catch-up to imports. VSF operating rate up to 69%, while inventory days tick up to 25.5.
PPC – FY21 Results
Key message: FY22 will be a normal year and should reflect the real operational performance. While cement volumes will probably stabilise at 2H FY21 levels, average prices (up 3-4%) and volumes (up 10-12%) in FY22 should drive good earnings growth.