Research

Key message: Pulp stable. European graphic paper margins weaken further, while US CFS prices set to increase further. Containerboard producers in Europe and North America confirm further increases.

Key message: Lower box prices and higher OCC costs more than offset strong box growth of 8%. Exceptionally strong demand is driving a box price recovery (already under way), with most of the benefit expected in FY 22E.

Key message: Cotton down 4% w/w, VSF and polyester mostly stable. Domestic DWP prices play further catch-up to imports. VSF operating rate drops to 68% and inventory days tick up to 24.

Key message: H&M sales update points to strong textile demand recovery. Voith sees highest order book in nine years.

Key message: Graphic paper margins under further pressure (higher pulp & lower paper prices). Containerboard market heats up further with European & North American producers targeting further increases.