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The continued rally in pulp prices is pressuring margins at nonintegrated mills, according to Wilde. December shipment data show signs of improvement (+1.9% y/y), the first positive comp since April of 2007. Inventories appear lean, with mill inventories down 19% y/y and printer inventories down from 52 days of supply in December 2008 to 31.4 days of supply in December 2009.
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