Uncoated Free Sheet Market "OK"
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The North American uncoated free sheet market is "OK - nothing more," Wilde explains. Prices appear slightly under pressure. "We are hearing reports of some spot deals on both cut-size and offset rolls. UFS list price in September remained flat at August levels. Prices for both offset and repro bonds are up $45 - $50/ton from the $60/ton hike announced in May. pricing gains over the Past five months have been driven by tight supply, even as overall demand remains sluggish.
August shipments were slightly better, +4.1% m/m and -2.4% y/y (July = -2.1% m/m and -5.7% y/y), Wilde reports. YTD shipments are now marginally lower than year ago levels (-0.2% y/y). Between the two grades, UFS roll shipments appear stronger due to recovery in commercial printing, while cut-size shipments are still hit by high unemployment levels.
"On a positive note, the downturn in market pulp has been more measured than we expected, alleviating the risk that a sharp downward correction in pulp prices could ripple thru to paper prices," Wilde notes.
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