U.S. Uncoated Free Sheet Weakens
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U.S. UFS shipments were disappointingly weak in October. Preliminary data show that shipments were -7.8% y/y –weakest y/y comp of the year (September = -6.8% y/y), Wilde says. "Considering that October 2009 was still a relatively easy comp (-8.9% y/y), it's hard to put a cheerful face on these numbers. Prices are coming under increasing pressure. We are hearing reports of producers offering increased discounts on list prices. Cut-size pricing is reportedly down as much as $20/ton in October and offset roll price is down ˜$5/ton. It's not just the U.S. On a trip thru Europe last week, we heard reports of pricing pressure in the European UFS market," Wilde reports.
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