Uncoated Free Sheet Demand Slow, Inventories Rising
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U.S. uncoated free sheet (UFS) demand also remains weak, Wilde reports, noting that AF&PA data show July shipments falling 4.7% y/y (YTD -2.8% y/y). Inventories, he adds, are rising: +5.3% m/m. In August, repro-bond estimated prices rose $5 - $10/ton to $1,085 - $1,135/ton, -0.9% y/y. So far, producers have implemented $35 - $40/ton out of the $60/ton June 1 price hike. Pricing has been aided by supply cuts, lower inventories, and favorable trade flows. Offset estimated prices fell $10/ton to $935 - $955/ton, +0.5% y/y. With the August decline, producers have been able to implement only $15 of a $40/ton April 1 price hike. Looking ahead, the state of the economy and extent of pulp price declines are apt to be key issues for UFS prices.
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