Corrugated Box Inventories at Second Lowest Level in 20 Years
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August box data was in line with Deutsche Bank's expectations—down 0.4% y/y on an average week basis, Wilde continues. Inventories remain at their second lowest level in 20 years and operating rates remain strong, he notes, adding that exports were +8.9% y/y. "We have become more concerned about the prospect of price slippage as we move toward year-end. In the past couple of weeks, we have begun receiving fresh reports of some pricing cuts on boxes," he notes.
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