Containerboard Stable But Estimated to Decline
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North American containerboard looks like the best bet for "relative" stability, says Wilde. "Even so," he adds, "we are ratcheting down estimates. We are revising our FY12 linerboard and corrugating medium prices to $595/ton and $565/ton, respectively, a $35/ton cut from our earlier forecasts. Compared with Deutsche Bank's estimated FY11 average, we forecast a y/y decline of ˜$45/ton. For the fourth quarter, we're forecasting a modest slippage of ˜$5/ton q/q."
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