World Pulp Demand, Prices Remain Weak
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Global pulp demand remains weak and softwood prices remain under pressure, Deutsche Bank analyst Mark Wilde reports. All major North American producers have announced August NBSK (northern bleached softwood kraft) pulp at $850/metric ton, -$30/metric ton m/m, he says. Spot NBSK prices are much lower at ˜$630 - $670/metric ton, 26% below July's list price of $880/metric ton. Softwood inventories remain relatively balanced at 29 days of supply.
Weakness in softwood appears to be spreading to the hardwood grades, Wilde continues, adding that June inventories rose by four days' supply to 40 days. "Spot BHK prices are under pressure," he says. "We expect market pulp prices to be dampened over the next 9 -12 months. Key issues in market pulp include slower demand in China and Europe, a weak euro, and mill startups/restarts."
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