Market Pulp Prices Edge up, But Still Well Below Year-Ago
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Global market pulp NBSK (northern bleached softwood kraft) prices last month rose ˜$20-$25 per metric ton m/m, to $893 per metric ton, reports Mark Wilde of Deutsche Bank. Currently, prices are ˜$55-$60 per metric ton below year-ago levels. Overall shipments are up 3.0% y/y YTD, with much of that growth driven by strength in softwood (+4.1% y/y), Wilde notes.
Among the key regions, shipments to China are up 13.8% YTD. North America (-0.2% YTD) and Western Europe (-1.3% YTD) were both sluggish, Wilde says. The YTD operating rate for market pulp is at 92% (2011 = 90%), he adds. Current softwood inventories remain well below average at 25 days of supply. Hardwood is on the higher side of its historical average at 37 days of supply.
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