Containerboard operating rates also remained approximately flat m/m. The total containerboard rate was 88.3%, flat with the 88.0% of September, but noticeably higher than the YTD operating rate of 84.4%. The linerboard rate was 88.7% (88.6% in September), and the corrugating medium rate was 87.3% (86.3% in September). With the recent closure announcements by International Paper and West Fraser, as well as potential further announcements by Smurfit-Stone, operating rates may rise substantially even without a significant improvement in demand, Wilde says.

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