EMEA Paper and Packaging "PPP Tracker: Price hikes in kraftliner implemented..."

Research evidence excerpt

EMEA Paper and Packaging "PPP Tracker: Price hikes in kraftliner implemented..."

Global Research

14 May 2026ab

EMEA Paper and Packaging Equities

Europe including UKPPP Tracker: Price hikes in kraftliner implemented

Forest Products & Paper

Andrew Jones

May pricing m/m: KL/WTKL +3.7/2.1%, TL/GP/FBB flat, fluff +6%. OCC +3% mtd Analyst

In Germany, Graphic paper grades were flat m/m. In Containerboard: Testliner prices andrew-i.jones@ubs.com

held flat in May after a +9.2% increase last month, while Kraftliner prices increased +44-20-7901 6545

+3.7% after a +3.8% increase last month. WTKL was up 2.1%m/m (+2.1%m/m in Apr). Anojja Shah

FBB and WLC were flat m/m for the month. OCC prices are up +3.3% mtd. EU NBSK Analyst

prices were flat m/m in Apr, while BHKP was up +3.8% on continued supply constraints. anojja.shah@ubs.com

+1-312-525 4310

Kraftliner hike as expected, other prices flat

On the SCA results call, the CEO said their €60/t hike for kraftliner was implemented in

April (with others following) and with testliner up €100/t from the lows, we expected

the index to reflect a second price hike in KL this month. This was in line with our

expectations. However, we think this more than covers the higher costs since March and

SCA didn't expect another hike this quarter, so we do not expect another increase next

month. Other price indices were flat. Graphic paper producers like Sappi are out with

price hikes (€40/t on all mechanical coated reels & €50/t increase on all wood free

products for deliveries from 15th April), but nothing has been reflected this month, but

the higher costs post Iran could be passed on next month.

Smurfit remains top pick; lifting PT on Metsa, cutting PT for SCA

Smurfit Westrock (Buy, $56/sh) remains our top pick in our EMEA coverage. It benefits