Paper/Forest Products: BofA Box Survey, June ’26: Positive pricing stock catalyst: keeping lookout on demand

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Paper/Forest Products: BofA Box Survey, June ’26: Positive pricing stock catalyst: keeping lookout on demand

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Paper/Forest Products

BofA Box Survey, June ’26: Positive pricing

stock catalyst: keeping lookout on demand

Industry Overview

Positive trend continues in pricing; strong outlook 17 June 2026

We conducted our independent Corrugated Converter survey (this version is the 48th Equity

edition of our “Flash” format) which began in 2003. Conducted Jun. 1st to Jun. 15th, this United States

survey had ~20 respondents. Expected shipment growth continued its modestly Paper/Forest Products

improving trend to +0.5% from +0.4% in March. Respondents continue to see higher

containerboard (c’board) pricing with 94% now expecting pricing to move up before

decreasing (vs 77% in Mar). Fastmarkets RISI provides paperboard pricing & trade

commentary this Fri, 6/19.

Growth shows gradual improvement; +0.5% next 2 qtrs

Growth expectations for the next two quarters came in at +0.5%, “up” from +0.4% in

Mar. However, this is still below the average expected rate since the Financial Crisis George L. Staphos

(+1.5%), and other demand expectations moderated a touch. Box demand has been Research Analyst

uneven since mid-22 and we’d like to see stronger trends here, all else equal. BofAS+1 646 855 4495

Majority see price hike first; Interesting timing points george.l.staphos@bofa.comKyle Benvenuto

As for pricing, we asked “What’s more likely to happen first to containerboard?” 94% of Research Analyst

respondents said pricing was more likely to increase v. decrease. This is a large jump vs BofAS+1 646 743 0046

the 77% in Mar and 76% in Feb. Meantime, 78% of respondents said box pricing was kyle.benvenuto@bofa.com

more likely to increase v. decrease, above the 71% in Mar.