Europe Paper & Forest Products: US Paper Update: Containerboard up $50/st; Boxboard still flat in June

Research evidence excerpt

Europe Paper & Forest Products: US Paper Update: Containerboard up $50/st; Boxboard still flat in June

Equity Research

22 June 2026 | 4:58AM BST

Europe Paper & Forest Products: US Paper Update: Containerboard up

$50/st; Boxboard still flat in June

As per RISI’s recent release on Friday (June 19), US containerboard prices are up Gabriel Simoes

+44(20)7051-6922 |

another $50/st m/m in June, for a total net increase of $100/st YTD. We attribute gabriel.simoes@gs.com

Goldman Sachs International

the strong pricing momentum to higher costs, including oil, diesel, and

Georgina Fraser, Ph.D.

transportation costs, as well as to supply rationalization the market has undergone in +44(20)7552-5984 |

the recent past (as highlighted in our initiation). georgina.fraser@gs.comGoldman Sachs International

Thomas WardAlthough a portion of the increased demand observed in the market could be a +44(20)7051-2527 |

reflection of pre-buying, given the higher cost environment and rising prices, we thomas.ward@gs.comGoldman Sachs International

believe supply rationalization, which had not shown significant effects on prices until Marcus von Scheele

recently, could be starting to play its part. In a more constrained supply environment, +44(20)7774-7676marcus.vonscheele@gs.com|

any shifts in demand could lead to sharper price increases, as we are experiencing Goldman Sachs International

now.

It is worth highlighting that it may still take some time to see price increases

implemented in corrugated boxes. While paper prices are increasing, RISI reports

that demand is still weak for corrugated boxes. We will monitor this closely to better

understand the sustainability of the recent price increases. We highlight that peak

demand for boxes usually happens between September and November in North