LatAm Pulp & Paper | Latin America Pulp Monthly Update — May 2026

Research evidence excerpt

LatAm Pulp & Paper | Latin America Pulp Monthly Update — May 2026

Idea

June 26, 2026 02:18 AM GMT

Morgan Stanley C.T.V.M. S.A.+MLatAm Pulp & Paper | Latin America Julia Rizzo

Equity Analyst and Commodities Strategist

Pulp Monthly Update — May Julia.Rizzo@morganstanley.comJulia Habermann +55 11 3048-6114

Research Associate

Julia.Habermann.Oliveira@morganstanley.com +55 11 3048-6096

LatAm Pulp & Paper

Latin America

May data is slightly negative. Shipments were flat YY, while Industry View No Rating

inventories increased by 3 days sequentially and op rates Recent Pulp & Paper Reports:

remained at 84%, indicating that the market is still operating LatAm Pulp & Paper: Weekly Pricing & Valuation

below a level typically associated with better prices. Hardwood Update (19 Jun 2026)

LatAm Pulp & Paper: Weekly Pricing & Valuation

fundamentals continue to look healthier than softwood.

Update (12 Jun 2026)

Producers' inventories increased to 45 days in May (+3 days M/M; -1 day Y/Y). LatAm Pulp & Paper: Pulp Monthly Update —

Hardwood inventories rose to 43 days (+3 days M/M) but remain 5 days below last April 2026 (28 May 2026)

year's level, while softwood inventories increased to 47 days (+1 day M/M; +3 days LatAm Pulp & Paper: Pulp Monthly Update —

Y/Y), remaining at the upper end of the historical range. The sequential inventory March 2026 (12 May 2026)

build suggests production outpaced shipments during the month, although Suzano Papel e Celulose: Suzano's Cost and

inventory levels remain well below the 50–55 day levels historically associated with Leverage Strategy for 2026-2028 (12 May 2026)

severe oversupply. Empresas CMPC SA: 1Q26 Results: Softer

volumes (8 May 2026)

Global pulp shipments improved sequentially in May and were broadly stable Y/