Packaging: Packaging Unpacked: GPK's price hike meets SBS oversupply

研报英文原文证据摘录

Packaging: Packaging Unpacked: GPK's price hike meets SBS oversupply

Deutsche Bank

Research

North America Industry Date

United States 15 May 2026

Packaging

Industrials Periodical

Packaging Unpacked: GPK's price hike

meets SBS oversupply

Hillary Cacanando, CFA

Introducing: Packaging Unpacked Research Analyst

Welcome to “Packaging Unpacked”, our new weekly publication. Each week, we +1-212-250-3393

will analyze the latest developments impacting the packaging markets and provide

insights on those developments and the potential impacts on the stocks under our

coverage.

GPK's $60/ton price increase; Sappi's PM2 set to reach 85% capacity by year-

end

Yesterday, Fastmarkets RISI reported a $60/ton price increase by Graphic

Packaging on several of its unbleached and bleached boxboard product lines,

effective with all orders shipping on or after June 8, 2026. GPK has subsequently

confirmed the price increase with Bloomberg, noting that the increase reflects

continued inflationary pressures across logistics, energy, and other raw material

costs. The increase applies to various grades, including coated unbleached kraft

(CUK) and several solid bleached sulfate (SBS) products such as its Everest and

Fortress folding carton boards.

While this move signals GPK's intent to recover margins, we believe its full

implementation, particularly for bleached grades, remains uncertain given the

persistent and complex oversupply dynamics in the North American solid bleached

sulfate (SBS) market. The unbleached grades and extruded products, which are

experiencing stronger demand and unique cost pressures, may see better

traction. However, any portion of the announced increase that is successfully

realized would be a favorable development, indicating a potential, albeit gradual,