The Paper Trail: Nordic Forest Expert Call + EU Prices

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The Paper Trail: Nordic Forest Expert Call + EU Prices

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European Paper and Packaging

The Paper Trail: Nordic Forest Expert Call +

EU Prices

Industry Overview

EU c’board and lumber prices + Forest Expert Call 26 June 2026

Our weekly Paper Trail reviews: 1) EU kraftliner price updates from this week, 2) Equity

feedback from our Nordic Forest Value expert call, 3) Finnish lumber price update. Europe

Paper and Packaging

EU Kraftliner prices up modestly, testliner stable Reinhardt van der Walt >>

Fastmarkets reported kraftliner (brown and white top) prices up only marginally (low Research Analyst

single digit %). Kraftliner is now up c. EUR65/t since mid-Feb (pre-war) compared to MLI+44 (UK)20 7995 9270

testliner up c. EUR90/t. The latest PIX price this week is up EUR13.22/t WoW. We reinhardt.vanderwalt@bofa.com

understand that virgin grade producers are attempting to push for hikes similar to those George L. Staphos

achieved by testliner (if not more). As we wrote last week, we see a risk of inventories ResearchBofAS Analyst

unwinding again into the summer after recent restocking. If the current weak underlying george.l.staphos@bofa.com

demand trend continues, this could add renewed pressure on prices. If all planned Caio Ribeiro >>

Research Analyst

kraftliner price hikes are implemented (c. EUR120/t vs Testliner at EUR100/t), we could Merrill Lynch (Brazil)

see renewed substitution back into Testliner. caio.ribeiro@bofa.com

Jason Fairclough >>

Nordic Forest Expert Call feedback ResearchMLI (UK) Analyst

We recently hosted an expert call with Niklas Lundberg, Head of Business Development jason.fairclough@bofa.com

at Svefa. Svefa is Sweden’s largest forest land advisor and conducts regular market Paul Kirjanovs >>

analysis.