Paper Price Trends
Paper
Price movements
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EU
Month-on-month Change
Year-on-year Change
US
Month-on-month Change
Year-on-year Change
Prices for packaging paper in the EU and the US remained stable in March, with the exception of a rise in testliner prices in the EU.
Key Takeaways
- Prices for packaging paper remained stable in the EU and US in March, although sources indicated demand recovery.
- Among packaging products reviewed in the report, only testliner prices in the EU rose slightly against the backdrop of demand recovery. Nevertheless, suppliers indicated that demand was below expectations.
- Production costs in the EU rose against the backdrop of dynamic growth in hardwood pulp, as supply from Iberia declined significantly due to storms and strikes.
- The US kraftliner market remained under close watch in March as major producers, including Packaging Corporation of America (PCA) and International Paper (IP), pushed for recognition of $70/metric ton (MT) price increases announced in January and effective March 1. Transaction prices were broadly steady in the open market, with buyer resistance limiting adoption of the announced increases. The broader supply picture continued to tighten following significant capacity rationalization across North America in 2025, with operating rates improving as the full effect of closures was realized.
EU Market Sentiment
- Sentiment in the EU remained moderately firm. Rising pulp costs, higher energy costs and increased logistics costs, according to sources, are likely to lead to price increases for packaging paper.
- At the same time, one source indicated that with no increase in waste paper prices, the market has not yet received strong impulses for sustained growth.
US Market Sentiment
- US paper-market sentiment in March reflected cautious optimism as the manufacturing sector expanded for a third consecutive month, though rising cost pressures and geopolitical uncertainty tempered the outlook. The first recognized linerboard price increase in over a year provided a positive signal for containerboard producers, but demand from corrugated box shipments remained subdued.
- Prices for OCC continued to rise, raising input costs for testliner, while prices for virgin pulp varieties such as southern bleached softwood kraft (SBSK) were showing early signs of firming.
Paper
Price drivers
Europe
The rise in pulp prices is increasing the raw material costs of paper production in the EU.
Paper manufacturers in the EU faced a 2.2% MOM increase in northern bleached softwood kraft (NBSK) pulp prices in March, but market sources were primarily concerned about the rise in hardwood pulp prices. Supply was low and prices rose 39% MOM. In the global market, suppliers redirected pulp to Asia as demand was higher there. Locally in Europe, there were strikes at facilities in Spain. Furthermore, in Spain and Portugal there was a series of storms that resulted in supply disruptions, particularly for pulp from hardwood species. In addition, shipping and transportation costs were rising.
US
The rise in prices for corrugated waste continued, reflecting an increase in the production cost.
OCC prices edged higher through the first quarter of 2026, reaching $119/MT in March, the highest level since mid-2022 and extending a gradual uptrend that began in late 2025.
SBSK pulp prices, after peaking at $1,775/MT in April and May 2025, declined through the second half of the year as demand softened and supply conditions normalized, bottoming at $1,495/MT in December.
Electricity
Electricity prices in Europe and the US changed only slightly on average in March.
Electricity prices in the EU were extremely volatile but changed insignificantly on average for the month.
Natural Gas
Natural gas prices rose sharply in the EU in March
In the US, prices again moved downwards as demand continued to tail off with the arrival of warmer weather. Due to the size of US natural gas production, prices remained largely insulated despite the ongoing conflict.
In Europe, natural gas prices rose sharply in March against the backdrop of military activity in the Middle East.
Paper
Price forecast
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