Post on 30-Jan-2018
transcript
for January 20161-4 Pulp Markets in Brief 5-6 Economic Notes 7 Exchange Rates 8-10 Other Tables & Figures
Volume 20 Number 1• January 14, 2016 Brian McClay & Associates Inc.
F O R S U B S C R I B E R S O N L Y A L L F I G U R E S I N M E T R I C T O N S
MARKET PULP MONTHLY
World demand for paper grade market pulp is estimated to have reached around 61.5 million
tonnes in 2015, 2.7% or 1.6 million tonnes higher than in 2014 (table 1). It rose 3.7% y/y for bleached hardwood kraft (BHK), 1.3% y/y for bleached softwood kraft (BSK) and 4% for high yield pulp, about 80% of which is BCTMP.
China’s demand for paper grade market pulp is estimated to have grown 7.8% y/y or 1.4 million tonnes last year (just under 90% of the rise in total world demand), including increases of 8.4% for BHK, 4.6% for BSK and 15% for high yield pulp. China’s share of global paper grade pulp demand reached 31.4% last year, more than double its share in 2005 (table 2 and fi gure 1).
Pulp Markets in Brief
World Paper Grade Market Pulp1 Shipments by Region (Est.)(000’s tonnes)
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
22000
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
22000
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015
Europe(2015/14 = 1.1%;AAGR 2005-2015 = -0.7%)
Japan(-4.2%; -2.6%)
China(7.8%; 10.2%)
North America(0.0%; -1.0%)
La n America(2.8%; 5.3%)
Sources: PPPC, Company Info, B McClay & Associates Inc. es mates1) All chemical and mechanical grades
Others(0.0%; 1.1%)
Fig. 1
World Paper Grade Market Pulp1 Shipments by Grade (Est.)(000’s tonnes)
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
22000
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
22000
1997 1999 2001 2003 2005 2007 2009 2011 2013 2015
000'
s to
nnes
Other BSK(0%; 2%)
Other BHK(-1%; -2%)
Sulfite (-3%; -15%)
NBSK(2%; 0.5%)
BEK(2015/14 = 6.1%;AAGR 2005-2015 = 8.2%)
UKP (2.2%; -2.3%)
High Yield (80% BCTMP)(4%; 2%)
Sources: PPPC, Company Info, GTADATA, B McClay & Associates Inc. 1) All chemical and mechanical grades
Fig. 2
Table 1
Paper Grade Market PulpEstimated Annual World Demand
(millions tonnes)
Source: PPPC, Industry Sources and B McClay & Associates Inc.
1 - AAGR: Average Annual Growth Rate2 - Also includes UKP & sulphite pulp3 - High Yield Pulp: BCTMP & other mechanical pulp grades
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
AAGR1
2005-15
49.8
52.1
53.7
52.3
52.6
54.3
56.5
57.8
59.1
59.9
61.5
21.7
22.0
22.5
21.6
21.4
22.6
22.9
23.5
24.0
23.9
24.2
21.1
22.4
23.6
24.5
24.8
25.0
26.7
27.3
28.8
29.9
31.0
3.5
4.0
4.2
3.3
3.7
4.1
4.1
4.3
4.2
4.1
4.3
2.0
4.6
3.1
2.6
0.6
3.2
4.1
2.3
2.2
1.3
2.7
Year BSK BHK HYP3 Total2y/y
% change
1.1% 3.9% 2.1% 2.1%
Table 2
Estimated World Paper Grade Market Pulp1
Source: PPPC, Company Info., Brian McClay & Associates Inc.1) Includes high yield pulp which is about 80% Bleached Chemi-Thermo-Mechanical Pulp (BCTMP).
Demand by Region 2005 - 2015
8.6
20.3
2.2
3.0
7.3
8.4
49.8
7.8
18.8
3.6
2.4
17.9
9.4
59.9
7.8
19.0
3.7
2.3
19.3
9.4
61.5
-9.3
-6.4
68.2
-23.3
164.4
11.9
23.5
----
1.1
2.8
-4.2
7.8
----
2.7
17.3
40.8
4.4
6.0
14.6
16.9
100.0
12.7
30.9
6.0
3.7
31.4
15.3
100.0
000’s tonnes 2005 2015% of World
15/05 15/14% change
North America
Europe
Latin America
Japan
China
Others
TOTAL
2005 20152014
MARKET PULP MONTHLY January 2016
Brian McClay & Associates Inc.
F O R S U B S C R I B E R S O N L Y A L L F I G U R E S I N M E T R I C T O N S
Page 2 Volume 20 Number 1• January 14, 2016
Global pulp markets continued to weaken and became increasingly competitive through December 2015, driven in part by a stronger US dollar, particularly vs. China’s Yuan (CNY) and Canada’s dollar (CAD). Against the backdrop of darkening overall market sentiment, sellers worked to boost end-of-quarter and end-of-year invoiced sales volumes via a range of price concessions in most markets.
One exception was NBSK in China where demand revived considerably during the fi rst half of December and prices for some business rose $10 to $580-90 net after several Canadian suppliers announced $20 price hikes. However, that mini-rally was short-lived and prices are back under downwards pressure this month most directly due to the weakening of the CNY/USD - now down almost 3% (or around $20/tonne of pulp) since early December. Moreover, with the CAD/USD now below 70 US cents for the fi rst time since April 30, 2003, buyers in China expect suppliers to share some of their recent FX gains.
China also reportedly bought signifi cant volumes of BHK through December but only after suppliers had adjusted prices signifi cantly lower (to about $560-70 net). While buyers have had an increasing preference for domestic supply due to its roughly $20 discount to imported BEK with no exchange rate risk, China’s domestic BHK supply is capable of satisfying only about 20% of the country’s demand, especially now that its 3 swing-dissolving pulp mills are all producing DP and not paper pulp.
BHK prices in China continue to be under downwards pressure so far in January and demand for all pulp grades will likely drop off over the next few weeks as buyers prepare for as much as a 2-week holiday around the Lunar New Year February 8 which will include considerably more paper machine downtime than usual. However, the secularly good news for pulp suppliers is that even through a very diffi cult year in China’s paper & paperboard business when output climbed only 1% according to government fi gures, the country’s appetite for market pulp continued to trend higher. Moreover, the fact that China has recently continued to buy signifi cant volumes of imported pulp (fi gure 4) in a clearly declining-price environment suggests
China Pulp Imports Monthly - All GradesActual and 3-month moving average through December 2015
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
2010 2011 2012 2013 2014 2015 2016
000'
s to
nnes
Source: China Customs Bureau
3-month moving avg.
monthly data
December 2015: 1.715 million tonnes2015/2014 = +5.9%Jan.-Dec. 2015 = 19.84 million tonnes2015/2014 = +10.5%
Fig. 4
Fig. 3
World BSK & BHK Monthly Shipments3-month moving average through December 2015 (est.)1
1800
1900
2000
2100
2200
2300
2400
2500
2600
2700
1800
1900
2000
2100
2200
2300
2400
2500
2600
2700
2012 2013 2014 2015 2016
000'
s to
nnes
BHK
BSK
1. Brian McClay & Associates es mate. Sources: PPPC, GTAData, China Customs, other industry informa on.
2015/2014 = +1.3%to China +4.8%
2015/2014 = +3.6%to China +8.3%
Table 3
United States
Northern Europe
Japan
Korea
China
NBSKSouthern PineBEKN Hardwood
NBSKSouthern PineBEK BCTMP 850 Aspen
NBSKBEK
NBSKRadiataBEKNBHKBAK2
BCTMP 850 Aspen
NBSK BRK4 RBSK3 BEK BAK UKP
December 2015 November 2015 December 2014
$940$900$900-910$885-895
$795-800$740-750$775-780(EUR720-745)$640-650
$670$600
$695$665$650$650$650$510
$590-610$590$550-560$590-605$580-590$570-620$400-410$370-390
$940$900$900-910$885-895
$805-810$750-760$790-795(EUR735-755)$655-665
$670$630
$695$675$670$670$670$510
$580-600$590$550-560$605-650$610-620$590-630$390$360-390
$1020-1030$970-980$840$830-840
$930-935$880$740-745(EUR595-610)$635-640
$790-795$615
$805$765$640$640$640$630
$690-720$680$620-630 $610$610$650-730$505$485
Market Pulp Prices1
Selected modal gross US$ & euro prices for contract/regular business at time
of sale on a mill delivered basis in the U.S. and a CIF port basis elsewhere
1 List prices (i.e. before discounts, rebates, etc.) unless specified otherwise.2 Bleached Acacia Kraft3 Net price.4 Bleached Radiata Kraft.
N/A = Not Available; R = revised; NST = No Significant Trading
BCTMP 800 Aspen BCTMP 750 Soft
MARKET PULP MONTHLY January 2016
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F O R S U B S C R I B E R S O N L Y A L L F I G U R E S I N M E T R I C T O N S
Page 3 Volume 20 Number 1• January 14, 2016
that China’s increasing demand for pulp is closely aligned with actual pulp consumption. In Europe, December USD and Euro pulp prices were lower across the board although volumes remained solid. There was also still some jockeying for position concerning 2016 contract business with anecdotal information suggesting there will be higher discounts on 2016 contract business for both hardwood and softwood and more non-contracted business this year relative to 2015. December BEK prices were down roughly $15 while NBSK slid mostly $10 lower than in November. The major supply event in Europe last month was the December 19, 2015 restart of the completely rebuilt recovery boiler at Zellstoff Pöls AG’s 420k t/y partly integrated pulp mill in Austria that exploded on March 23, 2014; it will add about 260k t/y of NBSK supply to the market starting this month.
In North America, the demand/supply balance for BHK remains fi rmer than it is for BSK. While NBSK’s list price remained unchanged in December and almost certainly in January after contractual discounts rose considerably to start the year, spot prices continued to edge lower (fi gure 5). NBSK consumption is being reduced by increasing market-related downtime mainly at coated mechanical paper mills as demand for those grades continues to plunge (down 18% y/y in November and more than 8% lower ytd). NBSK is also facing growing competition in some end-uses from lower-priced SBSK in bales and rolls.
While the demand/supply balance in North America for BEK and BHK remain somewhat fi rmer than for
softwood grades, in part due to the continued growth of premium tissue as well as some supply reductions for domestic hardwood (Expera, Old Town, Maine; Verso Corp., Wycliffe, Kentucky), December prices were for the most part unchanged. However, they will likely move modestly lower this month, in part because several BEK suppliers have begun to link their monthly prices for some North American contract or ongoing business to FOEX’s European BHK PIX index and it has moved lower through December (fi gure 6).
Producers’ pulp stocks at the end of December will likely be lower than their end-November levels (fi gure 7) but with little or no market-related downtime announced for either BSK or BHK, stocks will almost certainly rise over the next two months. As such, it seems likely that prices for both BHK and BSK will remain under downwards pressure through February (especially if the US dollar
Fig. 6
Weekly Pulp PIX - US$ List CIF Europethrough January 12, 2016
-20
30
80
130
180
230
280
330
380
430
480
530
580
630
680
730
780
350
400
450
500
550
600
650
700
750
800
850
900
950
1000
1050
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
US
$
NBSKLeft-hand scale
BEKLeft-hand scale
Source: FOEXwww.foex.fi
NBSK-BEK spreadRight-hand scale
NA: NBSK list & spot prices1 monthlythrough mid-January 2016
10
15
20
25
30
35
40
45
50
500
550
600
650
700
750
800
850
900
950
1000
1050
2010 2011 2012 2013 2014 2015 2016
US$
/AD
MT
NBSK List Left-hand scale
Source: Brian McClay & Associates Inc.1) Brian McClay & Associates Inc., Pulp & Paper Week (RISI), Industry Inteligence
spot/list discount (%) Right-hand scale
spot NBSK (e)(Mid-point of range)Left-hand scale
(%)
Fig. 5 Fig. 7
World1 Producers' Market BKP Stocks -Days Supply2
monthly through November 2015
10
15
20
25
30
35
40
45
50
55
60
65
10
15
20
25
30
35
40
45
50
55
60
65
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
BSK
BHK
1) Excludes data for Indonesia, Russia, Taiwan, Germany (included in data from January 2005 onwards), SwitzerlandFrom January 2005 onwards, also excludes data for Portugal and sulphite pulp from Sweden
2) Month-end producers' stocks devided by average daily shipments during most recent three months
BSK 10-year average, Dec. 2005-Nov. 2015 = 29.0 daysBHK 10-year average, Dec. 2005-Nov. 2015 = 38.8 days
Source: PPPC, Brian McClay & Associates Inc.
40
30
MARKET PULP MONTHLY January 2016
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Page 4 Volume 20 Number 1• January 14, 2016
NBSK, BEK & BCTMP List Prices in ChinaModal Effective List Price CIF Chinese Port - through December 2015
300
400
500
600
700
800
900
1000
300
400
500
600
700
800
900
1000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
NBSK
BEK
BCTMP1
Aspen 80
1) 80 bright Aspen board grade. Before April 2009 for 850 Aspen BCTMP
BCTMPSoftwood 75
Source: B McClay Inc.
Fig. 8
strengthens further during that time), increasing prospects that some market-related downtime could be tacked onto regular maintenance shuts during March through May 2016. This along with seasonally stronger demand should help to revive some modest positive pulp pricing traction until increased new supply begins to overwhelm demand before year end.
One potential exception to declining prices in the near-term could be hardwood BCTMP in China. Prices are still close to 13-year lows (fi gure 8) and Paper Excellence’s
240k t/y mill in Chetwynd BC has been down for market-related reasons since September and is unlikely to restart anytime soon. Prices have recently started to edge higher and demand will get a signifi catn boost from the start-up of new cartonboard capacity at the end of this month in Sweden (Metsa Board, Husum) and in Q2 in China (Stora Enso, Behai).
Dissolving Pulp
Prices for commodity-grade dissolving pulp in China have started to drop.
Prices for Viscose Staple Fibre (VSF) – the major end-use for commodity dissolving pulp – have recently been driven sharply lower (fi gure 9) by seasonal weakness at textile spinning mills (which should reverse after the Lunar New Year break) and by the re-start of production at a number of VSF plants that had been closed for environmental reasons. Lower priced polyester from cheaper oil has also been a contributing factor. As a result, prices for commodity grade dissolving wood pulp have dropped from a high of
just over $900 net in late November for hardwood DP to around $840-850 today. With paper grade BHK priced near the mid-$500s, it still makes business sense for swing mills to produce DP rather than BHK. However, if the spread narrows another $50-100, that could change.
Fluff Pulp
The global fl uff pulp market has also weakened and is expected to get worse later this year after considerable new capacity comes online from Klabin, IP and Domtar (table 6, page 10) - almost 1.1 million tonnes, equivalent to about 4 years of global demand.
Most of this additional capacity will be sold as commodity softwood (SBSK) initially, as each of these machines will have to go through a lengthy process to qualify for traditional fl uff applications.
In addition, Suzano just recently launched a Eucalyptus-based fl uff pulp extender product called Eucafl uff, although its supply is limited at 95k t/y and its success remains to be seen. In the medium term, there is a risk of even more new fl uff pulp supply with China’s Sun Paper exploring the potential for a greenfi eld 700k t/y mill in Arkansas although this project is unlikely to materialize during this decade, if ever.
Even with an average annual global fl uff pulp demand growth rate of around 3.7%, the coming surge in fl uff pulp capacity along with signifi cant additional NBSK supply over the next couple of years and a strong US dollar is likely to result in the permanent closure of some higher cost fl uff pulp capacity in the U.S. before the end of 2017.
Selected Monthly Pulp and VSF Prices in ChinaUSD/metric ton through mid-January 2015
0
300
600
900
1200
1500
1800
2100
2400
2700
3000
3300
3600
0
300
600
900
1200
1500
1800
2100
2400
2700
3000
3300
3600
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
NBSK4
DWP3
VSF1
CLDP2
1) Viscose Staple Fibre FOB plant, most recent month reflects avg. weekly price - Source: Fibre2Fashion.com 2) Cotton Linter Dissolving Pulp FOB mill - Source: Fibre2Fashion.com3) Dissolving (VSF) Wood Pulp (gross avg. open-market sales price) CIF China Port - Source: Brian McClay & Associates4) NBSK list price CIF China Port - Source: Brian McClay & Associates
BEK5
Fig. 9
MARKET PULP MONTHLY January 2016
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Page 5 Volume 20 Number 1• January 14, 2016
the unemployment rate remaining at a 7.5-year low of 5% in December (fi gure 12) in spite of a growing number of workers coming back into the labour market. Moreover, last month’s average hourly earnings of non-supervisory workers rose 2.4% y/y - a 16-month high - while December’s National Federation of Independent Business monthly employment survey found that the percentage of fi rms planning to raise compensation in 2016 rose to an 11-year high.
In the World Bank’s most recent Global Economic Prospects report released January 6, America’s 2016 GDP growth is projected to be 2.7%, up from 2.5% last year.
The Eurozone continues to show signs of modestly accelerating economic recovery. Consumer confi dence in Europe rose to a 6-month high in December while economic sentiment rose to its highest level since October 2007 (fi gure 13).
Economic Notes
America’s Q3 GDP grew 2% q/q annualized (fi gure 10) but some economic data have weakened since then,
particularly from the manufacturing sector (fi gure 11). This combined with reports of recent inventory destocking has led to expectations US Q4 GDP growth slowed to around 1%.
Nevertheless, consumer spending continues to expand at a more than a 3% annualized rate and both it and the housing market remain well supported by pent-up demand, a robust job market, rising income gains, solid household balance sheets, cheap gasoline and low borrowing costs.
America’s employment situation continues to improve with
U.S. and Eurozone - Real GDP Growth% change from previous quarter annualized - through Q3 2015
-11
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
-11
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
2007 2008 2009 2010 2011 2012 2013 2014 2015
% c
hang
e
U.S.AEurozone
Source: U.S. Bureau of Economic Analysis & Eurostat
US ISM - Purchasing Managers' Indicesthrough December 2015
30
35
40
45
50
55
60
65
70
30
35
40
45
50
55
60
65
70
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
Manufacturing
Services
RecessionMar 2001 - Nov 2001
RecessionDec 2007 - Jun 2009
NB: Results above 50 generally signal economic expansion Source: Ins tute for Supply Management
Fig. 11
U.S. Unemployment Rate & Non-Farm Payrolls Changethrough December 2015
-900
-800
-700
-600
-500
-400
-300
-200
-100
0
100
200
300
400
500
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Thou
sand
s
Perc
ent
Source: US Bureau of Labor Statistics & US Dept. of Labor
Unemployment Rate(left-hand side)
New jobs(right-hand side)
Fig. 12
Fig. 10
EU Economic Sentiment & Consumer Confidencethrough December 2015
-35
-31
-27
-23
-19
-15
-11
-7
-3
1
5
60
65
70
75
80
85
90
95
100
105
110
115
120
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Consumer Confidence(Right-hand scale)
Economic Sentiment(Left-hand scale)
Source: European Commission
Fig. 13
MARKET PULP MONTHLY January 2016
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Page 6 Volume 20 Number 1• January 14, 2016
Eurozone Manufacturing & Services Activity Indicesthrough December 2015
32
34
36
38
40
42
44
46
48
50
52
54
56
58
60
62
32
34
36
38
40
42
44
46
48
50
52
54
56
58
60
62
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
NB: Results above 50 generally signal economic expansion.Source: Markit.com
Manufacturing
Services
China Purchasing Managers' IndicesSeasonally adjusted through December 2015; (50 = no change from previous month)
46
48
50
52
54
56
58
46
48
50
52
54
56
58
2012 2013 2014 2015 2016
Caixin1
(manufacturing)
CFLP2
(manufacturing)
1 - Caixin through Markit Partners (Manufacturing)2 - China Federa on of Logis cs and Purchasing (Manufacturing)3 - China Federa on of Logis cs and Purchasing (Services)
CFLP3
(services)
Fig. 16
Fig. 15
Moreover, unemployment declined to a 4-year low of 10.5% in November and it likely came down again last month as a survey of private sector activity showed December employment in the services sector rose at its fastest pace in just over 5 years.
December’s growth in Eurozone private sector activity (fi gure 15) likely pushed Q4’s overall economic performance close to its best level in 4.5 years, driven by a robust increase in incoming new business and the sharpest accumulation of European manufacturing order backlogs in almost two years. The Eurozone’s economic recovery is expected to continue to gain momentum according to the January World Bank forecast, with real GDP growth of 1.7% y/y this year, up from 1.5% in 2015.
Recent economic data out of China show the manufacturing sector continues to struggle with December’s PMIs (fi gure 16) from both the ‘offi cial’ China Federation of Logistics and Purchasing survey (which tends to measure the activity of large, SOE, industrial enterprises) and the Caixin survey (which is more focussed on medium to smaller-sized private sector fi rms) still in contraction territory. However, China’s services sector activity continued to expand through December with the offi cial PMI services index rising to an 18-month high.
Average prices of new homes in 100 of the biggest cities in China climbed for the 8th straight month in December – up 0.74% on a m/m basis and 4.15% on a y/y basis according to the Chinese Index Academy, a private research group.
According to the National Bureau of Statistics, China’s CPI rose 1.6% y/y in December bringing the annual rate for 2015 to 1.4%, its slowest increase since 2009 and well below Beijing’s 3% target. At the same time, December’s 5.9% y/y drop in producers’ prices, its 46th in a row, brought the 2015 total down 5.2% y/y vs. a decline of 1.4% in 2014.
In a report published December 16, the PBOC predicted GDP growth to reach 6.9% in 2015 and 6.8% this year which is modestly more optimistic that the most recent World Bank forecast that sees China’s 2016 GDP gaining 6.7% followed by 6.5% increases in 2017 and 2018.
Eurozone Unemployment Rates by Country (November 2015, seasonally adjusted)
0.0
5.0
10.0
15.0
20.0
25.0
0.0
5.0
10.0
15.0
20.0
25.0
Ger
man
y
Cze
ch R
ep.
Mal
ta UK
Aus
tria
Den
mar
k
Luxe
mbo
urg
Esto
nia
Hun
gary
Rom
ania
Net
herl
ands
Swed
en
Pol
and
Bel
gium
Lith
uani
a
Slov
enia
Bul
gari
a
Irel
and
EU28
Finl
and
Latv
ia
Fran
ce
EU29
Slov
akia
Ital
y
Por
tuga
l
Cyp
rus
Cro
atia
Spai
n
Gre
ece
Perc
ent
Source: Eurostat
Fig. 14
MARKET PULP MONTHLY January 2016
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Page 7 Volume 20 Number 1• January 14, 2016
Exchange Rates
The USD was mixed against pulp-related currencies through December but sharply higher on a year-over-year basis
across the board (table 4).
While many analysts think the dollar’s biggest gains have already been made - on a trade-weighted basis it has soared 20% over the past two years – it will likely strengthen further in the near-term on interest rate differentials and safe-haven infl ows but start to weaken before mid-year as the Federal Reserve pulls back somewhat from its unexpected aggressive interest rate hiking campaign.
On January 13, Canada’s dollar (CAD) dropped below US$0.70 for the fi rst time since April 2003 as oil prices continue to slide and as traders start to factor in another interest rate cut by the Bank of Canada this month. Given that the US Energy Information Agency recently reduced its forecasted 2016 average WTI crude oil price to only US$ 38.54 vs. around US$30 today, Canada’s dollar will likely recover only modestly through 2016 to average USD 0.73 – lower than average in the fi rst half year and higher in the second.
The EUR/USD has recently been supported by better Eurozone economic news, some safe-haven infl ows and the ECB’s lighter-than-expected boost to its QE program in early December. However, it should soon head lower as infl ation weakens (due mostly to lower oil prices), increasing chances the ECB will cut interest rates and/or increase or extend its existing QE measures at or before its March meeting. The EUR/USD should average 1.04 through 2016.
The most recent Banco Central do Brasil survey of 100 economists (January 8, 2016) sees the BRL/USD at 4.25 at the end of 2016 and 4.23 at the end of 2017.
China’s Yuan (CNY/USD) is now trading at close to a 5-year low in very volatile markets having dropped 4.5% since the end of October. While authorities continue to intervene in FX markets to help stabilize the currency, it seems likely the CNY will continue to depreciate modestly, especially with another interest rate cut likely in the near-term. Several global banks have cut their CNY/USD forecasts to around 7 by year-end 2016 while ABN Amro Bank NV, ranked by Bloomberg as the most-accurate yuan forecaster over the last 4 quarters, has a 6.70 year-end target, 2% lower than today.
Source: UBC Pacific Exchange Rate Service & B McClay Inc.
Currency Monthly Avg. December 2015
Canadian $
Swedish Krona
Euro
Yen
Brazil Real
Chilean Peso
Korean Won
Indo. Rupiah
Russian Ruble
New Zealand $
S. African Rand
Chinese Yuan (RMB)
.72968
.11762
1.0882
.0082168
.25755
.0014195
.00085105
.0000723
.014281
.67409
.066696
.15501
15.8
10.2
11.7
1.9
31.9
13.0
6.1
10.1
18.8
13.2
23.3
4.0
3.1
2.2
1.5
0.8
2.5
0.1
1.7
1.1
7.1
2.9
5.6
1.2
Exchange Rates : local currency in USD
% change from
Nov. 2015 Dec. 2014
Table 4
Fig. 17
Fig. 18
Local Currency BEK List Price IndicesMonthly median price CIF Northern Europe - January 2002 = 1, through December 2015
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2.2
2.4
2.6
2.8
3
3.2
3.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2.2
2.4
2.6
2.8
3
3.2
3.4
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
US $
Euro
Brazil Real
Source: B McClay Inc. & Pacific Exchange Rate Service
Local Currency NBSK List Price IndicesMonthly median price CIF Northern Europe -January 2002 = 1, through December 2015
0.7
0.8
0.9
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2
2.1
2.2
2.3
0.7
0.8
0.9
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2
2.1
2.2
2.3
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
C$
US $
Euro
Source: B McClay Inc. & Pacific Exchange Rate Service
MARKET PULP MONTHLY January 2016
Brian McClay & Associates Inc.
F O R S U B S C R I B E R S O N L Y A L L F I G U R E S I N M E T R I C T O N S
Page 8 Volume 20 Number 1• January 14, 2016
Pulp Producers CurrenciesIndex of Monthly Average Values - January 2002 US$ Value=1, through December 2015
0.5
0.6
0.7
0.8
0.9
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2
2.1
0.5
0.6
0.7
0.8
0.9
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2
2.1
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
BrazilReal
ChileanPeso
C$
Swedish Krona
Euro
IndonesianRupiah
Source: B McClay Inc. & Pacific Exchange Rate Service
NZ$
Fig. 20
Fig. 21
Fig. 22
Fig. 23
Fig. 24
China's Paper Grade Pulp Imports -11 months 2015(000's tonnes)
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2014 2015Hardwood Kraft Softwood Kraft Total
% Share of Pulp Imports - 11 Months 2015 2014 2013
Canada 24% 23% 25% Indonesia 12 13 14 Chile 11 11 11Brazil 20 20 15Russia 8 8 6United States 9 10 11Other 16 15 18
11 mos. 15/14+11.6% Total+13.8% HW+8.9% SW
Source: China Customs Bureau & B McClay Inc.
Year-to-date
China's Monthly Imports of Paper Grade Pulp3-month moving average through November 2015
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
000'
s to
nnes
BHK
BSK
High Yield pulp
Dissolving pulp
Source: China Customs Bureau
Fig. 19
List prices for NBSK, BEK & Aspen in North AmericaDelivered mill basis through December 2015
500
550
600
650
700
750
800
850
900
950
1000
1050
500
550
600
650
700
750
800
850
900
950
1000
1050
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
US$
/AD
MT
NBSK
BEK
Aspen
Source: B McClay Inc.
Brazil monthly BEK exports3-month moving average through December 2015
0
100
200
300
400
500
600
700
800
900
1000
1100
1200
0
100
200
300
400
500
600
700
800
900
1000
1100
1200
2008 2009 2010 2011 2012 2013 2014 2015 2016
Source: Source of Data: SECEX – Foreign Trade Secretariat, PIG (PULP INFO GLOBAL)
Total
To China
3-month moving average
monthly total
Baltic Dry Indexthrough January 6, 2016
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
11000
12000
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
11000
12000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Source: Capital Link Shipping
MARKET PULP MONTHLY January 2016
Brian McClay & Associates Inc.
F O R S U B S C R I B E R S O N L Y A L L F I G U R E S I N M E T R I C T O N S
Page 9 Volume 20 Number 1• January 14, 2016
Ma
jor
Ha
rdw
oo
d P
ulp
Ca
pa
cit
y C
ha
ng
es
: 2
01
5 -
20
19
Sou
rce:
Bri
an M
cCla
y &
Ass
oci
ates
Inc.
Red
font
mea
ns u
ncer
tain
Blue
font
mea
ns c
hang
e fr
om la
st re
port
Purp
le fo
nt m
eans
bot
h
Com
pany
Nam
eM
ill L
oca
onG
rade
(s)
Effec
veD
ate
000'
sTo
nnes
Not
es
Expe
ra S
peci
alty
Sol
uon
sO
ld T
own,
ME,
USA
NBH
KJa
n. 9
, 201
520
0Re
star
t of m
ill c
lose
d in
Aug
ust 2
014.
Ini
al p
rodu
con
BHK
. Mos
tly affi
liate
d.Ja
ri Ce
lulo
seM
onte
Dou
rado
, Par
á, B
razil
BEK
Jan.
9, 2
015
330
Switc
h to
DP
Q1
2016
Eldo
rado
Pap
el e
Cel
ulos
eTr
ês L
agoa
s, M
ato
Gros
so d
o Su
l, Br
azil
BEK
Jan.
201
520
0Pe
rmit
incr
ease
.Pa
per E
xcel
lenc
eCh
etw
ynd,
BC,
Can
ada
BCTM
P-H
May
1, 2
015
240
Rest
art o
f mill
idle
d by
pre
viou
s ow
ner T
embe
c in
Sep
tem
ber 2
012.
CMPC
Guaí
ba, R
io G
rand
e do
Sul
, Bra
zilBE
KM
ay 3
, 201
513
00Su
zano
Suza
no, S
ão P
aulo
, Bra
zilBE
KM
ay 2
015
35M
ostly
inte
grat
ed.
Celu
losa
Ara
uco
San
José
de
la M
ariq
uina
, Val
divi
a, C
hile
BEK
Q2
2015
180
Switc
h ba
ck to
BEK
.As
ia P
ulp
& P
aper
Haik
ou, H
aina
n Is
land
, Chi
naBE
KH1
201
5-5
0Sw
itch
from
mar
ket t
o in
tegr
ated
pul
p w
ith st
art-
up o
f new
ss
ue P
Ms
Altr
i SGP
SCo
nstâ
ncia
, Por
tuga
lBE
K Su
lphi
teM
id Ju
ly 2
015
-120
Step
wise
con
vers
ion
to d
issol
ving
pul
p st
arte
d in
201
2 co
mpl
eted
in m
id-J
uly
2015
.
Ence
Nav
ia, A
stur
ias,
Spai
nBH
KPJu
ly 2
015
40Ca
paci
ty in
crea
se in
stag
es w
ith c
ompl
eon
in Ju
ly 2
015.
Port
ucel
Sop
orce
lCa
cia,
Por
tuga
lBE
KJu
ly 2
015
70BE
K ex
pans
ion.
U
PMKu
usan
kosk
i, Fi
nlan
dN
BHK
Oct
. 201
510
0EU
R 16
0 m
illio
n to
add
new
pul
p dr
yer a
nd o
ther
impr
ovem
ents
. Not
all
mar
ket.
Vers
o Co
rp.
Wic
kliff
e, K
Y, U
SASB
HKN
ov. 2
, 201
5-3
0Fl
ash-
drie
dEx
pera
Spe
cial
ty S
olu
ons
Old
Tow
n, M
E, U
SAN
BHK/
NBS
KN
ov. 2
015
-200
Mill
clo
sure
.Yu
en F
oong
Yu
Zhao
qing
cou
nty,
Gua
ngdo
ng, C
hina
BHKP
Dec.
8, 2
015
-20
Switc
h fr
om m
arke
t to
inte
grat
ed p
ulp
with
the
star
t up
of n
ew
ssue
PM
.Re
solu
te F
ores
t Pro
d.Ca
lhou
n, T
N, U
SASB
HKLa
te D
ec. 2
015
100
New
con
nuou
s dig
este
r. So
me
inte
grat
ed.
Altr
i SGP
SCe
lbi,
Figu
eira
da
Foz,
Port
ugal
BEK
End
2015
30Bu
rgo
Grou
pHa
rnon
cour
t/Vi
rton
, Bel
gium
NBH
KEn
d 20
1530
Yuen
Foo
ng Y
uZh
aoqi
ng c
ount
y, G
uang
dong
, Chi
naBH
KPLa
te Ja
n. 2
016
-20
Switc
h fr
om m
arke
t to
inte
grat
ed p
ulp
with
the
star
t up
of n
ew
ssue
PM
.Kl
abin
Or
guei
ra, P
aran
á, B
razil
BEK
Mar
. 201
690
01.
5 m
illio
n tp
y (1
.1 m
illio
n BE
K of
whi
ch 2
00k
inte
grat
ed ,
400k
BSK
/fluff
).Ja
ri Ce
lulo
seM
onte
Dou
rado
, Par
á, B
razil
BEK
Q1
2016
-330
Switc
h to
DP.
Doub
le A
Aliza
y, F
ranc
eBH
KPM
ay 2
016
300
Inte
grat
ed a
nd m
arke
t.Sv
etlo
gors
ky P
ulp
& P
aper
Svet
logo
rsk,
Gom
elsk
aya,
Bel
arus
NBH
KQ
2 20
1628
0N
BHK.
Fle
x' p
ulp
mill
- 30
% B
SK, 7
0% B
HK w
ith fu
ture
abi
lity
to m
ake
90k
t/y
DP.
Ence
Nav
ia, A
stur
ias,
Spai
nBH
KPJu
ly 2
016
40Fi
rst s
tage
cap
acity
incr
ease
. Th
e se
cond
com
plet
ed b
y 20
20.
See
belo
w.
ITC
Grou
pBh
adra
chal
am, A
ndhr
a Pr
ades
h, In
dia
BCTM
P-H
Q3
2016
105
Inte
grat
ed.
Asia
Pul
p &
Pap
erSo
uth
Sum
atra
, Ind
ones
iaBA
K/BE
KQ
4 20
1628
00Tw
o 1.
4 m
illio
n tp
a lin
es.
Stor
a En
soBe
ihai
, Gua
ngxi
, Chi
naBC
TMP-
HQ
4 20
1623
0In
tegr
ated
to F
BB B
M st
arng
up
Q2
2016
.Al
tri S
GPS
Celb
i, Fi
guei
ra d
a Fo
z, Po
rtug
alBE
K20
1630
Bukó
zaHe
ncov
ce, S
lova
kia
NBH
K20
16-2
0Po
ssib
ly in
stal
ling
a ss
ue m
achi
ne.
Met
sä B
oard
Kask
inen
, Fin
land
BCTM
P-H
2016
-160
Phas
ed-in
inte
gra
on to
new
400
k FB
B PM
at c
ompa
ny's
Husu
m, S
wed
en m
illVi
trac
imex
Qua
ng N
gai,
Viet
nam
BEK
Early
201
740
0Eq
uipm
ent f
rom
Söd
ra's
Toe
Mill
in N
orw
ay.
Reso
lute
For
est P
rod.
Calh
oun,
TN
, USA
BHKP
Q1
2017
-60
Inte
gra
on w
ith n
ew
ssue
mac
hine
.Po
rtuc
el S
opor
cel
Caci
a, P
ortu
gal
BEK
H1 2
017
-70
Inte
gra
on w
ith n
ew
ssue
PM
, sub
ject
to a
ppro
val b
y Po
rtug
uese
aut
hori
es.
Celu
losa
Ara
uco
San
José
de
la M
ariq
uina
, Val
divi
a, C
hile
BEK
Mid
201
7-2
00Co
nver
sion
to D
P. A
wai
ng S
upre
me
Cour
t rul
ing.
Met
sä F
ibre
Ääne
kosk
i, Fi
nlan
dN
BHK
Q3
2017
500
NBH
K. 1
.3 m
illio
n tp
a pa
rtly
inte
grat
ed B
SK/B
HK (8
00k/
500k
) mill
.M
etsä
Fib
reÄä
neko
ski,
Finl
and
NBH
KQ
3 20
17-3
60Cl
osur
e of
exi
sng
520
BSK
/BHK
(100
k /4
20k)
mill
. Not
all
mar
ket p
ulp.
Suza
noIm
pera
z, M
aran
hão,
Bra
zilBE
KQ
3 20
1714
0In
add
ion
to th
is 60
k tp
a in
crea
sed
capa
city
will
be
inte
grat
ed w
ith a
new
ss
ue P
M.
Fibr
ia C
elul
ose
Três
Lag
oas,
Mat
o Gr
osso
do
Sul,
Braz
ilBE
KQ
4 20
1718
50Su
zano
Muc
uri,
Bahi
a, B
razil
BEK
Q4
2017
140
In a
ddi
on to
this
60k
tpa
incr
ease
d ca
paci
ty w
ill b
e in
tegr
ated
with
a n
ew
ssue
PM
.El
dora
do P
apel
e C
elul
ose
Três
Lag
oas,
Mat
o Gr
osso
do
Sul,
Braz
ilBE
KQ
4 20
1820
00Es
toni
an C
ell
Kund
a, E
ston
iaBC
TMP-
H20
1830
Celu
losa
Ara
uco
Los H
orco
nes,
Bío
Bío,
Chi
leBE
K20
18/2
019
1560
New
1.5
6 M
MT
BEK
line.
Gov
't ap
prov
al o
btai
ned.
Dec
ision
del
ayed
.Ce
lulo
sa A
rauc
oLo
s Hor
cone
s, Bí
o Bí
o, C
hile
BEK
2018
/201
9-2
80Cl
osur
e of
exi
sng
line
.St
ora
Enso
Beih
ai, G
uang
xi, C
hina
BEK
2018
/201
945
070
0k B
EK li
ne p
aral
ly-in
tegr
ated
to a
450
K co
nsum
er p
aper
boar
d m
ill.
Ence
Pont
éved
ra, G
alic
ia, S
pain
BHKP
2020
3017
0k tp
a ca
paci
ty in
crea
se w
ill b
e sp
lit b
etw
een
this
mill
and
Nav
ia-A
stur
ias M
ill.
Ence
Nav
ia, A
stur
ias,
Spai
nBH
KP20
2010
0Se
cond
stag
e ca
paci
ty in
crea
se.
The fir
st c
ompl
eted
in Ju
ly 2
016.
Tabl
e 5
MARKET PULP MONTHLY January 2016
Brian McClay & Associates Inc.
F O R S U B S C R I B E R S O N L Y A L L F I G U R E S I N M E T R I C T O N S
Page 10 Volume 20 Number 1• January 14, 2016
Ma
jor
So
ftw
oo
d P
ulp
Ca
pa
cit
y C
ha
ng
es
: 2
01
5 -
20
19
Sou
rce:
Bri
an M
cCla
y &
Ass
oci
ates
Inc.
Red
font
mea
ns u
ncer
tain
Blue
font
mea
ns c
hang
e fr
om la
st re
port
Purp
le fo
nt m
eans
bot
h
Com
pany
Nam
eM
ill L
oca
onG
rade
(s)
Effec
veD
ate
000'
sTo
nnes
Not
es
Guan
gxi N
anni
ng P
hoen
ixN
anni
ng, G
uang
xi, C
hina
BSKP
Feb.
201
5-5
0M
ill c
losu
reCe
lulo
sa A
rauc
oSa
n Jo
sé d
e la
Mar
iqui
na, V
aldi
via,
Chi
leRa
diat
aQ
2 20
15-1
80Sw
itch
back
to B
EK.
Wag
gery
dW
agge
ryd,
Sw
eden
BCTM
P-S
Sept
. 201
520
New
air
to h
eat e
xcha
nger
s.U
PMKu
usan
kosk
i, Fi
nlan
dN
BSK
Oct
. 201
570
Inte
grat
ed. E
UR
160
mill
ion
to a
dd n
ew p
ulp
drye
r and
oth
er im
prov
emen
tsVe
rso
Corp
.An
dros
cogg
in, J
ay, M
E, U
SAN
BSK
Oct
. 201
5-9
0Ro
ll pu
lpHo
lmen
Igge
sund
, Sw
eden
NBS
KN
ov. 8
, 201
550
Mos
tly in
tegr
ated
.Sö
dra
Cell
Mör
rum
, Sw
eden
NBS
KDe
c. 1
1, 2
015
30He
inze
l Gro
upPö
ls, S
tyria
, Aus
tria
NBS
KDe
c. 2
2, 2
015
240
Rest
art o
f rep
aire
d #2
boi
ler t
hat e
xplo
ded
Mar
ch 2
3, 2
014
Irvin
g Fo
rest
Ser
vice
sSa
int J
ohn,
NB,
Can
ada
NBS
KM
ar. 2
016
30Kl
abin
Or
guei
ra, P
aran
á, B
razil
Fluff
-SBS
KM
ar. 2
016
400
1.5
mill
ion
tpy
(1.1
mill
ion
BEK,
400
k BS
K/flu
ff) u
nder
con
stru
con
, on
sche
dule
.Sö
dra
Cell
Värö
, Sw
eden
NBS
KM
id Ju
ne 2
016
275
$610
mill
ion
inve
stm
ent t
o ex
pand
this
exis
ng 4
25k
NBS
K m
ill.
Svet
logo
rsky
Pul
p &
Pap
erSv
etlo
gors
k, G
omel
skay
a, B
elar
usN
BSK
Q2
2016
120
Flex
' pul
p m
ill -
30%
BSK
, 70%
BHK
with
futu
re a
bilit
y to
mak
e 90
k t/
y DP
.In
tl. P
aper
Rieg
elw
ood,
NC,
USA
Fluff
-SBS
KM
id 2
016
360
Fluff
and
sow
ood
pape
r pul
pW
agge
ryd
Wag
gery
d, S
wed
enBC
TMP-
SSe
pt. 2
016
20Do
mta
r Cor
p.As
hdow
n, A
R, U
SAFl
uff-S
BSK
Q3
2016
315
Conv
erng
UW
F PM
64
to b
aled
SBS
K an
d ro
lled flu
ff pu
lp o
utpu
t.M
etsä
Boa
rdHu
sum
, Sw
eden
NBS
K20
1610
0Ph
ased
-in c
apac
ity fr
om c
losu
re o
f 600
k t/
y CM
/UW
F ca
paci
ty a
nd 4
00k
adde
d FB
B.Ce
lulo
sa A
rauc
oSa
n Jo
sé d
e la
Mar
iqui
na, V
aldi
via,
Chi
leRa
diat
aM
id 2
017
-350
Conv
ersio
n to
DP.
Aw
aing
Sup
rem
e Co
urt r
ulin
g.M
etsä
Fib
reÄä
neko
ski,
Finl
and
NBS
KQ
3 20
1780
01.
3 m
illio
n tp
a pa
rtly
inte
grat
ed B
SK/B
HK (8
00k/
500k
) mill
.M
etsä
Fib
reÄä
neko
ski,
Finl
and
NBS
KQ
3 20
17-1
00Cl
osur
e of
exi
sng
520
k BS
K/BH
K (1
00k/
420k
) mill
. Par
tly in
tegr
ated
to F
BB m
ill c
lose
by.
Sh
ando
ng C
henm
ing
Huan
ggan
g, H
ubei
, Chi
naSB
SK20
1730
0Gr
eenfi
eld
mill
.SC
ATi
mrå
, Sw
eden
NBS
KM
id 2
018
470
Appr
ox. 1
00k
for u
se a
t affi
liate
d m
ills.
Adity
a Bi
rlaTe
rrac
e Ba
y, O
N, C
anad
aN
BSK
2018
/201
9-3
50Co
nver
si on
to D
P.Si
berw
ood
Kras
noya
rsk,
Rus
siaN
BSK
2019
700
Gree
nfiel
d m
ill
Tabl
e 6
Dis
so
lvin
g P
ulp
Ca
pa
cit
y C
ha
ng
es
: 2
01
5 -
20
20 So
urc
e: B
rian
McC
lay
& A
sso
ciat
es In
c.Re
d fo
nt m
eans
unc
erta
inBl
ue fo
nt m
eans
cha
nge
from
last
repo
rtPu
rple
font
mea
ns b
oth
Com
pany
Nam
eM
ill L
oca
onG
rade
(s)
Effec
veD
ate
000'
sTo
nnes
Not
es
Sapp
iCl
oque
t, M
N, U
SAN
BHK
Q1
2015
-130
NBH
K. S
witc
h ba
ck to
par
al B
HK p
rodu
con
.
Altr
i SGP
SCo
nstâ
ncia
, Por
tuga
lEU
C Su
lphi
teM
id Ju
ly 2
015
105
BEK.
Ste
pwise
con
vers
ion
to d
issol
ving
pul
p st
arte
d in
201
2 - c
ompl
eted
in m
id-J
uly
2015
.
Sun
Pape
rYa
nzho
u, S
hand
ong,
Chi
naBH
KEn
d Q
3 20
15-3
00Sw
ing
exis
ng D
P lin
e to
inte
grat
ed B
HK.
Sun
Pape
rZo
uche
ng, S
hand
ong,
Chi
naBH
KEa
rly N
ov. 2
015
350
Equi
pmen
t fro
m c
ance
lled
mill
in L
aos.
Tem
bec
Tem
iscam
ing,
QC,
Can
ada
Sulp
hite
2015
35Su
lphi
te. S
peci
alty
- 5K
add
ed b
y la
te 2
013/
early
201
4Sö
dra
Cell
Mör
rum
, Sw
eden
NBH
KM
ar. 2
016
15N
BHK.
Jari
Celu
lose
Mon
te D
oura
do, P
ará,
Bra
zilBE
KQ
1 20
1625
0O
nly
pape
r gra
de p
ulp
since
Jan
2014
rest
art.
Switc
h to
DP.
Tim
ing
unce
rtai
n.Ra
yoni
er A
dvan
ced
Mat
eria
lsJe
sup,
GA,
USA
SBSK
Q1
2016
-190
C lin
e re
built
to m
ake
spec
ialty
DP
in 2
013
but h
as m
ade
mos
tly fl
uff a
nd v
iscos
e-DP
.Ba
llarp
ur In
d. L
td.
Kam
alap
uram
, And
hra
Prad
esh,
Indi
aBH
K20
1690
Rest
art -
m
ing
unce
rtai
n.Ce
lulo
sa A
rauc
oSa
n Jo
sé d
e la
Mar
iqui
na, V
aldi
via,
Chi
leBE
KM
id 2
017
500
US$
185
mill
ion
conv
ersio
n fr
om p
aper
pul
p. A
wai
ng S
upre
me
Cour
t rul
ing.
Svet
logo
rsky
Pul
p &
Pap
erSv
etlo
gors
k, G
omel
skay
a, B
elar
usN
BHK
2017
90N
BHK.
Fle
x' p
ulp
mill
- 30
% B
SK, 7
0% B
HK w
ith fu
ture
abi
lity
to m
ake
90k
t/y
DP.
Adity
a Bi
rlaTe
rrac
e Ba
y, O
N, C
anad
aN
BSK
2018
/201
928
0Co
nver
sion
from
pap
er g
rade
NBS
K.Si
berw
ood
Kras
noya
rsk,
Rus
siaN
BSK
2019
200
Gree
nfiel
d N
BSK
mill
.In
dust
rial P
ulp
Chus
ovoy
, Per
m, R
ussia
NBH
K20
2025
0
Tabl
e 7