The wood pulp market entered June 2026 caught between opposing forces: BHKP prices rising in Europe on tight availability, NBSK softwood stalled at $730/mt, and China's SHFE futures drifting to 4,912 CNY/t. Supply rationalization has removed 3.1M tonnes of capacity, but weak tissue demand growth (1.3%) and China's verticalization trend are muting the price response. Energy cost inflation from the Hormuz closure is compressing mill margins globally. This report covers price structure, supply-demand rebalancing, inventory positioning, trade policy impacts, and procurement strategy.
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