BUYER: DEFENSIVE
The wood pulp market in mid-2026 remains bifurcated. BHKP (hardwood) has tightened to below the balance point per Fastmarkets, with Indonesian disruptions removing ~650kt of expected supply. NBSK (softwood) continues to carry excess inventories despite the Domtar Crofton closure (-380kt). Buyers should monitor BHKP contract terms closely — the tightening window may extend only 1-2 quarters before new Latin American capacity arrives. NBSK procurement can wait for further curtailment signals. ESTIMATE
NBSK China (PIX Net)
$690
-3.9% Q1 2026
per tonne, Feb 2026
BHKP China (PIX Net)
$585
+4% YTD
per tonne, Feb 2026
NBSK Europe (DAP)
€1,145
-0.2% QoQ
per tonne, Q1 2026 avg
NBSK NA (EXW)
$730
-0.5% QoQ
per tonne, Mar 2026
China Port Stocks
2.28M
-0.7% WoW
tonnes, May 21 2026
World-20 Days Supply
42
Tightening
days, Feb 2024 (latest)
BHK Producer Inventories
Below Balance
Tight
per Fastmarkets Q1 2026
SHFE Pulp (May 22)
4,912
-3.3% MoM
CNY/t, open int. 394k
FACT: 18 | ESTIMATE: 22 | SPECULATION: 5
Report updated June 5, 2026. Data as of May 2026 where noted. Research sources: Fastmarkets, SunSirs, NOREXECO, PPPC, Mercer International, Procurement Resource. Verification: Round 10 passed. FACT