Wood Pulp Intelligence Report

Wood pulp markets are diverging sharply in June 2026: softwood (NBSK) faces structural oversupply at 46 days of producer inventory, while hardwood (BHK) remains relatively tight below the balance point. NBSK list prices at $1,570/mt are down $20 MoM, and SHFE pulp futures at 4,710 CNY/t hit an 8-month low on June 24. Global producer inventories sit at 42 days, elevated for softwood. Meanwhile, the EU-US trade deal ratified June 23 reinforces duty-free wood pulp access for European buyers, and China's integrated pulp capacity — doubled to 32Mt+ — continues eating into seaborne import demand. The procurement call: opportunistic on softwood (delay spot NBSK purchases to capture further downside), defensive on hardwood (monitor restocking cycles). Prices expected to grind lower through Q3 2026 amid traditional off-season weakness.