Wood Pulp Intelligence Report

Wood pulp markets remain in divergence through July 9, 2026: softwood (NBSK) faces persistent structural oversupply at 46 days of producer inventory, while hardwood (BHK) stays below the 42-day balance point. NBSK list prices hold at $1,570/mt (unchanged MoM), but SHFE pulp futures at 4,640 CNY/t mark a -6.7% MoM and -8.8% YoY decline. Global producer inventories at 42 days remain elevated for softwood. China port inventories at 2.334M tonnes (+1.6%) signal persistent supply pressure. European NBSK price talks for June stalled into early July (EUWID, Jul 8). US NBSK spot at $680-710/t delivered. PPWR enforceable Aug 12, 2026 — +30 days. The procurement call: opportunistic on softwood (delay term commitments), defensive on hardwood. Prices expected to grind lower through Q3 2026.