Wood pulp markets remain in structural divergence through mid-July 2026: softwood (NBSK) faces persistent oversupply at 46 days of producer inventory, while hardwood (BHK) remains below the 42-day balance point. NBSK list prices hold at $1,570/mt (unchanged MoM). SHFE pulp futures rebounded to 4,840 CNY/t (+4.3% from late June low of 4,640), supported by four consecutive weeks of port inventory destocking — China port stocks at 2.285M tonnes (-0.8% WoW). Global producer inventories sit at 42 days, elevated for softwood. US NBSK spot at $680-710/t delivered. European NBSK price talks for June remain unresolved (EUWID, Jul 8). The BEKP market is shifting from supply-driven tightness to demand-driven caution. PPWR enforceable Aug 12, 2026 — approaching. The procurement call: opportunistic on softwood (delay term commitments), defensive on hardwood. Off-season demand weakness expected to persist through Q3.
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