FINANCIAL ANALYSTS: Paper – N.A. uncoated freesheet data remains bad [KeyBanc]

excerpt from KeyBanc Capital Markets

Yesterday, the Pulp and Paper Products Council (PPPC) released preliminary N.A. uncoated freesheet paper statistics for June. They weren't good. Shipments fell a substantial 15.4% in June (13% when adjusting for one fewer shipping day), similar to the 14.8% decline in May and more severe than the YTD decline of 10.3%. Some of the decline in shipments is attributable to the shut of Georgia-Pacific's Port Hudson mill in March, which removed ~8% of industry capacity, but demand is nonetheless quite weak (PPPC will publish the demand data, which includes the impact of imports and exports, later ...

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