FINANCIAL ANALYSTS: Pulp – Huge downward revisions to 1Q19 data for hardwood; demand much worse and inventories much higher [KeyBanc]

excerpt from KeyBanc Capital Markets

This morning, the Pulp and Paper Products Council (PPPC) released revised World-20 market pulp shipment data for March and 1Q19; the updated data includes significant revisions to the Brazilian hardwood data, which was submitted by the Brazilian Tree Association (IBA) last Friday. World-20 hardwood sales were down a substantial 10% in 1Q, compared to a preliminary estimate of down just 0.9%. Hardwood sales to China were down a substantial 15% in 1Q, compared to the preliminary estimate of down 9.8%. Hardwood inventories (days of supply) ended 1Q at 67 days, a substantial 8 days above the ...

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