FINANCIAL ANALYSTS: Pulp stats – Producers keeping their cards close to the chest [RBC]

excerpt from RBC Dominion Securities

The Pulp and Paper Products Council ("PPPC") reported World-20 market pulp stats for the month of June. We note that June stats were delayed due to data collection challenges in South America.

Impact

With heightened investor focus on global pulp stats, we expect stronger operating rates and shipments to China to be largely overshadowed by the continued rise in softwood and hardwood inventories – In June, global operating rates moved higher to 91% (from 83% in May and 97% last year), driven by a significant rise in hardwood operating rates to 95% from 79% in May and 73% ...

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