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Market Outlook Q1 2014


The Softwood market is currently firm. We believe that the supply side disruptions in North America should tighten the market further during Q1 2014.


On the Hardwood front, the market remains fragile since 2,8 million tons of new BEKP capacities in Latin America (Stora Enso-Arauco MdP and Suzano Maranhão) are about to be brought to the market and there are concerns as the market will get unbalanced in the short-medium term with impact on pulp prices.


The price gap between Softwood and Hardwood in Europe was approx. USD 160/ADMT (Air Dry Factor) in February and this gap could widen further in the short-term as Hardwood prices are likely to come under increasing pressure in view of the new capacities entering the market. Softwood prices should probably be affected as well, perhaps towards the end of Q2.


As far as the dissolving pulp market is concerned, the Chinese antidumping duties are generating a lot of uncertainties. The Chinese Minister of Commerce is expected to announce their final decision towards the anti-dumping penalties by April 6th. Nevertheless, the Nordic producers are not included in the anti-dumping list of dissolving pulp producers.