2025-05-26-Jefferies-观看视频美国和欧洲箱板纸市场展望_6页_865kb

US & European Containerboard Market Outlook Summary

Report Overview

This report analyzes the dynamics of the US and European containerboard markets, covering supply-demand trends, pricing, economic impacts, and key events like mill closures and tariffs.

Key Themes

• Consumer health, tariff uncertainty, and evolving supply-demand dynamics (due to leadership changes and consolidation) are significant cross-Atlantic factors affecting the markets.
• Potential additional capacity closures in both regions are under discussion following announcements by International Paper (IP), Smurfit Westrock (SW), and implied other companies.

Main Discussion Topics

• Supply/demand outlook post-mill closures and potential reductions.
• Pricing trends as industries prepare for box increases.
• Views on market performance during a potential recession and self-help measures with IP and SW.
• Comparisons between US and European box shipment volumes and raw material cost drivers.
• Impact of the US-China tariff pause on major producers.

Relevant Stocks and Ratings

• International Paper (IP): Price $47.67, BUY.
• Packaging Corp of America (PKG): Price $190.70, BUY.
• Mondi (MNDI): Price €1,183.00, BUY.
• Smurfit Westrock (SW): Price $43.74, HOLD.
• Stora Enso (STERV): Price €9.02, BUY.
• Svenska Cellulosa Aktiebolaget (SCAB): Price SEK131.70, HOLD.