For the Quarter Ending March 2026
Cardboard Prices in North America
- In the USA, the Cardboard Price Index rose by 0.34% quarter-over-quarter, reflecting stable mill output and modest fiber cost pressure.
- The average Cardboard price for the quarter was approximately USD 587.00/MT, as reported across FOB Illinois assessments during Q1.
- Cardboard Spot Price activity remained muted as mills maintained disciplined offers, keeping the regional Price Index steady.
- Cardboard Price Forecast signals modest gains through spring as restocking and stable exports support measured upward pressure.
- Cardboard Production Cost Trend showed slight upward bias driven by firmer recovered-fiber prices and steady energy expenses.
- Cardboard Demand Outlook remains constructive with e-commerce and FMCG restocking, while industrial packaging demand growth stays moderate.
- Cardboard Price Index stability reflected balanced inventories and consistent export pull to Mexico and Canada, limiting volatility.
- Major Illinois mills operated near nameplate capacity, preserving throughput and preventing spot price spikes in Cardboard markets.
Why did the price of Cardboard change in March 2026 in North America?
- Tighter recovered-fiber availability increased mill furnish costs, prompting producers to issue price-increase letters in March.
- Export bookings to Mexico and Canada supported offtake, helping mills sustain offers despite muted restocking.
- Stable natural-gas and energy costs limited offsets to fiber inflation, leaving mill cash costs elevated.
Cardboard Prices in APAC
- In China, Cardboard Price Index rose 8.0% quarter-over-quarter due to tighter feedstock and pre-holiday demand.
- The average Cardboard price for the quarter was approximately USD 265.67/MT reflecting recovered-paper pressures locally
- Cardboard Spot Price firmed as port inventories declined and mills competed for limited recovered-paper feedstock.
- Cardboard Price Forecast signals modest gains as exporters fill Southeast Asian orders and domestic restocking.
- Cardboard Production Cost Trend reflects higher pulp and recovered-fibre costs and increased port storage fees.
- Cardboard Demand Outlook remains positive as e-commerce packaging growth and export carton requirements support orders.
- Cardboard Price Index retained momentum amid limited shutdowns while favorable arbitrage attracted Southeast Asian demand.
- Balanced inventories and mill run-rates limited volatility, enabling producers to protect margins from cost pressures.
Why did the price of Cardboard change in March 2026 in APAC?
- Tight recovered-paper import quotas and environmental inspections curtailed supply, reducing spot volumes at coastal mills.
- Rising pulp, bunker fuel, port storage costs increased production and freight expenses, supporting mill pricing.
- Strong domestic e-commerce and pre-holiday export bookings maintained demand, allowing mills to pass through increases.
Cardboard Prices in Europe
- In Germany, the Cardboard Price Index rose by 0.70% quarter-over-quarter, reflecting slight feedstock tightness and logistics cost increases.
- The average Cardboard price for the quarter was approximately USD 286.00/MT, based on Hamburg FD transactions.
- Cardboard Spot Price remained steady in March as mills exercised capacity discipline, limiting immediate downward pricing pressure.
- Cardboard Price Forecast shows modest volatility ahead due to energy surcharge risks and shipping cost inflation pressures.
- Cardboard Production Cost Trend rose with higher diesel and energy expenses, squeezing mill margins despite stable recovered paper.
- Cardboard Demand Outlook remains subdued with modest new orders, domestic consumption steady but export volumes contracting.
- Cardboard Price Index stability reflected balanced supply, managed inventories, and limited restocking by cautious packaging buyers.
- Logistics disruptions and higher bunker premiums increased delivered fibre costs, supporting minor upward price pressure on producers.
Why did the price of Cardboard change in March 2026 in Europe?
- Balanced domestic supply and steady recovered paper availability prevented sharp price moves despite emerging cost pressures.
- Rising energy and diesel costs increased production expenses, pressuring margins and underpinning mild upward pricing sentiment.
- Logistics challenges and higher freight and bunker surcharges raised delivered feedstock costs, limiting downward price flexibility.
For the Quarter Ending December 2025
Cardboard Price in North America
- In USA, the Cardboard Price Index rose by 2.03% quarter-over-quarter, driven by tighter nationwide supply.
- The average Cardboard price for the quarter was approximately USD 585.00/MT, reflecting modest seasonal stability.
- Cardboard Spot Price firmed as mill closures removed regional capacity and supported list price resilience.
- Cardboard Price Forecast suggests modest gains in early 2026 as post-holiday restocking supports demand and margins.
- Cardboard Production Cost Trend shows steady recovered fibre and neutral energy costs thereby limiting upside.
- Cardboard Demand Outlook weakened amid softer manufacturing and restrained exporter purchases from Mexico and Canada.
- Cardboard Price Index movement reflected balanced inventories, stable logistics, and selective mill downtime management practices.
- Export and domestic order books restrained pricing, with converters trimming orders ahead of year end.
Why did the price of Cardboard change in December 2025 in North America?
- Mill closures and reduced capacity tightened regional availability, supporting firmer Price Index levels across markets.
- Year-end order trimming and weak manufacturing demand reduced box pull-through and thereby pressured spot prices.
- Stable recovered fibre and neutral energy costs limited cost-push, enabling mills to accept modest concessions.
Cardboard Price in APAC
- In China, the Cardboard Price Index rose by 9.01% quarter-over-quarter, as wastepaper costs and seasonality increased.
- The average Cardboard price for the quarter was USD 246.00/MT, reflecting export and packaging demand.
- Cardboard Spot Price firmed as recovered paper availability tightened, prompting converters to restock before holidays.
- Cardboard Price Forecast indicates stabilization near-term as mills moderate volumes and buyers manage inventories conservatively.
- Cardboard Production Cost Trend rose on recovered paper and energy increases, supporting mill pricing discipline.
- Cardboard Demand Outlook remains positive for e-commerce and exports; the Price Index reflects seasonal strength.
- Cardboard Price Index eased as coastal producers maintained shipments and bonded warehouses reported stock increases.
- Export booking slowdown in December encouraged selective discounting by mills to preserve overall export volumes.
Why did the price of Cardboard change in December 2025 in APAC?
- Weakened export call-offs from Southeast Asian converters reduced December demand, prompting mills to concede lower export offers.
- Stable energy and freight costs limited upward-cost pressure, removing a major justification for December price increases.
- Inventories at bonded warehouses rose modestly and buyers normalized post-festival restocking, reducing spot enquiry intensity.
Cardboard Price in Europe
- In Germany, the Cardboard Price Index rose by 1.9% quarter-over-quarter, reflecting mild supply tightness overall conditions.
- The average Cardboard price for the quarter was approximately USD 284.00/MT per FD Hamburg assessments conditions.
- Cardboard Spot Price remained comfortable as imports from Poland and Czechia eased short-term tightness locally conditions.
- Cardboard Price Forecast suggests modest spring recovery as converters cautiously replenish inventories after holidays seasonally conditions.
- Cardboard Production Cost Trend remained flat due to stable recovered paper and stable energy tariffs conditions.
- Cardboard Demand Outlook stays balanced with steady FMCG and e-commerce volumes, insufficient to tighten markets conditions.
- Cardboard Price Index movements were muted as mills resisted cuts while converters limited spot purchasing.
- Inventory and export flows through Hamburg remained seasonal, supporting availability and suppressing pronounced market volatility.
Why did the price of Cardboard change in December 2025 in Europe?
- Stable recovered paper supplies and balanced mill output prevented cost-push transmission, keeping December prices unchanged.
- Smooth cross-border logistics and predictable Hamburg export flows alleviated spot tightness, maintaining market equilibrium conditions.
- Weak finished-goods demand and year-end just-in-time buying limited converters' purchases, notably constraining upward price pressure.
For the Quarter Ending September 2025
North America
- In the USA, the Cardboard Price Index rose by 2.99% quarter-over-quarter, due to tighter supply.
- The average Cardboard price for the quarter was approximately USD 573.33/MT, lifted by input cost.
- Cardboard Spot Price strengthened after mill curtailments, supporting the broader Cardboard Price Index amid restocking.
- Cardboard Price Forecast points to moderate gains entering autumn as seasonal restocking and surcharges persist.
- Cardboard Production Cost Trend remains high from recycled-fibre scarcity and volatile energy, compressing mill profitability.
- Cardboard Demand Outlook is stable-to-improving with e-commerce and retail restocking offsetting weaker industrial orders seasonally.
- Accumulated inventories pressured spot availability, but rising exports and restocking lifted the Cardboard Price Index.
- Major mills applied surcharges and maintained throughput, while logistics constraints kept Cardboard Spot Price supported.
Why did the price of Cardboard change in September 2025 in North America?
- Supply constraints from mill closures and maintenance reduced output, tightening availability and raising spot bids.
- Elevated recycled-fibre and energy costs increased production expenses, prompting mills to implement surcharges this quarter.
- Stronger e-commerce and retail restocking increased demand in September, offsetting industrial weakness and tightening markets.
APAC
- In China, the Cardboard Price Index fell by 1.74% quarter-over-quarter, reflecting weak domestic demand conditions.
- The average Cardboard price for the quarter was approximately USD 225.67/MT, influenced by pulp logistics.
- Cardboard Spot Price movements were muted as port congestion eased and mills strategically destocked inventories.
- Cardboard Price Forecast suggests modest uplift into September as festival restocking counterbalances softer export demand.
- Cardboard Production Cost Trend shows easing pressure from abundant pulp despite ongoing wastepaper collection constraints.
- Cardboard Demand Outlook remains subdued post-Golden Week, with cautious buying from packaging sectors; weak exports.
- Cardboard Price Index resilience was limited by inventory overhang despite mill price increases stabilizing margins.
- Logistics constraints and port congestion intermittently tightened supply, briefly supporting prices and affecting export competitiveness.
Why did the price of Cardboard change in September 2025 in APAC?
- Ample pulp imports and domestic production offset Finnish strike impacts, keeping raw material costs contained.
- Subdued downstream packaging demand and cautious restocking limited buying, pressuring the Cardboard Price Index downward.
- Port congestion and wastepaper collection issues raised operational costs, prompting selective mill price adjustments locally.
Europe
- In Germany, the Cardboard Price Index rose by 6.23% quarter-over-quarter, driven by energy and pulp.
- The average Cardboard price for the quarter was approximately USD 278.67/MT, reflecting higher input costs.
- Cardboard Spot Price increased as Hamburg congestion and surcharges reduced available shipments and expedited deliveries.
- Cardboard Production Cost Trend increased due to rising energy and volatile wood pulp procurement expenses.
- Cardboard Demand Outlook remains firm for FMCG and food packaging, offset by postponed industrial orders.
- Cardboard Price Forecast shows modest monthly variability, with temporary surcharges supporting realized rates into Q4.
- Inventory builds pressured spot availability, while weaker exports reduced demand and eased Price Index momentum.
- Selective maintenance shutdowns and freight volatility constrained throughput, with Hamburg congestion influencing Cardboard Price Index.
Why did the price of Cardboard change in September 2025 in Europe?
- Port congestion and constrained recovered paper collections delayed inputs, tightening supply and elevating production costs.
- Rising energy and wood pulp prices increased mill expenses, triggering temporary surcharges and price adjustments.
- Freight rate volatility and buyers front-loading orders created uneven availability, sustaining short-term price resilience overall.
For the Quarter Ending June 2025
North America
- In April 2025, the Price Index for U.S. cardboard declined after a brief March recovery. Weakened export interest due to overseas tariff concerns and high inventory levels led to downward price pressure.
- In May 2025, the Price Index continued to fall, reflecting persistent oversupply and soft demand from sectors such as e-commerce, electronics, and automotive packaging.
- In June 2025, the U.S. cardboard Price Index reversed course, increasing by 4% to approximately USD 569/MT, due to rising raw material and energy costs, a surge in e-commerce demand, and new import tariffs affecting input materials.
Why did the cardboard Price Index change in July 2025 in the USA?
- The Cardboard Price Index in July 2025 is exhibited to a residual upward pressure from June's surge, following costlier inputs and sustained demand from e-commerce and consumer goods.
- However, there are signs of stabilization in later month as smaller buyers delay purchases seeking price steadiness, and ongoing supply management mitigates the risk of oversupply.
- Market consensus anticipates either steady or moderately increasing prices, contingent on how quickly inventory and demand balances evolve.
Asia
- In April 2025, the cardboard Price Index in China continued its downward trajectory, driven by persistent oversupply and weak demand from the packaging sector.
- The situation worsened due to high inventory levels at corrugated mills and increased import competition from cheaper foreign raw paper, which exerted further downward pressure on domestic prices.
- In May 2025, the Price Index declined by an additional 2.2%, reflecting weaker demand and eased pulp prices. The fall in both coniferous and broadleaf pulp costs contributed to further softening in cardboard prices.
- In June 2025, the Price Index dropped again, reaching approximately USD 234/MT FOB Shanghai, despite temporary global pulp supply disruptions. Continued weak demand and market oversupply drove prices lower.
Why did the cardboard Price Index change in July 2025 in Asia?
- The Price Index in July 2025 remained stable, reflecting a balance between cautious downstream restocking and persistent oversupply.
- Neither significant demand growth nor supply constraints occurred, leading to price stabilization.
- The Cardboard Price Forecast anticipates a flat to mildly positive trend depending on demand recovery and raw material cost fluctuations.
Europe
- April 2025: Cardboard Price Index rose sharply due to escalating raw material costs, especially for recovered paper grades supermarket paper and board (1.04) and mixed paper (1.02).
- May 2025: Cardboard Price Index increased by 1.9%, driven by acute logistical disruptions centered around Hamburg port congestion.
- June 2025: Cardboard Price Index surged by 9.4% to USD 286/MT, influenced by rising energy costs, volatile wood pulp prices, and ongoing logistical bottlenecks.
Why did the Price of Cardboard Change in July 2025 in Europe?
- Cardboard prices in Germany likely increased in July 2025, continuing the trend from Q2 due to persistent supply chain constraints, elevated production costs, and strong demand momentum.
- The combination of sustained port congestion, inflationary pressures on raw materials, and heightened procurement urgency from key sectors supports this upward price trajectory.
- Production costs increased steadily due to surging energy expenses, fluctuating wood pulp prices, and operational inefficiencies caused by port congestion and labor shortages.
- Demand remained robust across consumer goods, FMCG, food packaging, and pharmaceuticals sectors, with little seasonal slowdown observed.
