For the Quarter Ending September 2025
North America
• In United States, FBB Board Price Index rose in Q3 2025, driven by increased production costs and robust retail sales.
• FBB Board production costs increased, influenced by a 3.0% CPI year-over-year in September and rising chemical costs.
• Rising input costs, indicated by a 2.6% PPI year-over-year in August 2025, pressured FBB Board manufacturing expenses.
• FBB Board demand outlook remained strong due to a 5.42% year-over-year increase in retail sales in September 2025.
• E-commerce demand strengthened in Q3 2025, further boosting FBB Board demand for packaging solutions.
• Industrial electricity prices increased in August 2025, contributing to higher FBB Board production costs.
• Containerboard mill inventories peaked in August 2025 before declining in September, impacting supply dynamics.
• A 4.3% unemployment rate in September 2025 supported consumer purchasing power, influencing FBB Board demand.
Why did the price of FBB Board change in September 2025 in North America?
• Production costs rose from 3.0% CPI year-over-year in September 2025 and increased chemical/labor expenses.
• Strong consumer spending, with 5.42% retail sales increase in September 2025, boosted FBB Board demand.
• Rising industrial electricity prices in August 2025 and tariffs elevated FBB Board production costs.
APAC
• In China, the FBB Board Price Index fell in Q3 2025, due to weak consumer demand and declining producer prices.
• FBB Board demand was mixed, with robust e-commerce activity offsetting contracting raw material inventories.
• FBB Board production costs saw softwood pulp down, hardwood pulp up in September 2025.
• The FBB Board Price Forecast suggests continued pressure from structural overcapacity in the paper and paperboard industry.
• China's Manufacturing Index expanded in September 2025, indicating improved production activity.
• Industrial Production increased 6.5% in September 2025, supporting FBB Board demand for packaging.
• Retail Sales grew 3.0% in September 2025, bolstering FBB Board demand for consumer product packaging.
• Consumer confidence remained pessimistic at 89.6 in September 2025, tempering overall spending and FBB Board demand.
Why did the price of FBB Board change in September 2025 in APAC?
• Weak consumer demand, with CPI falling -0.3% and consumer confidence at 89.6 in September 2025.
• Producer prices declined 2.3% in September 2025, indicating reduced demand in downstream manufacturing.
• Structural overcapacity in the paper and paperboard industry contributed to subdued operating rates in Q3 2025.
Europe
• In Germany, the FBB Board Price Index fell quarter-over-quarter in Q3 2025, driven by easing production costs and pulp oversupply.
• FBB Board production costs softened in Q3 2025, as wood pulp feedstock and pulpwood costs eased due to ample availability.
• The Manufacturing Index was contracting in Q3 2025, indicating reduced industrial activity and impacting FBB Board demand.
• Industrial Production declined by 1.0% year-over-year in September 2025, directly reducing FBB Board demand for goods packaging.
• Retail sales increased by 0.2% year-over-year in September 2025, offering slight support for FBB Board demand in consumer goods.
• E-commerce packaging demand is projected to expand significantly in Germany during 2025, bolstering FBB Board consumption.
• Global producer pulp stocks increased in Q3 2025, contributing to market oversupply and exerting downward pressure on FBB Board prices.
• The FBB Board price forecast suggests stable to slightly declining trends, given persistent pulp oversupply and easing input costs.
Why did the price of FBB Board change in September 2025 in Europe?
• Producer Price Index fell 1.7% year-over-year in September 2025, reducing FBB Board manufacturing input costs.
• Global pulp producer stocks increased in Q3 2025, creating an oversupplied market for FBB Board feedstock.
• Industrial Production declined 1.0% year-over-year in September 2025, weakening overall FBB Board demand.
