Market Report
US prices also down across the board
NL-Tilburg, 9 November 2025
On November 11th our Belgian depots are closed for Armistice Day
In the USA, we are seeing market developments similar to those in Europe. This is not surprising, as markets are linked globally, but the question always remains whether price movements are also the same. At the beginning of November, it appeared that export prices for low (cardboard) grades in the US were falling more sharply than in Europe, with price reductions of $15 to $20 per tonne. The reason for the price reductions in US exports is seen to be China's strict controls on recycled dry pulp and, in particular, the diversion of containers previously destined for China to other countries/destinations. This phenomenon is not possible in Europe because shipping companies cannot take recovered paper to countries without selling it first. EU regulations, which, despite all the disadvantages for our competitive position, apparently also have advantages...
However, machine utilisation in the paper and cardboard industry in the US also plays a role. A government shutdown, which left a million civil servants at home without an income, has undermined consumer confidence. And that while orders for paper and board were already few and far between. According to reports, large-scale machine downtime is now also planned for the long Black Friday weekend at the end of November. And that is precisely a period when there would normally be extra demand prior to this weekend due to the need to build up stocks of recovered paper to get through the weekend. That now appears to be unnecessary, which means that local demand will also be lower than expected. In anticipation of this, local prices for occ grades in the US fell by £5 to £10 per tonne.
But prices for medium and high quality grades also declined. In addition to lower prices in Southeast Asia, there is also weaker demand in Mexico and South America, where price reductions of around $10 per tonne were recorded, a reduction that was generally followed by local buyers in the USA.
It was much the same story in Europe. Whereas buyers in Asia took a cautious approach to price reductions last week, this week the prices for European low grades were reduced by another $10 per tonne. This
brought the export prices of these low (cardboard) grades to the same level as local European prices for October. We are now waiting to see what local buyers will do with the prices for November. Last week, there were already signs of price reductions of €10 per tonne, so the price reductions in exports will undoubtedly be followed up on. Or will the current level perhaps be maintained for, shall we say, “strategic” reasons? Who knows?
Prices for medium and high grades in Europe had already been reduced last week, which now appears to be in line with American price reductions.
Price indication
Price indication in Europe for low grades of recovered paper, sorted, baled and ex works are now between € 60 and € 80 per tonne. These prices are depending on quality, available volume, region and loaded weight.
Look here at the Price chart >>
The price chart gives an indication of the price of mixed paper, separately collected, in the Netherlands free delivered mill over the last 10 years.
Scrolling over the top of the columns gives the exact price indication in Euro's per ton.