Market News of Note

Sonoco announced it is implementing a 6% price increase for tubes and cores products sold in Mexico starting with May 2024 deliveries.

Company says it is seeing early financial benefits from recent closures of some of its lumber mills.

Given the market conditions and macro-environment, the first quarter result is in line with expectations. The result reflects the weak trend in construction activity and decreased supply in the raw material market.

The Board of Directors of Sonoco increased its quarterly common stock dividend to $0.52 per share from the previous quarterly distribution of $0.51 per share. This new dividend will be paid on June 10, 2024, to shareholders of record as of May 10, 2024.

Enviva Inc. received a notice from the New York Stock Exchange on April 2, 2024, regarding its non-compliance caused by a delay in filing its 2023 Annual Report. The company has a six-month window to correct this and maintain its stock listing.

DS Smith PLC on Thursday said that an extension had been agreed for its potential takeover by Mondi PLC, though the company still holds a more lucrative offer from International Paper.

Interest in raw materials from family forestry is growing as more and more people see the importance of the forest and opportunities to contribute important solutions to the great challenges of our time. As part of meeting demand, Södra implements price increases on several timber ranges.

Prices for Coated and Uncoated Fine papers were increased during January and February but not to the levels necessary to maintain a viable business. Cost levels, particularly for pulp and transport have continued to increase heavily and are expected to escalate further in the coming months.

Sonoco announced it is implementing a €60 per ton, £50 for UK market, price increase for all grades of uncoated recycled paperboard (URB) sold in Europe effective for deliveries after 15th April 2024.

Rengo Co., Ltd. announces that it will revise the prices of its corrugated board/carton and folding carton. An increase of 10% or more over current prices will be applied to all consignments delivered from April 1, 2024 onwards.

The firm announced that its board approved Joao Alberto Fernandez de Abreu, current head of rail operator Rumo , as its new CEO, replacing Walter Schalka.

In order to contribute to the market's future need for biofuel and strengthen the profitability of the forest farm, Södra is adjusting the base price for GROT, i.e. branches and tops, as of February 28.

SCA is hiking the prices on white and brown kraftliner in Europe by Euro 80 per tonne. The new price is valid from April 1, 2024.

Due to the significant increase in raw material costs, especially driven by pulp, alongside other manufacturing costs related to the recent supply chain constraints in the Red Sea, Lecta announces an unavoidable price increase on its specialty papers ranges of 8 to 10%.

This increase is necessary to maintain the viability of Sappi's business, the actual amount will depend on the product.

Enviva, the leading exporter of wood pellets in the United States, is on the brink of filing for Chapter 11 bankruptcy following a significant misjudgment in future commodity prices, which led to substantial financial losses. Maryland-based company might proceed with the bankruptcy filing by the end of this week, pending the expiration of a 30-day grace period due to a missed $24 million interest payment to bondholders, according to reports.

UPM's Board of Directors has approved the commencement of new plans for the period 2024-2026 within the company's two long-term share incentive arrangements: the Performance Share Plan and the Deferred Bonus Plan.

Enviva Inc. announced that on January 23, 2024 it received notification (the "Notice") from the New York Stock Exchange (the "NYSE") that the Company is no longer in compliance with NYSE continued listing criteria that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30-trading-day period.

As the company notes, good demand for logs remains. So they are hiking prices...

Greif, Inc. is implementing a $40 to $70 per short ton increase for all grades of uncoated recycled paperboard (URB) and a minimum 6.0% increase on all tube and core and protective packaging products.

Appvion is implementing a price increase of up to 8% for direct thermal paper products globally.

Suzano, the global leader in eucalyptus pulp production, has announced price increases for its pulp effective from January across various markets. For China, the price increase will be $10 per ton, while for North America and Europe, the increment will be $80 per ton. The price in North America will reach $1,330 per ton, and in Europe, $1,140.

Sonoco announced it is implementing a $50 per ton price increase for all grades of uncoated recycled paperboard (URB) in the United States and Canada, effective with shipments beginning February 1, 2024.

Sappi Europe will increase prices for its fine paper grades by 7-10% from January 2024. This increase is necessary to maintain viability of Sappi's business, the actual amount will depend on the product and market circumstances.

Smurfit Kappa recently published its second annual Green Bond Allocation and Impact Report which provides details on the use of proceeds of its inaugural €1 billion dual-tranche Green Bond issued in September 2021.