纸浆与造纸：2026 年全球纸浆-值得关注的十大主题-Pulp & Paper_ 2026 Global Pulp_ 10 Key Themes to Watch

We think Brazilian producers are best positioned in a market that is generally under pressure, due to: i) scale; ii) better cost position; and iii) a generally superior operational stability. We expect Chilean producers to catch up as low cost investment matures, while Indonesians can also be well positioned if wood availability remains normalized. Producers in North America, particularly in Canada, and in the Nordics, are at a more challenging position, although Europeans have had some recent tailwinds. On ...