Folding Box Board Paper Price Trend and Forecast

Folding Box Board Paper/ Ivory Board Price Trend Q1 2025

According to PriceWatch, in Q1 2025 Folding Box Board Paper / Ivory Board prices have been showing early stabilization, increasing slightly by about 0.5% compared with Q4 2024 after several quarters of decline.

At the start of the year, packaging converters have been gradually resuming procurement activities as manufacturing operations have been restarting following the holiday season. Demand from key downstream sectors such as pharmaceutical packaging, packaged food cartons, and consumer goods retail boxes has been remaining steady, although buyers have been maintaining cautious inventory management strategies.

Feedstock markets have been presenting balanced conditions, with pulp and recovered paper prices remaining relatively stable and providing a steady cost structure for board producers. Operating rates across major paperboard mills have been remaining moderate as manufacturers have been focusing on preventing oversupply while aligning production with existing demand conditions.

Export markets have been remaining competitive, although certain Asian and Middle Eastern destinations have been continuing to support stable import demand. Seasonal procurement cycles that typically occur at the beginning of the year have been contributing to modest packaging consumption.

Compared with Q4 2024, the market has been showing improved stability as price declines have been slowing and supply-demand conditions have been gradually moving toward balance. However, overall demand growth has still been limited, with many buyers continuing to monitor broader economic conditions before expanding procurement volumes.

India:

According to PriceWatch, In Q1 2025 Folding Box Board Paper/ Ivory Board 200- 400 GSM Both Side Coated GC 1, prices have been increasing by 1% compared with Q4 2024, signalling the beginning of a mild recovery in the domestic packaging board market. Procurement activity among packaging converters has been gradually improving as manufacturing sectors have been resuming operations after the year-end holiday period.

Demand from pharmaceutical packaging, food cartons, and FMCG retail packaging has been supporting steady consumption of folding box board. Paper mills in North India have been maintaining moderate operating rates while monitoring demand trends to prevent inventory buildup. Feedstock markets including pulp and recovered paper have been stable, providing predictable production costs for board manufacturers.

Overall, the market has been showing improved buyer sentiment as converters have been gradually returning to procurement cycles to replenish stocks used during the festive and holiday retail period. On month on month basis, March 2025 prices have been decreasing by 2% compared with February 2025.

Folding Box Board Paper/ Ivory Board Price Trend Q2 2025

According to PriceWatch, in Q2 2025 Folding Box Board Paper / Ivory Board prices have been increasing by nearly 5% compared with Q1 2025, indicating a stronger recovery in the global packaging board market. Prices have been strengthening as packaging converters have been increasing procurement volumes after the cautious purchasing patterns seen earlier in the year.

Demand from key downstream industries such as FMCG packaging, packaged food cartons, personal care products, and e-commerce retail boxes has been improving as brand owners have been preparing for mid-year promotional campaigns and product restocking cycles.

Feedstock markets have been showing firmer conditions, with recovered paper prices and stable pulp costs providing cost support for paperboard producers. Several mills have been adjusting operating rates to maintain supply discipline while responding to gradually strengthening demand conditions.

Export activity has been improving, particularly across Asian markets where regional trade flows and expanding consumer goods production have been supporting higher shipment volumes. Seasonal factors have also been contributing to improved packaging consumption during this transitional quarter.

Compared with Q1 2025, the market has been displaying a more optimistic sentiment as buyers have been increasing order volumes and suppliers have been regaining some pricing power. Overall, the market has been demonstrating gradual recovery supported by stronger packaging demand and more balanced supply conditions.

India:

According to the PriceWatch, In Q2 2025 Folding Box Board Paper/ Ivory Board 200- 400 GSM Both Side Coated GC 1, prices have been decreasing marginally by 0.2% compared with Q1 2025 as the market has been reflecting balanced supply-demand conditions. Packaging converters have been maintaining cautious procurement patterns as domestic demand from consumer goods manufacturers has been steady but not significantly expanding.

Demand from packaged food cartons, cosmetics packaging, and personal care products has been stable as retail consumption has been maintaining a moderate growth pace. On the supply side, paper mills have been continuing steady production levels while managing inventories carefully.

Feedstock costs have been largely stable, limiting significant price fluctuations in the market. Overall, the market has been displaying a largely balanced structure with minimal price volatility as both buyers and producers have been adopting conservative operational strategies. Over the course of the quarter, on monthly basis prices have been declining by 1% in June 2025 compared with May 2025.

Folding Box Board Paper/ Ivory Board Price Trend Q3 2025

According to PriceWatch, In Q3 2025 the Folding Box Board Paper / Ivory Board prices have been demonstrating a moderate weakening trend, recording a nearly 5% declining trend from the previous quarter. The sector has been experiencing mixed demand momentum as packaging converters have been maintaining cautious procurement strategies despite the gradual approach of the festive and year-end retail preparation cycle.

Downstream industries such as snack packaging, confectionery cartons, toy boxes, and cosmetics packaging have been continuing production activities, but overall consumption of folding box board has been remaining slightly softer due to adequate inventory levels accumulated during the previous quarter.

Feedstock recovered paper prices have been remaining relatively stable to slightly firm, providing only limited cost support to paperboard producers. Operating rates across several manufacturing facilities have been continuing at balanced levels as producers have been attempting to manage inventories carefully in response to slower purchasing activity.

Export sentiment has been showing mixed signals, particularly across Asian and Middle Eastern markets, where buyers have been placing selective orders while monitoring price trends and demand conditions. Seasonal demand patterns have been gradually emerging as converters have been preparing for upcoming festive packaging requirements, but procurement activity has been progressing at a measured pace.

Overall, the market has been reflecting a cautious and slightly softer trend compared with the previous quarter as supply availability has been sufficient and buyers have been prioritizing controlled inventory management.

India: Folding Box Board Paper/ Ivory Board Domestically Traded Price Ex-North India, India; Grade- Folding Box Board Paper/ Ivory Board 200- 400 GSM Both Side Coated GC 1

In Q3 2025, Folding Box Board Paper / Ivory Board prices in India on an Ex-North India basis have been declining slightly by 0.7% compared with Q2 2025 as converters have been maintaining cautious procurement strategies ahead of the festive season.

Demand from sectors such as electronic packaging, cosmetics cartons, and consumer goods packaging has been stable but not accelerating significantly.

The monsoon period has also been influencing logistics and manufacturing activity in certain regions, which has been contributing to moderate packaging consumption. Domestic paper mills have been continuing balanced operating rates while managing supply to align with the demand outlook.

Feedstock markets have been relatively stable, offering limited cost fluctuations for producers. Overall, the market has been reflecting mild price pressure as converters have been delaying bulk purchases while preparing for stronger demand expected during the festive retail cycle. On a monthly basis, September 2025 prices have been increasing by 1% compared with August 2025.

Turkey: Folding Box Board Paper/ Ivory Board Imported Price CIF Mersin, Turkey from Indonesia; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1

In Q3 2025, the Folding Box Board (FBB) Paper / Ivory Board import prices in Turkey for cargoes arriving from Indonesia on a CIF Mersin basis have been declining by 2.5% compared with Q2 2025, reflecting softer buying sentiment and cautious procurement among Turkish packaging converters.

Demand from downstream industries such as FMCG cartons, packaged food boxes, pharmaceutical cartons, cosmetics packaging, and consumer electronics packaging has been remaining steady but has not been strong enough to support higher import prices. Many converters have been maintaining conservative purchasing strategies as domestic inventories have been considered adequate following earlier procurement cycles.

In addition, stable to slightly lower export offers from Asian suppliers, particularly Indonesia and other regional producers, have been contributing to the gradual price decline in the Turkish market. Freight conditions and feedstock markets including pulp and recovered paper have been remaining relatively stable, providing limited cost pressure across the supply chain.

Seasonally, the third quarter has been representing a transitional demand phase before stronger year-end packaging activity, which has kept import activity moderate.

On a month-on-month basis, September prices have increasing by 2% compared with August 2025 as purchasing activity has slowed toward the end of the quarter. Overall, compared with Q2 2025, the Turkish market has been reflecting softer import pricing supported by balanced supply availability and cautious demand conditions.

China: Folding Box Board Paper/ Ivory Board Export Price FOB Shanghai, China; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1/CI

In Q3 2025, the Folding Box Board (FBB) Paper / Ivory Board export prices from China on an FOB Shanghai basis have been declining by 4.9% compared with Q2 2025, indicating a noticeable market correction after the price gains observed in the previous quarter.

The decline has been primarily influenced by softer export demand as packaging converters across Southeast Asia, the Middle East, and parts of Europe have been maintaining cautious procurement strategies due to sufficient inventories accumulated earlier in the year.

Downstream industries such as FMCG cartons, packaged food boxes, pharmaceutical packaging, cosmetics cartons, and consumer electronics packaging have been continuing stable production levels, but procurement of folding box board has been slowing as converters have been prioritizing inventory management and cost control.

On the upstream side, feedstock markets including recovered paper and chemical pulp have been remaining relatively stable, providing limited cost pressure for Chinese manufacturers and allowing them to adjust export prices to maintain competitiveness in global markets.

Operating rates across several Chinese paperboard mills have been continuing at balanced levels as producers have been managing supply carefully to avoid inventory buildup while sustaining export shipments.

Seasonally, the third quarter has been representing a transitional demand period before the stronger festive packaging cycle expected later in the year, which has kept procurement activity moderate.

Overall, compared with Q2 2025, the market has been reflecting a softer export pricing environment supported by sufficient supply availability and cautious global demand conditions. On a monthly basis, September 2025 prices have been decreasing by 1% compared to August 2025.

Indonesia: Folding Box Board Paper/ Ivory Board Export Price FOB Jakarta, China; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1

In Q3 2025, the Folding Box Board (FBB) Paper / Ivory Board export prices from Indonesia on an FOB Jakarta basis have been declining by 3% compared with Q2 2025, reflecting a mild market correction after the strong price increase recorded in the previous quarter.

The decline has been primarily influenced by cautious procurement activity among overseas packaging converters as buyers across Southeast Asia, South Asia, and the Middle East have been adjusting purchase volumes following earlier restocking cycles.

Downstream industries such as FMCG cartons, packaged food boxes, personal care packaging, pharmaceutical cartons, and electronics packaging have been maintaining steady production levels, but purchasing activity for folding box board has been moderating as converters have been focusing on inventory management.

On the upstream side, feedstock markets including pulp and recovered paper have been remaining relatively stable, offering limited cost pressure for Indonesian producers and enabling exporters to offer competitive prices in international markets. Operating rates across several Indonesian paperboard mills have been continuing at balanced levels as manufacturers have been managing supply carefully to avoid excess inventories.

Overall, the third quarter has been representing a transitional demand period before the stronger festive packaging demand later in the year, which has kept procurement activity moderate. On month on month price have been increasing by 3% in September 2025 compared to August 2025.

Kenya: Folding Box Board Paper/ Ivory Board Imported Price CIF Mombasa, Kenya from China; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1/CI

In Q3 2025, the Folding Box Board (FBB) Paper / Ivory Board import prices in Kenya for cargoes arriving on a CIF Mombasa basis have been declining by 6% compared with Q2 2025, reflecting a noticeable correction in the regional packaging materials market.

The decline has been primarily influenced by weaker procurement activity among Kenyan packaging converters as buyers have been maintaining cautious purchasing strategies amid adequate inventories and relatively moderate demand from downstream sectors.

Industries such as FMCG packaging, packaged food cartons, pharmaceutical cartons, personal care packaging, and consumer goods retail boxes have been maintaining steady production however, order volumes have not been strong enough to support previous price levels.

In addition, competitive export offers from Asian suppliers, particularly from Indonesia and China, have been contributing to the downward pressure on import prices in East African markets. Feedstock markets including pulp and recovered paper have been remaining relatively stable, which has been allowing exporters to offer more competitive pricing.

Overall, the third quarter has been representing a moderate demand phase before the stronger year-end retail packaging cycle. On a month-on-month basis, September prices have declined by around 3% compared with August as purchasing activity has slowed toward the end of the quarter.

USA: Folding Box Board Paper/ Ivory Board Imported Price CIF Houston, USA from Indonesia; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1

In Q3 2025, the Folding Box Board (FBB) Paper / Ivory Board import prices in the USA on a CIF Houston basis have been declining by 4% compared with Q2 2025, reflecting softer demand momentum and improved supply availability in the packaging materials market.

Demand from downstream sectors such as food and beverage cartons, consumer goods packaging, pharmaceutical cartons, cosmetics packaging, and e-commerce retail boxes has been remaining steady; however, procurement activity among packaging converters has been moderating due to adequate inventory levels accumulated during the previous quarter.

Buyers have been adopting cautious purchasing strategies while monitoring consumer demand trends and cost conditions. On the supply side, stable export offers from Asian suppliers and steady shipping flows have been contributing to the gradual price decline in the U.S. import market.

Feedstock markets including pulp and recovered paper have been remaining relatively balanced, which has been limiting production cost pressures for exporters. Seasonally, the third quarter has been representing a transitional demand period before the stronger retail packaging cycle expected later in the year.

“On a month-on-month basis, September 2025 prices have remained stable compared with August 2025 as procurement activity and supply conditions have remained balanced.” Overall, compared with Q2 2025, the U.S. market has been reflecting a softer pricing trend supported by stable supply and cautious buying behaviour.

Vietnam: Folding Box Board Paper/ Ivory Board Imported Price CIF Haiphong, Vietnam from China; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1/CI

In Q3 2025, the Folding Box Board (FBB) Paper / Ivory Board import prices in Vietnam on a CIF Haiphong basis have been declining by 4.5% compared with Q2 2025, reflecting weaker procurement momentum and sufficient supply availability in the regional packaging materials market.

Demand from downstream industries such as packaged food cartons, FMCG packaging, pharmaceutical cartons, cosmetics packaging, and consumer electronics boxes has been remaining steady as Vietnam’s manufacturing and export-oriented sectors have continued operating at stable levels.

However, many packaging converters have been maintaining cautious purchasing strategies due to adequate inventories accumulated during the previous quarter. Import offers from major Asian suppliers, particularly Indonesia and China, have been relatively competitive, contributing to downward price adjustments in the Vietnamese market.

From the upstream perspective, feedstock markets including pulp and recovered paper have been remaining largely stable, providing limited cost pressure on exporters and enabling flexible pricing strategies.

Overall, the third quarter has been representing a transitional demand phase ahead of stronger packaging consumption expected toward the end of the year as retail and export activities gradually increase. On a month-on-month basis, September prices have declined by around 1% compared with August as purchasing activity has slowed toward the close of the quarter.

Folding Box Board Paper/ Ivory Board Price Trend Q4 2025

According to Price-Watch™, in Q4 2025, the Folding Box Board Paper / Ivory Board prices have been continuing to soften slightly, recording about 1.5% decline from the previous quarter. The sector has been experiencing relatively stable yet cautious demand conditions as packaging converters have been fulfilling seasonal packaging requirements while maintaining disciplined procurement strategies.

Downstream industries such as snack packaging, confectionery cartons, toy boxes, cosmetics packaging, and gift boxes have been increasing production volumes to support year-end retail promotions and holiday sales, sustaining steady consumption of folding box board.

However, sufficient supply availability across major producing regions has been limiting stronger price recovery during the quarter. Feedstock recovered paper prices have been remaining stable, offering modest cost stability for paperboard producers but not providing significant upward pressure on board prices.

Operating rates across several manufacturing facilities have been continuing at controlled levels as producers have been focusing on balancing inventories and maintaining shipment volumes. Export sentiment has been remaining steady, particularly across Asian and Middle Eastern markets where buyers have been continuing procurement for seasonal retail packaging demand.

Seasonal demand patterns have been contributing to consistent packaging consumption during the holiday sales period. Overall, the market has been reflecting a stable, yet slightly weaker trend compared with the previous quarter as adequate supply conditions and cautious buyer behaviour have been influencing pricing dynamics.

India: Folding Box Board Paper/ Ivory Board Domestically Traded Price Ex-North India, India; Grade- Folding Box Board Paper/ Ivory Board 200- 400 GSM Both Side Coated GC 1

In Q4 2025, Folding Box Board Paper / Ivory Board prices in India on an Ex-North India basis have been increasing by 1.3% compared with Q3 2025 as festive-season demand has been strengthening across the packaging industry.

Downstream sectors including confectionery packaging, sweets boxes, cosmetics packaging, and gift packaging have been increasing production to meet higher consumption during Diwali and year-end celebrations. Retail sales promotions and higher consumer spending have been boosting demand for folding cartons and premium packaging formats.

Packaging converters have been increasing procurement to fulfil rising orders from FMCG and consumer goods companies. Domestic paper mills have been maintaining steady operating rates while managing supply to meet seasonal demand growth.

Overall, the market has been reflecting a stronger demand environment supported by festive retail activity and improved packaging consumption. On a month on month basis, the prices have been decreasing by 4% in December 2025 compared with November 2025.

China: Folding Box Board Paper/ Ivory Board Export Price FOB Shanghai, China; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1/CI

In Q4 2025, the Folding Box Board (FBB) Paper / Ivory Board export prices from China on an FOB Shanghai basis have been showing a marginal increase of 0.5% compared with Q3 2025, indicating a phase of stabilization in the market after the decline recorded in the previous quarter.

Export trading conditions have been reflecting relatively balanced supply and demand as overseas buyers have been gradually increasing procurement in preparation for year-end retail activity and holiday-driven consumer demand.

Downstream industries such as FMCG packaging, confectionery and snack cartons, cosmetics packaging, gift boxes, and electronics packaging have been expanding production volumes to support seasonal product launches and holiday retail promotions, contributing to steady consumption of folding box board.

However, the slight price increase has been limited by adequate supply availability from Chinese paperboard mills as well as competitive export offerings from other Asian suppliers. Feedstock markets including recovered paper and pulp have been remaining relatively stable during the quarter, providing cost consistency for manufacturers without creating strong upward pressure on board prices.

Operating rates across several Chinese mills have been continuing at controlled levels as producers have been maintaining balanced inventories while supporting steady export shipments through major ports including Shanghai.

Export demand from Southeast Asia and the Middle East has been improving moderately, although buyers have continued to maintain disciplined procurement strategies amid global economic uncertainties.

Overall, compared with Q3 2025, the market has been reflecting a stable export environment supported by seasonal packaging demand and balanced supply conditions. On a month on month basis, December 2025 prices have been stable compared to November 2025.

Indonesia: Folding Box Board Paper/ Ivory Board Export Price FOB Jakarta, China; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1

In Q4 2025, the Folding Box Board (FBB) Paper / Ivory Board export prices from Indonesia on an FOB Jakarta basis have been remaining stable with no change compared with Q3 2025, indicating balanced market conditions during the year-end period.

Export trading activity has been reflecting steady demand as overseas buyers have been continuing procurement to support seasonal packaging requirements associated with year-end retail sales and holiday consumption.

Downstream sectors such as food and confectionery cartons, cosmetics packaging, gift boxes, and consumer goods packaging have been maintaining consistent production levels, sustaining stable demand for folding box board exports from Indonesia.

However, the absence of a price increase has been influenced by adequate supply availability and ongoing competition from other Asian suppliers, particularly China. Feedstock costs including pulp and recovered paper have been remaining largely stable during the quarter, providing cost stability for Indonesian producers without significant upward pressure on export prices.

Paper mills across Indonesia have been maintaining controlled operating rates to balance production with steady export demand. Overall, compared with Q3 2025, the market has been reflecting a stable export environment supported by seasonal packaging consumption and balanced supply conditions. On monthly basis, prices have been decreasing by 2% in December 2025 compared with November 2025.

Turkey: Folding Box Board Paper/ Ivory Board Imported Price CIF Mersin, Turkey from Indonesia; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1

In Q4 2025, the Folding Box Board (FBB) Paper / Ivory Board import prices in Turkey for shipments from Indonesia on a CIF Mersin basis have been declining by 1.5% compared with Q3 2025, indicating continued mild pressure on the market during the year-end period.

Although downstream sectors such as food and confectionery packaging, cosmetics cartons, gift packaging, and retail cartons have been maintaining stable production for holiday sales and promotional campaigns, overall procurement by Turkish converters has been remaining measured.

Buyers have been focusing on short-term purchasing strategies due to sufficient stock levels and competitive import offers from Asian suppliers. Upstream factors including pulp and recovered paper costs have been remaining relatively stable, which has been limiting upward price pressure across the supply chain. Freight rates on Asia–Mediterranean routes have also been stable, supporting consistent import flows into the Turkish packaging sector.

Despite the seasonal rise in packaging demand associated with year-end retail consumption, supply availability has been sufficient to keep prices under slight pressure. On a month-on-month basis, December prices have declined by 6% compared with November as purchasing activity has slowed toward the close of the year. Overall, compared with Q3 2025, the market has been reflecting a slightly softer but stable import environment in Turkey.

Kenya: Folding Box Board Paper/ Ivory Board Imported Price CIF Mombasa, Kenya from China; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1/CI

In Q4 2025, the Folding Box Board (FBB) Paper / Ivory Board import prices in Kenya on a CIF Mombasa basis have been declining by 3% compared with Q3 2025, indicating continued mild downward pressure in the market despite the seasonal rise in packaging demand.

Downstream industries such as food and beverage packaging, confectionery cartons, pharmaceutical cartons, cosmetics packaging, and retail packaging boxes have been maintaining steady production to meet year-end consumer demand and holiday sales activity.

However, procurement among packaging converters has been remaining cautious due to sufficient stock levels and competitive import offers available in the market. Supply availability from Asian exporters has been steady, which has been maintaining comfortable inventory levels across the Kenyan packaging sector.

Upstream factors such as pulp and recovered paper costs have been remaining relatively stable, limiting any strong upward price pressure on imported board. On a month on month basis, December prices have remained stable compared with November, reflecting unchanged market conditions. Overall, compared with Q3 2025, the Kenyan market has been reflecting a slightly softer pricing environment despite steady seasonal demand from packaging applications.

USA: Folding Box Board Paper/ Ivory Board Imported Price CIF Houston, USA from Indonesia; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1

In Q4 2025, the Folding Box Board (FBB) Paper / Ivory Board import prices in the USA on a CIF Houston basis have been declining by 2.5% compared with Q3 2025, indicating continued mild downward pressure despite seasonal demand from the retail and consumer goods sectors.

Downstream industries such as packaged food cartons, confectionery packaging, cosmetics cartons, consumer electronics packaging, and e-commerce shipping boxes have been maintaining steady production to support holiday sales and year-end retail promotions.

However, procurement among packaging converters has been remaining measured as many companies have been managing inventories carefully and taking advantage of competitive import offers from global suppliers.

Supply availability from Asian exporters has been consistent, while feedstock markets including pulp and recovered paper have been remaining relatively stable, limiting strong cost-driven price movements.

On a month-on-month basis, December prices have declined by around 1% compared with November as procurement activity has slowed slightly toward the end of the year. Overall, compared with Q3 2025, the market has been reflecting a slightly softer import pricing environment despite stable seasonal demand from packaging applications.

Vietnam: Folding Box Board Paper/ Ivory Board Imported Price CIF Haiphong, Vietnam from China; Grade- Folding Box Board Paper/ Ivory Board 210- 350 GSM Both Side Coated GC 1/CI

In Q4 2025, the Folding Box Board (FBB) Paper / Ivory Board import prices in Vietnam on a CIF Haiphong basis have been increasing slightly by 0.5% compared with Q3 2025, indicating a mild stabilization in the market following the previous quarter’s decline.

Demand from downstream industries such as food and beverage packaging, confectionery cartons, cosmetics packaging, consumer goods cartons, and electronics packaging has been improving moderately as manufacturers have been preparing for year-end retail demand and export shipments.

Packaging converters in Vietnam have been gradually increasing procurement to support seasonal production schedules; however, buying activity has remained disciplined as inventory levels have been carefully managed.

Supply availability from Asian exporters has remained steady, while feedstock costs including pulp and recovered paper have been relatively stable, limiting any significant upward pressure on import prices. Freight conditions along regional shipping routes have also been consistent, supporting stable import flows into the port of Haiphong.

On a month-on-month basis, December prices have remained stable compared with November, reflecting balanced supply-demand conditions toward the end of the year. Overall, compared with Q3 2025, the Vietnamese market has been showing a stable to slightly firmer trend supported by seasonal packaging demand and steady trade flows.