Global:
According to Price-Watchâ„¢, In Q1 2025, global OCC prices have been largely declining, averaging a decrease of approximately 8% compared with Q4 2024, reflecting persistently weak market conditions. The market has been experiencing subdued demand from packaging sectors such as industrial cartons, retail packaging, and consumer goods boxes, as post-holiday purchasing activity has remained weak across major economies.
Supply conditions have remained abundant, supported by higher retail waste generation and steady commercial collection activity, which have increased global recovered paper availability. Asian paper mills have been maintaining cautious import procurement strategies due to sufficient inventories and uncertain export demand outlook. Mills have been operating at lower utilization rates to manage inventories and control production costs in a weak demand environment.
Export trade flows have stabilized due to improved logistics conditions across key shipping routes. Month-on-month, prices declined by 11.5% from February to March, reflecting continued softness in near-term demand and buying interest. Overall, the market has been reflecting a weak and oversupplied trend with cautious sentiment across participants.
India
In Q1 2025, the OCC Grade 11 price in India on a CFR basis from the USA declined by around 7% compared with Q4 2024. The market remained under pressure due to post-holiday demand normalization and slower procurement activity from Indian paper mills. Downstream corrugated packaging demand from FMCG, retail, and export sectors weakened after year-end inventory restocking cycles ended.
Seasonal slowdown following the festive period reduced consumption of packaging materials across several industries. Upstream OCC supply in the United States remained stable, with adequate recycling collection volumes and consistent export availability. Freight conditions also remained relatively soft, contributing to lower CFR sentiment.
Indian mills focused on consuming existing inventories rather than increasing imports aggressively. Feedstock demand therefore remained subdued despite stable production activity in some containerboard facilities. End-use applications such as transport packaging, industrial cartons, and retail corrugated boxes showed slower order inflows.
Month-on-month, prices increased by around 1% in March 2025 compared with February 2025. Overall, the market continued its bearish trend due to weak downstream demand and balanced-to-ample feedstock supply.
Global:
According to Price-Watchâ„¢, In Q2 2025, global OCC prices increased slightly, rising by 4% compared with Q1 2025, reflecting a gradual market recovery. The market experienced improved demand from downstream sectors such as agricultural packaging, food containers, beverage cartons, and FMCG applications, where seasonal consumption supported corrugated packaging demand.
Supply conditions remained relatively balanced as collection growth slowed following strong post-holiday recovery activity. Asian paper mills increased procurement activity moderately to support improving export-oriented packaging demand. Feedstock costs for recovered paper grades stabilized. Mills operated at stable utilization rates to align with improving consumption trends, while inventories declined moderately due to better order inflows.
European producers continued facing energy cost pressures, limiting aggressive production increases. Overall, the global OCC market remained mildly firm with balanced inventories and improving seasonal packaging demand. Month-on-month prices declined by 3.7% in June compared with May.
India- Old Corrugated Container (OCC) Imported Price CFR Nhava Sheva, India from USA: OCC 11 (Purity-95%)
In Q2 2025, the OCC Grade 11 price in India on a CFR basis from the USA decreased by around 2% compared with Q1 2025. The mild decline was caused by cautious buying sentiment among Indian paper mills as downstream packaging demand remained moderate. Corrugated box consumption from FMCG, food delivery, and industrial sectors remained stable but lacked significant expansion.
Seasonal summer demand supported some packaging activity, but export-oriented industries continued facing weaker overseas orders. On the upstream side, US OCC supply remained sufficient due to healthy recycling collection rates and stable domestic generation volumes. Freight conditions largely stabilized, reducing volatility in CFR trade. Indian mills maintained controlled procurement strategies while closely monitoring inventory levels.
Feedstock competition among buyers remained limited because supply availability exceeded immediate requirements. End-use applications, including e-commerce cartons, transport packaging, and industrial shipping boxes, maintained steady but unspectacular demand. Month-on-month, prices increased by around 10% in June 2025 compared with May 2025. Overall, the market remained weak but relatively stable under balanced supply-demand fundamentals.
In Q3 2025, global OCC prices weakened noticeably, declining by 10% compared to Q2 2025 due to weaker demand and rising supply availability across major recycling markets. Demand from downstream sectors such as industrial packaging, electronics cartons, and durable goods applications remained weak as slower manufacturing activity and cautious consumer spending reduced corrugated box consumption globally.
Asian buyers reduced procurement volumes as inventories remained sufficient and export packaging demand weakened further during the quarter. Feedstock costs for recovered paper grades softened due to abundant supply availability and lower freight rates across export markets. Mills operated at controlled utilization rates to manage inventory pressure and weaker order inflows, while inventories increased gradually.
Food delivery and FMCG packaging applications continued providing baseline demand support despite sluggish industrial activity. On a month-on-month basis, September 2025 prices declined by around 5.5% compared with August.
USA: Old Corrugated Container (OCC) Domestic trade Price FD United Kingdom, Europe; Grade- Grade 95/5 (Purity-95%)
In Q3 2025, USA FOB OCC Grade 11 prices declined significantly by approximately 10% compared with Q2 2025, reflecting a softer and supply-heavy market environment. The market experienced weakening demand from downstream corrugated packaging industries, particularly in industrial cartons, retail packaging, and export-oriented containerboard applications, as manufacturing activity and order inflows slowed across the United States.
E-commerce and FMCG packaging consumption remained stable but was insufficient to offset broader industrial weakness. Upstream, OCC collection volumes increased strongly due to higher commercial recycling activity during the summer season, leading to abundant feedstock availability. Mills across the US operated at reduced utilization rates as they focused on inventory control and cost optimization rather than aggressive procurement.
Export demand from Asian buyers, particularly India and Southeast Asia, softened as inventories remained comfortable. Month-on-month, prices declined by 5.5% in September 2025 compared with August 2025. Overall, the market remained bearish with oversupply conditions and subdued downstream demand pressure.
India: Old Corrugated Container (OCC) Imported Price CFR Nhava Sheva, India from USA: OCC 11 (Purity-95%)
In Q3 2025, the OCC Grade 11 price in India on a CFR basis from the USA decreased by around 3% compared with Q2 2025. The decline was linked to weaker downstream packaging demand during the monsoon season and cautious purchasing behavior from Indian mills.
Corrugated packaging demand from agriculture, consumer goods, and manufacturing sectors slowed due to weather-related logistical disruptions and softer industrial output. Seasonal rainfall also affected inland transportation and waste collection activities across India.
Upstream OCC supply in the United States remained adequate, maintaining consistent export availability for Asian buyers. Indian mills therefore avoided aggressive procurement due to comfortable inventory positions and uncertain downstream order flow. Feedstock competition stayed moderate, while freight rates remained relatively stable.
End-use sectors such as FMCG cartons, export packaging, and industrial transport boxes continued operating steadily but without strong growth momentum. Month-on-month, prices declined by around 8% in September 2025 compared with August 2025. Overall, the market remained in a gradual correction phase due to cautious demand conditions and stable supply availability.
Spain: Old Corrugated Container (OCC) Exported Price FOB Barcelona, Spain; Grade- Grade 95/5 (Purity-95%)
In Q3 2025, the Spain FOB market for Old Corrugated Container (OCC) Grade 95/5 softened by approximately 3% compared with Q2 2025. The market witnessed moderate weakness as downstream demand from corrugated box manufacturers, packaging converters, FMCG packaging, food cartons, and logistics applications slowed during the summer period. Seasonal reductions in industrial and retail activity across Spain and wider Europe limited fresh procurement of recovered fiber.
Meanwhile, collection rates of used corrugated materials improved due to stable commercial waste generation from supermarkets, warehouses, and distribution centers, increasing feedstock availability in the domestic recycling sector. Export buying interest from Asian paper mills remained cautious because of sufficient inventories and weak containerboard margins, reducing pressure on Spanish FOB offers.
Upstream recycling operators and waste collection companies maintained comfortable supply conditions, while freight movement within Europe normalized compared with earlier disruptions. Month-on-month, prices declined by around 4% in September 2025 compared with August 2025. Overall, the Spanish OCC market remained slightly bearish during the quarter.
UK: Old Corrugated Container (OCC) Domestic trade Price FD United Kingdom, Europe; Grade- Grade 95/5 (Purity-95%)
In Q3 2025, the UK domestic price for Old Corrugated Container (OCC) Grade 95/5 weakened slightly by around 2% compared with Q2 2025. The market remained relatively balanced, although mild downward pressure emerged due to slower summer-season industrial activity and reduced packaging consumption from FMCG, retail, and e-commerce sectors.
Downstream corrugated box manufacturers operated at steady but not strong production levels, as consumer spending remained cautious amid inflationary pressures in the UK economy. Upstream collection of recovered paper stayed stable, supported by consistent municipal waste generation and retail distribution waste. Feedstock availability remained comfortable, without becoming excessive, as recycling systems functioned efficiently across major UK regions.
Export demand from Asian markets softened slightly due to adequate global inventory levels, reducing competition for UK-origin OCC material. Month-on-month, prices declined by around 4% in September 2025 compared with August 2025. Overall, end-use applications such as food delivery packaging, beverages, and industrial logistics provided steady baseline demand, but they were insufficient to improve overall market sentiment.
China: Old Corrugated Container (OCC) Domestic trade Price EX- Liaoning, China; OCC Yellow Cardboard Grade A (Purity-95% )
In Q3 2025, China’s domestic Waste Yellow Cardboard Grade A prices increased by around 9% compared with Q2 2025, reflecting a steady recovery phase. The market was supported by improved recycling collection efficiency after the monsoon disruption period, which had previously affected waste paper inflows. Upstream supply tightened moderately as packaging stations slowed collections, while paper mills increased procurement to secure feedstock for stable corrugated production.
Downstream demand from corrugated box manufacturers and e-commerce packaging firms remained steady due to gradual recovery in logistics and FMCG activity. Seasonal demand from food delivery and retail packaging also contributed to stronger consumption of recycled fiber. However, export-oriented packaging demand remained cautious due to global macro uncertainty.
Feedstock competition between mills intensified slightly, especially in coastal production hubs. Month-on-month, prices increased by around 10% in September 2025 compared with August 2025. Overall, the market showed a recovery trend driven by balanced demand growth and moderately tightening supply conditions across recycling channels.
Indonesia: Old Corrugated Container (OCC) Imported Price CFR Jkarata, Indonesia from USA: : OCC 11 (Purity-95%)
In Q3 2025, the OCC Grade 11 price in Indonesia on a CFR basis from the declined sharply by around 21% compared with Q2 2025. The downturn was driven by significantly weaker import demand from Indonesian paper mills, as downstream corrugated box production slowed due to cautious FMCG consumption and softer e-commerce growth after earlier restocking cycles. Seasonal factors, including monsoon-related logistics disruptions in Southeast Asia, further delayed port operations and reduced buying urgency.
On the upstream side, the US maintained steady OCC generation from domestic collection systems, but export pressure increased due to limited alternative destinations, leading to competitive pricing. Feedstock availability remained sufficient, while global buyers turned more selective, affecting CFR realizations. End-use demand for packaging applications such as shipping cartons, food delivery boxes, and industrial packaging remained stable but was not strong enough to support higher imports.
Month-on-month, prices declined by around 21% in September 2025 compared with August 2025. Overall, the market shifted into a correction phase due to weak Indonesian demand and logistical inefficiencies across trade routes.
Vietnam Old Corrugated Container (OCC) Imported Price CFR Haiphong, Vietnam from USA: : OCC 11 (Purity-95%)
In Q3 2025, the OCC Grade 11 price in Vietnam on a CFR basis from the USA declined by around 14% compared with Q2 2025. The downturn mainly resulted from slower purchasing activity among Vietnamese paper mills, as downstream corrugated packaging demand softened due to weaker export manufacturing activity and cautious consumer spending. End-use sectors such as electronics packaging, textile exports, and FMCG corrugated applications experienced slower order inflows, reducing recycled fiber consumption.
Seasonal monsoon disruptions across Southeast Asia also affected logistics and port handling efficiency, delaying cargo movement and lowering immediate procurement requirements. On the upstream side, US OCC supply remained relatively stable due to consistent domestic collection rates and sufficient recycling availability. However, exporters faced intensified competition to secure buyers amid softer Asian demand.
Feedstock inventories at Vietnamese mills remained adequate, limiting aggressive import purchases. Month-on-month, prices declined by around 4% in September 2025 compared with August 2025. Overall, the market entered a correction phase driven by reduced downstream packaging activity and cautious import sentiment.
In Q4 2025, global OCC prices declined further by 13% compared to Q3 2025 due to weak market fundamentals and oversupply conditions. Demand from packaging sectors such as industrial cartons, electronics packaging, and furniture boxes remained weak as slower trade activity and low consumer confidence reduced corrugated packaging consumption.
Supply conditions stayed oversupplied because festive retail collection activity and higher commercial waste recovery increased recovered paper availability across major regions. Asian buyers delayed procurement decisions expecting further price corrections, which intensified competition among exporters. Feedstock costs for recovered paper grades remained soft due to abundant supply and stable freight conditions.
Mills operated at lower utilization rates to manage inventories and reduce production amid weak order inflows. Logistics operations across major trade routes remained smooth, supporting uninterrupted OCC shipments globally. On a month-on-month basis, December 2025 prices declined by around 9.1% compared with November due to cautious buying sentiment and continued excess supply in the market.
USA: Old Corrugated Container (OCC) Exported Price FOB Savannah, USA; OCC 11 (Purity-95%)
In Q4 2025, USA FOB OCC Grade 11 prices declined further by 13% compared with Q3 2025, reflecting prolonged weakness in both domestic and export markets. The market experienced weak downstream demand from US containerboard mills, as packaging consumption from industrial goods, furniture, and electronics sectors slowed due to cautious consumer spending during the holiday period.
Although seasonal retail activity generated higher packaging usage, it did not translate into stronger mill procurement because inventory levels remained high. Upstream OCC supply stayed abundant as post-holiday retail recovery and commercial waste generation increased collection volumes across major US regions. Mills operated at lower run rates, focusing on destocking rather than rebuilding inventories.
Export demand from Asia remained limited as buyers delayed purchases in expectation of further price corrections. Month-on-month, prices declined by 9.1% in December 2025 compared with November 2025. Overall, the market remained strongly bearish due to excess supply and weak downstream consumption.
India: Old Corrugated Container (OCC) Imported Price CFR Nhava Sheva, India from USA: OCC 11 (Purity-95%)
In Q4 2025, the OCC Grade 11 price in India on a CFR basis from the USA decreased by around 12% compared with Q3 2025. The significant decline was driven by weaker-than-expected festive season packaging demand and reduced procurement from Indian paper mills. Downstream sectors including e-commerce, retail distribution, and export manufacturing experienced slower order growth, limiting corrugated box production expansion.
On the upstream side, US OCC availability remained abundant due to stable recycling generation and reduced domestic demand pressure. Freight costs also eased further, intensifying bearish market sentiment. Indian mills preferred inventory optimization strategies instead of aggressive import buying, particularly amid uncertain export demand conditions.
Feedstock supply therefore outpaced immediate consumption needs. End-use applications such as industrial cartons, shipping containers, and retail packaging maintained baseline demand but lacked seasonal strength. Month-on-month, prices declined by around 5% in December 2025 compared with November 2025. Overall, the market experienced a strong bearish correction due to subdued downstream demand and comfortable feedstock availability.
Spain: Old Corrugated Container (OCC) Exported Price FOB Barcelona, Spain; Grade- Grade 95/5 (Purity-95%)
In Q4 2025, the Spain FOB price for Old Corrugated Container (OCC) Grade 95/5 declined sharply by around 13% compared with Q3 2025. The market faced significant downward pressure as demand from packaging mills, containerboard manufacturers, retail packaging, and industrial box applications weakened toward the year-end period. European manufacturing activity slowed further, while packaging orders from consumer goods and export-oriented industries remained below expectations.
Feedstock availability improved considerably because commercial waste collection volumes increased after summer, resulting in higher OCC recovery rates across Spain. Domestic recyclers and paper mills operated with comfortable inventory levels, limiting aggressive purchasing activity. Export demand from Asian buyers remained weak due to subdued containerboard production margins and sufficient imported fiber stocks.
Competitive pressure from lower-cost European recovered paper supplies also affected Spanish FOB sentiment. Seasonal destocking activities and cautious procurement strategies among converters further reduced transaction volumes. Month-on-month, prices declined by around 9% in December 2025 compared with November 2025. Overall, the Spanish OCC market remained strongly bearish throughout the quarter.
UK: Old Corrugated Container (OCC) Domestic trade Price FD United Kingdom, Europe; Grade- Grade 95/5 (Purity-95%)
In Q4 2025, the UK domestic OCC Grade 95/5 price declined sharply by around 9% compared with Q3 2025, reflecting strong bearish pressure in the market. The market experienced significant weakness as downstream demand from corrugated packaging, retail supply chains, and manufacturing sectors softened toward year-end. Seasonal factors contributed further, as holiday destocking and reduced industrial activity led to lower fresh packaging orders.
E-commerce and FMCG packaging demand also weakened after pre-festive stocking cycles were completed. Upstream, OCC collection increased notably due to higher post-consumer waste generation from retail consumption and commercial activity, creating ample feedstock availability across the UK recycling system. This resulted in oversupply conditions at domestic mills, which were already operating with comfortable inventories.
Export demand from Asian buyers remained subdued, limiting alternative outlets for excess material. Month-on-month, prices declined by around 8% in December 2025 compared with November 2025. Overall, the market reflected a clearly bearish phase due to oversupply, weak demand, and seasonal slowdown.
China: Old Corrugated Container (OCC) Domestic trade Price EX- Liaoning, China; OCC Yellow Cardboard Grade A (Purity-95% )
In Q4 2025, the Waste Yellow Cardboard Grade A price increased by around 17% compared with Q3 2025. The rise was driven by strong seasonal packaging demand ahead of year-end consumption, festivals, and e-commerce promotions. Downstream corrugated box production expanded sharply, supported by retail replenishment and export packaging cycles. Upstream supply tightened as waste collection rates did not fully match industrial demand, while storage accumulation at packaging stations reduced availability.
Paper mills competed aggressively for recovered fiber feedstock, increasing procurement intensity. Rising production activity in containerboard mills further strengthened raw material demand from recyclers. Seasonal factors, including pre-holiday inventory building, amplified demand pressure. End-use applications such as FMCG packaging, electronics shipping boxes, and online retail logistics drove higher consumption.
Month-on-month, prices remained largely stable in December 2025 compared with November 2025. Overall, the market entered a strong bullish phase supported by tight supply conditions and peak seasonal demand pressure across the supply chain.
Indonesia: Old Corrugated Container (OCC) Imported Price CFR Jkarata, Indonesia from USA: Grade 11 (95%)
In Q4 2025, the OCC Grade 11 price in Indonesia on a CFR basis from the declined by around 6% compared with Q3 2025. The decline was influenced by continued cautious procurement from Indonesian paper mills, which faced margin pressure due to weaker export packaging orders and moderated domestic consumption. Downstream corrugated packaging demand did not fully recover, as retail and industrial sectors focused on inventory control rather than expansion.
Seasonal year-end demand, typically supportive, was weaker than expected due to macroeconomic uncertainty and slower trade flows. On the upstream side, US OCC supply remained stable, with sufficient collection rates and limited domestic bottlenecks, resulting in steady export availability. However, freight cost normalization and strong competition from other exporting regions pressured CFR pricing.
Month-on-month, prices increased by around 7% in December 2025 compared with November 2025. Overall, the market remained in a soft correction phase with subdued import appetite and balanced supply conditions.
Vietnam Old Corrugated Container (OCC) Imported Price CFR Haiphong, Vietnam from USA: : OCC 11 (Purity-95%)
In Q4 2025, the OCC Grade 11 price in Vietnam on a CFR basis from the USA declined by around 8% compared with Q3 2025. The decline was influenced by subdued year-end packaging demand and weaker export-oriented manufacturing activity in Vietnam. Downstream industries including furniture exports, electronics assembly, and retail packaging showed slower expansion, limiting corrugated box production growth.
Although the festive season traditionally supported packaging consumption, inventory optimization strategies among converters and mills reduced raw material procurement intensity. Upstream OCC availability in the United States remained comfortable due to stable recovery volumes and continuous recycling inflows. Freight conditions also stabilized, further easing supply pressure into Asian markets.
Vietnamese paper mills focused on managing existing inventories rather than increasing spot purchases, particularly amid uncertain export orders. Month-on-month, prices declined by around 4% in December 2025 compared with November 2025. Overall, the market remained under pressure from weak downstream consumption and balanced-to-ample supply availability across the regional recycled fiber supply chain.
