Global:
According to the Price-Watch™, In Q1 2025 prices have been declining by 3.3% compared with Q4 2024, averaging between 635–645 USD per metric ton. Post-holiday demand has been easing across retail, FMCG, and industrial sectors, while exporters in Thailand have been observing measured off-take.
Mill utilization rates have been steady, maintaining balanced supply relative to softened demand. Buyers have been focusing on lean inventories and cost management, while fiber and energy costs have remained stable.
Seasonal slowdowns typical of the first quarter have influenced buying patterns, and e-commerce shipments have continued steady growth without significant acceleration.
Premium packaging demand for branded consumer goods has remained supportive, ensuring sustained interest in White Top Testliner.
Overall, the global scenario has been showing moderate seasonal demand, stable supply, and balanced market fundamentals following the previous quarter’s peak.
India:
According to Price Watch, In Q1 2025 White Top Testliner 135-140 GSM CIF Nhava Sheva, Thailand prices have been averaging between 670-705 USD per MT, declining by compared to Q4 2024, Compared with the previous quarter’s mild correction, this quarter has been reflecting continued price softening, as converters in FMCG, food, beverage, and retail packaging have been reducing procurement following the year-end festive peak.
Adequate port inventories and consistent import supply from Southeast Asian exporters have been limiting aggressive buying. Upstream pulp and recycled fiber prices have been softening slightly, reducing cost-driven support for exporters.
Freight rates have been steady, keeping landed costs predictable. Seasonal first-quarter demand has been moderate, with industrial and agricultural packaging offtake remaining steady but not strong.
On a month-on-month basis, prices have been declining in March 2025 by 2.5% when compared with February 2025. Overall, Q1 2025 has been reflecting a controlled and mildly soft scenario characterized by balanced supply, cautious downstream buying, and ongoing cost-driven price adjustments.
Global:
According to the Price-Watch™, In Q2 2025 prices have been declining by 3.6% compared with Q1 2025. Global demand has been softening amid cautious industrial activity and moderate macroeconomic conditions, while Thailand exports have been facing competition from alternative containerboard suppliers.
Mill utilization rates have been improving slightly, enhancing supply availability. Buyers have been demonstrating price sensitivity, with procurement focused on cost efficiency and inventory management.
Seasonal demand from food and beverage packaging has provided limited support, while e-commerce shipments have continued steady but unspectacular growth. Fiber costs have been stable, restricting any sudden price volatility.
Overall, the global scenario has been reflecting subdued demand, mild pricing pressure, and competitive export dynamics, while White Top Testliner has maintained relevance in premium and sustainable packaging applications.
India:
According to Price Watch, In Q2 2025 White Top Testliner 135-140 GSM CIF Nhava Sheva, Thailand prices have been averaging between USD 650-675 per MT, declining by nearly 4% from Q1 2025.
Compared with Q1’s softening trend, this quarter has been reflecting continued downward pressure, as converters in FMCG, retail, and industrial packaging have been cautiously managing procurement amid comfortable inventories.
Import volumes from Europe and Southeast Asia have been steady, preventing supply tightness and limiting sudden price increases. Upstream pulp and recycled fiber markets have been stable to slightly soft, exerting downward influence on prices.
Freight rates have remained moderate, ensuring predictable landed costs. Seasonal demand from summer beverage packaging, agricultural shipments, and mid-year industrial offtake has contributed to measured consumption.
On a month-on-month basis, prices have been decreasing steadily across April, May, and June, with June 2025 recording a drop of 0.5% compared with May 2025. Overall, Q2 2025 has been reflecting a subdued and controlled market scenario characterized by adequate supply, cautious downstream buying, and persistent competitive pressure, limiting price recovery.
In Q3 2025, White top testliner prices have been moderating by 3.2% compared with Q2 2025. Summer demand from agriculture and beverage packaging has remained supportive, while mill utilization rates have been improving, enhancing supply availability.
Buyers have been increasingly price sensitive as fiber costs have stabilized, and export competitiveness from Thailand has been under pressure from global suppliers offering competitive containerboard pricing. Seasonal retail restocking ahead of autumn has been occurring but at a measured pace.
E-commerce shipments have been growing steadily but without sharp acceleration. Producers have been maintaining balanced output levels to prevent inventory buildup. Overall, the global scenario has been showing balanced fundamentals, with stable demand and improved supply conditions resulting in a mild price correction rather than a structural downturn.
Thailand: White Top Testliner Exported Prices FOB Laem Chabang, Thailand; Grade- White top Testliner 135-140 GSM
In Q3 2025, White Top Testliner export prices from Thailand have been averaging between 590-610 USD per metric ton, registering a 3.2% decline from Q2 2025. On a month-on-month basis, prices have been gradually decreasing by 1.5% in September 2025 compared to August 2025.
Downstream corrugated box manufacturers supplying food and beverage, electronics, agriculture, and e-commerce sectors have been aligning purchases with moderate export orders and controlled inventory strategies.
Upstream, recovered paper and recycled fiber feedstock costs have been remaining relatively steady, reducing cost volatility for mills and enabling competitive export offers. Energy and freight expenses have also been manageable compared to earlier fluctuations.
Seasonally, demand ahead of year-end restocking has been developing slowly, limiting upward price momentum. Overall, the market has been experiencing balanced supply conditions, restrained downstream procurement, and mild but persistent pricing pressure throughout the quarter.
India: White Top Testliner Imported Prices CIF Nhava Sheva, Thailand; Grade- White top Testliner 135-140 GSM
In Q3 2025, White Top Testliner CIF Nhava Sheva prices have been averaging between 645-665 USD per MT, marking nearly 1% decline compared with Q2 2025. Downstream demand from FMCG, beverages, food, and electronics packaging sectors has been growing moderately, while industrial segments have remained cautious and conservative in their procurement strategies.
Indian converters have been focusing on maintaining optimal inventory levels and cost management amid ongoing competitive pressure from Southeast Asian and European suppliers. Upstream feedstock costs, including recovered fiber and pulp, have been stable, exerting limited support for price recovery.
Freight rates have been steady, allowing continuous imports without creating supply constraints. Seasonal factors have been contributing to a softer overall demand environment, with agricultural and retail packaging offtake developing gradually rather than sharply.
On a month-on-month basis, prices have been declining marginally by 1.5% in September 2025 compared to August 2025. Overall, the market has been experiencing a subdued tone characterized by adequate supply, controlled buying interest, and persistent competitive pricing pressure, with limited scope for immediate rebound.
Australia: White Top Testliner Imported Prices CIF Melbourne, Australia; Grade- White top Testliner 135-140 GSM
In Q3 2025, CIF Australia prices for White Top Testliner have been ranging between USD 670-685 per MT, marking about 2% decline from Q2 2025. On a month-on-month basis, prices have been easing by around 0.5% in September 2025 compared with August 2025, as downstream demand from FMCG, retail, and industrial packaging sectors has been recovering slowly following mid-year supply adjustments.
Australian converters have been maintaining controlled procurement amid sufficient stock levels at ports, while aggressive buying has been limited by competitive offers from Southeast Asian suppliers.
Upstream Thai recycled fiber and pulp markets have been relatively stable, exerting moderate downward influence on export pricing. Freight rates and shipping availability have been predictable, supporting steady landed costs.
Seasonal mid-year demand, including beverage and agricultural packaging, has contributed to steady but not accelerated offtake. Overall, the market has been reflecting a cautious and moderately soft scenario characterized by adequate supply, measured downstream buying, and persistent competitive pressure in the region.
Germany: White Top Testliner Domestically traded Prices FD Hamburg, Germany; Grade- White top testliner 135-140 GSM
In Q3 2025, FD Germany White Top testliner prices in Hamburg have been averaging between USD 505-535 per MT, reflecting a 1.5% decline from Q2 2025. Activity in FMCG, e-commerce, and food packaging sectors has been steady but not accelerating, while industrial demand has plateaued post-summer.
Local converters have been prioritizing inventory optimization and working capital management, limiting aggressive buying. Upstream recovered fiber and kraft pulp costs have been stable, exerting minimal cost pressure on domestic pricing. Warehouse and logistics hub stocks across Hamburg and surrounding regions have been sufficient, reducing urgency for additional purchases.
On a month-on-month basis, prices have been stabilizing slightly in September 2025 showing a 0% change compared with August 2025, as domestic demand from corrugated box manufacturers has remained measured following mid-year restocking.
Overall, the German domestic market has been reflecting a cautious environment, characterized by controlled demand, balanced inventories, and steady upstream fundamentals, with limited scope for immediate price recovery.
France: White Top Testliner Domestically traded Prices FD Marseille,France; Grade- White top testliner 135-140 GSM
In Q3 2025, White Top Testliner prices in Marseille have been averaging between USD 520-550/MT, reflecting a 0.5% decline from Q2 2025. Activity in FMCG, e-commerce, and food packaging sectors has been steady but not accelerating, while industrial demand has plateaued post-summer.
Local converters have been focusing on inventory management and working capital optimization, limiting aggressive procurement. Upstream recovered fiber and kraft pulp costs have been stable, exerting minimal cost pressure on domestic pricing.
Warehouse and logistics hub stocks across Marseille and surrounding regions have been sufficient, reducing urgency for additional orders. On a month-on-month basis, prices have been showing marginal stability through July, August, and September, with September recording almost no change compared with August, as domestic demand from corrugated box manufacturers has remained measured following mid-year restocking.
Overall, the French domestic market has been reflecting a cautious and controlled environment, characterized by steady feedstock, balanced inventories, and restrained downstream buying, with limited scope for immediate price recovery.
Italy: White Top Testliner Domestically traded Prices FD Genoa, Italy; Grade- White top testliner 135-140 GSM
In Q3 2025, White Top Testliner prices in Genoa have been averaging between USD 520-550 per MT, reflecting a 2.4% decline from Q2 2025. Activity across FMCG, food, and e-commerce packaging sectors has been steady but not expanding significantly, while industrial packaging demand has softened following the summer production slowdown typical across Southern Europe. Italian corrugated converters have been focusing on inventory discipline and cash flow management, limiting spot purchases despite adequate order books.
Upstream recovered paper prices in Europe have been relatively stable, and kraft pulp costs have not shown notable volatility, exerting limited cost-push pressure on domestic pricing. Warehouse stocks across Genoa and Northern Italian logistics corridors have been sufficient, reducing urgency for additional procurement.
On a month-on-month basis, prices have been easing in July and August before stabilizing marginally in September by 0% compared to August 2025. Overall, the Italian domestic market has been reflecting a cautious tone, characterized by balanced supply, controlled downstream buying, and steady upstream cost conditions, restricting immediate price recovery.
UK: White Top Testliner Domestically traded Prices FD Southampton, UK; Grade- White top testliner 135-140 GSM
In Q3 2025, White Top Testliner prices in the UK have been averaging between USD 540-560 per MT, reflecting a 0.5% decline from Q2 2025. Demand from FMCG, food, and e-commerce packaging sectors has been steady but has not shown significant expansion, while industrial packaging demand has moderated following the summer production slowdown.
UK corrugated box manufacturers have been maintaining disciplined procurement strategies, prioritizing inventory optimization and cost control rather than expanding stock coverage.
Upstream recovered paper prices across the UK and mainland Europe have been broadly stable, and kraft pulp costs have not introduced notable volatility, resulting in minimal cost-push pressure on domestic pricing.
Inventory availability across Southampton warehouses and regional distribution hubs has been comfortable, reducing urgency for additional purchases. On a month-on-month basis, prices have been easing slightly in July and August before stabilizing in September 2025 by 0% compared to August 2025.
Overall, the domestic market has been reflecting a cautious yet balanced scenario characterized by stable feedstock, adequate supply, and controlled downstream demand, limiting upward price momentum.
Spain: White Top Testliner Domestically traded Prices FD Barcelona, Spain; Grade- White top testliner 135-140 GSM
In Q3 2025, White Top Kraftliner prices in FD Barcelona have been averaging between 540-570 USD per MT, reflecting a 3.2% decline from Q2 2025. The correction has been influenced by cautious procurement from Spanish corrugated converters, who have been adjusting inventory positions following stronger buying activity in the previous quarter.
Domestic demand from food, beverage, and FMCG packaging sectors has been steady but selective, while industrial packaging demand has remained subdued due to reduced manufacturing output during the summer slowdown across Spain.
Upstream recovered fiber and pulp costs within the Iberian and broader European market have been relatively stable, providing limited cost-push support to domestic prices. Logistics and port operations in Barcelona have been functioning efficiently, ensuring adequate supply availability.
On a month-on-month basis, prices have been softening through July and August, with September recording a marginal additional dip compared with August 2025. Overall, the Spanish market has been reflecting a cautious and balanced environment, characterized by controlled domestic demand, stable feedstock fundamentals, and disciplined purchasing behavior.
According to Price-Watch™, in Q4 2025, prices have been declining by 3.5% from Q3 2025 as seasonal uplift from holiday packaging has been weaker than expected in Europe. Thailand exports have been steady, yet competitive pricing in Asia, has been limiting gains.
Converters have been managing inventories conservatively, and demand from FMCG, food, and beverage packaging has been steady but not accelerating. Sustainability trends continue to support the use of White Top Testliner for high-quality printed cartons, but cost sensitivity has been keeping buyers cautious.
Compared with Q3 2025, pricing has continued downward, reflecting weaker seasonal impact and persistent competitive pressures. Overall, the global scenario has been characterized by soft seasonal demand, careful buyer behavior, and stable supply conditions, with White Top Testliner retaining its relevance for premium and branded packaging.
Thailand: White Top Testliner Exported Prices FOB Laem Chabang, Thailand; Grade- White top Testliner 135-140 GSM
According to Price Watch™, In Q4 2025, White Top Testliner export prices from Thailand have been averaging between 560-585 USD per metric ton, marking a 3.5% decline from Q3 2025. On a Month-on-month basis, prices have been continuing to soften by 2.5% in December 2025 compared to November 2025, as mills have been offering competitive rates to secure volumes.
Although the quarter has typically been supported by festive season packaging demand and retail restocking, buying activity has been moderate rather than robust this year. Downstream industries including fast-moving consumer goods, agricultural exports, and branded retail packaging have been maintaining steady consumption but have been avoiding large inventory builds.
Upstream feedstock markets, particularly recycled fiber, have been fluctuating within a narrow band, limiting cost-driven price adjustments. Competitive supply from regional Asian producers has been intensifying export competition. Overall, the quarter has been characterized by sustained pricing pressure, cautious procurement behaviour, and ample supply availability in the market.
India: White Top Testliner Imported Prices CIF Nhava Sheva, Thailand; Grade- White top Testliner 135-140 GSM
In Q4 2025, CIF Nhava Sheva prices for White Top Testliner have been declining further, averaging between 625-645 USD per MT, reflecting a 2.5% drop from Q3 2025. Downstream demand from retail, FMCG, and food packaging sectors has been maintaining steady volumes, while industrial and export-oriented converters have been adopting cautious purchasing patterns due to adequate existing inventories.
Indian buyers have been focusing on cost optimization and short-term procurement amid ongoing price competition from Southeast Asian and European suppliers. Upstream feedstock costs, including recycled fiber and pulp, have been stable to slightly soft, limiting any significant upward pressure on prices.
Freight rates have been moderate, supporting consistent import arrivals. Seasonal demand during the quarter has been less dynamic compared with prior years, with lower agricultural and industrial packaging activity contributing to softer offtake. On a month-on-month basis, prices have been decreasing in December 2025 recording nearly 3% fall compared to November 2025.
Overall, the market has been continuing in a subdued and stable state, shaped by steady feedstock fundamentals, measured downstream consumption, and persistent competitive pressure, keeping price recovery constrained.
Australia: White Top Testliner Imported Prices CIF Melbourne, Australia; Grade- White top Testliner 135-140 GSM
In Q4 2025, CIF Australia prices for White Top Testliner have been averaging between USD 630-660 per MT, declining by around 4% from Q3 2025. On a month-on-month basis, prices have been softening consistently across October, November, and December, reflecting subdued downstream demand from FMCG, retail, and industrial packaging converters.
December 2025 observed a drop of around 3% when compared to November 2025. Australian buyers have been exercising caution, focusing on inventory optimization and cost management amid adequate import availability from Thailand and competitive regional offers.
Upstream Thai feedstock, including recycled fiber and pulp, has been stable to slightly soft, limiting any cost-driven support for exporters. Freight rates have remained moderate, allowing predictable landed costs and uninterrupted supply. Seasonal end-of-year demand has been lower than usual, with industrial packaging and agricultural shipments remaining steady but not driving significant volume increases.
Overall, the market has been continuing in a subdued and controlled scenario, characterized by sufficient supply, restrained downstream buying, and ongoing price pressure, limiting immediate recovery prospects.
Germany: White Top Testliner Domestically traded Prices FD Hamburg, Germany; Grade- White top testliner 135-140 GSM
In Q4 2025, FD Germany White Top Testliner prices in Hamburg have been averaging between USD 480-505 per MT, declining sharply by nearly 5% from Q3 2025. On a month-on-month basis, prices have been softening consistently across October, November, and December, reflecting weaker demand from domestic corrugated manufacturers amid cautious pre-year-end procurement.
December 2025 observed around 1% decrease compared to November 2025, indicating year end destocking. FMCG, retail, and e-commerce packaging sectors have been showing moderate offtake, while industrial and export-oriented converters have reduced buying activity due to sufficient stock levels and tight cost management.
Upstream recovered fiber and kraft pulp markets have remained stable to slightly soft, offering little upward support for pricing. Seasonal end-of-year slowdowns in industrial production and packaging shipments have contributed to the subdued domestic market. Warehouse inventories across Hamburg and Northern Germany have been comfortable, minimizing the need for additional orders.
Overall, the German domestic White Top Kraftliner market has been exhibiting a subdued and controlled scenario, characterized by steady feedstock, cautious downstream buying, and ongoing price pressure limiting short-term recovery prospects.
France: White Top Testliner Domestically traded Prices FD Marseille, Germany; Grade- White top testliner 135-140 GSM
In Q4 2025, White Top Testliner prices have been averaging between 500-525 USD per MT, declining by 4.0% from Q3 2025. Activity in FMCG, e-commerce, and industrial packaging sectors has been subdued, as converters have been reducing procurement in anticipation of year-end slowdowns.
Local buyers have been emphasizing inventory optimization and cost management amid adequate stock levels across ports and logistics hubs. Upstream recovered fiber and kraft pulp costs have been stable to slightly soft, providing limited support to prices.
Seasonal end of year factors, including lower industrial production and slower retail packaging shipments, have contributed to weaker domestic demand. On a month-on-month basis, prices have been declining by 1.0% in December 2025 compared with November 2025.
Overall, the French domestic White Top Testliner market has been exhibiting a subdued and controlled scenario, characterized by steady feedstock, restrained downstream consumption, and ongoing price pressure, limiting immediate recovery prospects.
Italy: White Top Testliner Domestically traded Prices FD Genoa, Italy; Grade- White top testliner 135-140 GSM
In Q4 2025, White Top Testliner prices in Genoa have been averaging between USD 500-520 per MT, marking a 4.1% decline from Q3 2025. Demand from FMCG and retail packaging sectors has been moderate, while industrial and export oriented converters have reduced procurement amid slower year end manufacturing activity across Italy.
Buyers have been prioritizing stock optimization and short-term purchasing strategies due to adequate warehouse inventories and predictable supply. Upstream markets have remained stable to slightly soft, offering minimal support for price increases.
Energy costs and freight movements within Europe have been manageable, ensuring steady domestic availability. Seasonal year end slowdowns in industrial output and export shipments have further limited packaging demand.
On a month on month basis, prices have been softening gradually through October, November, and December making a decline of 1.0% in December compared to November 2025, as procurement momentum has weakened.
Overall, the Italian domestic market has been exhibiting a subdued environment, shaped by sufficient inventories, cautious downstream demand, and ongoing pricing pressure limiting short-term upside potential.
UK: White Top Testliner Domestically traded Prices FD Southampton, UK; Grade- White top testliner 135-140 GSM
In Q4 2025, White Top Testliner prices have been averaging between 525-540 USD per MT, marking a 3.7% decline from Q3 2025. Demand from FMCG and retail packaging sectors has been moderate during the pre-holiday period, but industrial and export-oriented converters have reduced procurement amid softer UK manufacturing activity and cautious business sentiment.
Buyers have been emphasizing lean inventory practices due to sufficient warehouse stocks and steady domestic supply conditions. Upstream recovered fiber markets have been stable to slightly soft, offering limited support for price stabilization, while inland freight and energy costs have remained manageable.
Seasonal year-end adjustments in production schedules and slower industrial dispatches have further weighed on packaging demand. On a month-on-month basis, prices have been softening consistently across October, November, and December, December 2025 making a decline of 1.0% compared to November 2025.
Overall, the Southampton domestic market has been exhibiting a subdued tone, shaped by adequate availability, restrained downstream buying, and continued competitive pressure limiting short-term recovery prospects.
Spain: White Top Testliner Domestically traded Prices FD Barcelona, Spain; Grade- White top testliner 135-140 GSM
In Q4 2025, White Top Kraftliner prices in FD Barcelona have been averaging between510-540 USD per MT, marking a sharper 5.1% decline from Q3 2025. The downturn has been driven by restrained buying activity from local converters, as FMCG and retail packaging demand has been moderate but insufficient to offset weaker industrial and export-related consumption.
Spanish manufacturers have been focusing on lean inventory strategies amid comfortable warehouse stocks and predictable supply flows. Upstream recovered paper and pulp markets across Europe have remained stable to slightly soft, offering minimal upward pricing support. Domestic logistics and distribution networks have been operating smoothly, preventing supply bottlenecks but also reducing urgency for spot purchases.
On a month-on-month basis, prices have been declining in December 2025 by 1.0% compared to November 2025, as procurement momentum has weakened. Overall, the Spanish market has been exhibiting a subdued tone, shaped by adequate availability, measured downstream demand, and sustained pricing pressure limiting near-term recovery prospect
