Pulp & paper prices have rebounded very strongly in past several months. The biggest surprises have been in market pulp and uncoated white paper. Supply issues have driven market pulp prices up. The result has been stronger-than-expected
prices. Uncoated free sheet paper has been the real winner this year. After a miserable 2005, uncoated white paper
volumes have strengthened. Add in nearly 1.5MM tons of North American capacity reductions and the market has tightened sharply.
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