For the Quarter Ending March 2025
North America
The North American corrugated box market experienced mixed pricing dynamics during the first quarter of 2025, reflecting a blend of operational adjustments, external trade pressures, and evolving demand patterns. Prices initially showed signs of modest recovery, supported by operational streamlining and steady raw material availability. However, this stabilization was short-lived as new tariff impositions on imports from Canada and Mexico disrupted cross-border supply chains, adding uncertainty to sourcing and production.
The resulting market unease contributed to a price decline toward the end of the quarter, with corrugated packaging prices falling by nearly 4%. Despite strong demand from the e-commerce and retail sectors and growing momentum in sustainable and smart packaging solutions, the packaging industry faced cautious procurement behaviours amid economic headwinds.
While long-term growth remains anchored in sustainability and digital innovation, short-term pricing was shaped more by trade policy shifts and market recalibration efforts, leading to an overall slightly downward price trend across the quarter.
APAC
In the first quarter of 2025, the corrugated box market in the APAC region exhibited a gradual downward price trend, largely influenced by declining raw material costs and cautious procurement behaviour. While the packaging industry in China and other key APAC markets maintained operational stability, subdued export demand and soft market sentiment weighed on pricing. Early in the quarter, prices remained relatively steady, supported by consistent domestic demand from the e-commerce and retail sectors, as well as a stable supply of corrugated paper.
However, as the quarter progressed, falling wood pulp prices and a slowdown in industrial activity placed downward pressure on market values. Temporary logistical challenges, including fog-related port disruptions in China and concerns over international pulp shipments, had only a limited impact on overall supply continuity. Buyers across the region continued to adopt a conservative purchasing approach, reflecting global economic uncertainties and reduced export momentum. Despite these headwinds, steady consumption in domestic markets, especially in Vietnam and China, helped prevent a more significant price decline.
Overall, the quarter concluded with a modest correction in corrugated box prices, shaped by a combination of cost-driven pressure and restrained demand.
Europe
During the first quarter of 2025, the European corrugated box market, particularly in Germany, experienced a progressive upward trend in prices, supported by strong downstream demand and intermittent supply chain disruptions. Early in the quarter, the market remained largely stable, as balanced supply-demand conditions and steady raw material availability kept pricing unchanged.
However, as the quarter progressed, operational disruptions at key logistics hubs, such as the Port of Hamburg, began to exert upward pressure on prices. Labour shortages, gate-in restrictions, and a pilot strike led to delays in container handling and constrained shipment flows, tightening supply conditions despite consistent demand from the retail, FMCG, and e-commerce sectors. Buyers responded to the growing uncertainty by increasing safety stock levels, further reinforcing bullish price sentiment. Rising raw material and freight costs also contributed to the firming trend.
By the end of the quarter, corrugated box prices had risen significantly, reflecting a market environment shaped by resilient demand, strategic stockpiling, and mounting logistical challenges.
For the Quarter Ending December 2024
North America
The North American corrugated box market exhibited a mixed price trend during Q4 2024, with prices rising in the first half of the quarter before declining in the latter half. Early in the quarter, hurricane-related production disruptions tightened supply, driving up prices.
Emergency shutdowns and repair efforts at key facilities created temporary constraints, while rising kraft paper costs and freight expenses further amplified production costs. Seasonal demand from e-commerce, retail, and food packaging sectors provided additional upward pressure on prices, with robust holiday activity bolstering procurement needs. Anticipated tariff changes and potential East and Gulf Coast port strikes heightened logistical risks, though strategic inventory accumulation by retailers mitigated supply chain disruptions.
In the latter half of the quarter, prices began to decline as supply stabilized. Swift repairs at production facilities and increased imports helped normalize availability, while moderate demand growth tempered the upward momentum. Weakness in the renewable energy and mobility sectors, alongside balanced container port inventories, further dampened price trends. Despite seasonal peaks, the resilience of consumer and food packaging demand was insufficient to sustain price increases, leading to a modest decline in the latter half of the quarter.
Q4 2024 thus reflected a dynamic market, characterized by early price increases due to supply constraints and strong seasonal demand, followed by stabilization and a gradual decline as supply pressures eased.
APAC
The corrugated box market in the APAC region exhibited a mixed trend during Q4 2024, with prices remaining stable in the first half of the quarter before declining in the latter half. Early in the quarter, the market experienced steady price levels supported by balanced supply-demand dynamics. Seasonal demand from retail, e-commerce, and logistics sectors contributed to this stability, particularly as the holiday season and preparations for the Spring Festival drove robust packaging requirements. Despite logistical disruptions caused by Typhoon Kong-rey and operational cuts in East China, increased domestic pulp production and sufficient raw material inventories helped offset supply-side constraints.
However, the latter half of the quarter saw a decline in prices, driven by weaker external demand and mounting pressures from surplus capacity in the papermaking industry. Stabilized raw material costs, such as kraft paper and wood pulp, further reduced the scope for price increases. While downstream sectors like e-commerce and consumer goods continued to show strong activity, their impact was insufficient to sustain early-quarter price levels amid a challenging macroeconomic environment and declining global demand.
Overall, Q4 2024 presented a dynamic landscape for corrugated boxes in the APAC region, shaped by initial stability followed by a gradual downturn in market prices.
Europe
The European market for corrugated boxes in Q4 2024 exhibited a mixed trend, with prices declining in the first half before stabilizing towards the latter part of the quarter. Early in the quarter, prices faced downward pressure due to constrained demand from industrial sectors like automotive manufacturing, which remained sluggish amidst broader economic challenges. The underutilization of vendor capacity and global supply chain inefficiencies, such as port congestion and delays in the Red Sea and U.S. ports, exacerbated the decline in price momentum.
However, the situation shifted mid-quarter as localized resilience in the packaging sector provided support. Seasonal restocking of raw materials like soda ash, coupled with increased demand from the e-commerce and retail sectors during the holiday season, helped stabilize prices. Rising upstream costs, particularly for kraft paper and energy, also contributed to the stabilization. Additionally, the adoption of sustainable packaging solutions driven by regulatory shifts and consumer preferences provided incremental demand support, further preventing price erosion.
While the manufacturing landscape in Europe struggled with systemic inefficiencies and high compliance costs, the packaging sector showcased adaptability, supporting corrugated box prices towards the quarter’s end.
