Paperboard markets diverge as Western Europe softens and North America holds firm

The global paperboard market showed considerable regional divergence in November 2025, with Western Europe under pressure in both cartonboard and containerboard while North American markets remained solid and Asia presented a more mixed picture.

Cartonboard: operating ratios fall across Western Europe

Western European cartonboard demand fell in November, with operating ratios and prices continuing a downward trend. The three-month moving average (3mma) operating ratio for the region stood at 69%, well below North America’s 85%. China, Japan, and Korea recorded a 76% operating ratio, matching the Rest of the World reading.

In North America, demand was close to stable, though operating ratios are weakening as new capacity enters the market, and prices have seen a combination of stability and declines. In Asia, prices are continuing a recovery following large capacity additions in China, despite apparent intra-regional and inter-continental competition.

Containerboard: Western Europe improves, China weighs on Asia

The containerboard picture was more nuanced. Western European demand fell again in November, though only marginally. The region’s supply-demand balance has improved, with three consecutive months of operating ratios above 85%, a significant shift from some rates below 80% during the summer months. Despite this improvement and some capacity cutbacks after November, pricing in Western Europe continues to show some weakness.

North America remains the strongest market in this segment, with operating ratios consistently above 90% and major capacity reductions keeping the market well-balanced. Prices there remain stable.

In Asia, the situation varies significantly by country. New capacity, particularly from China, is causing oversupply, which appears to be pulling Chinese prices lower, while prices in other Asian markets have remained stronger. Global containerboard demand remained in growth in November, supported by increases in Big Asia and the Rest of the World.

The 3mma containerboard operating ratios for November 2025 were 88% in Western Europe, 91% in North America, 74% in China/Japan/Korea, and 81% in the Rest of the World.