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Non-Tech : Weyerhaeuser forest/wood products/real estate
WY 23.74-0.1%Dec 26 9:30 AM EST
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To: dgz who wrote (13)8/21/1999 1:29:00 PM
From: Edwarda  Read Replies (1) of 41
 
You are quite right to feel concern about the effect of lower demand for lumber and panels on WY. However, as I should have noted earlier, keep in mind that WY is also the world's largest producer of market pulp.

These numbers are probably a bit old, but every $50 change in market pulp prices means about 35 cents in earnings per share to WY. For linerboard, the increment is over 40 cents per share; for uncoated free sheet, another 13 to 15 cents.

Well, the pulp market continues to strengthen and demand looks solid as a rock with the September price increases looking more and more practicable as the European producers are following suit. I hear that there is even some concern on the part of buyers about yet another pulp price hike before year end.

Meanwhile, although containerboard inventories did rise in July, the increase was lower than usual. It appears to relate to the strong market for boxes.

And we may see yet anther offset to lower wood product pricing from uncoated free sheet, for which most of the major U.S. producers announced a price increase last week of $60 per ton. Remember, it's less than two months since the last price hike took place and still some grades are on allocation.
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