Question · Q3 2025
Enrique Marquez questioned the sustainability of current pulp prices, noting the gradual nature of recent hikes despite an unsustainable market situation and upcoming capacity additions like APPOK. He sought Suzano's perspective on the future trajectory of pulp price cycles, specifically whether a derating of price ranges is occurring and if prices reaching $700 per ton again is a realistic expectation.
Answer
Joao Alberto Fernandez De Abreu, CEO, acknowledged the industry is 'bleeding' and outlined several factors that could change the scenario: re-intensifying permanent closures (which have declined this year due to geopolitical uncertainties), an increase in unexpected downtime rhythm, the timing and ramp-up curves of new projects (like OKI) and verticalized projects in China, and the potential for de-verticalization in the Western world where many old mills are becoming unviable.
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