The American Forest & Paper Association (AF&PA) has released the Q3 2026 Containerboard Quarterly report.
Total containerboard industry operating rate remained above 94.5% for the second consecutive quarter, bringing the year-to-date operating rate 2.5 points higher than last year. Total containerboard production in Q3 increased 2.7% compared to Q2, while new supply (production – exports + imports) increased 5.8% over the same period.
- New supply in Q3 2026 was higher than any of the previous 6 quarters. Exports declined 11% from Q2 while imports increased 25%.
- Of the four major grades, the recycled medium operating rate compared to Q2 was up to 95.1%, which exceeded its prior year-to-date level by more than 4 points. The operating rates for the linerboard grades and semichemical medium all declined slightly compared to Q2 but remained in the mid-90s.
- Mill inventories ended the quarter below 370,000 short tons for the first time since October 2024.
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