NBSK and BHKP pulp price cycle 2026: what buyers should hedge against
A short brief on the softwood and hardwood pulp benchmarks driving kraft and PBL pricing into Q3.
Paper prices follow pulp prices with a 60–90 day lag. Buyers who track NBSK (softwood) and BHKP (hardwood) benchmarks can predict their next quote before it lands in the inbox.
The two benchmarks you need
- NBSK (Northern Bleached Softwood Kraft): the global reference for long-fibre strength pulp. Drives sack kraft, MG and bleached bag grades.
- BHKP (Bleached Hardwood Kraft Pulp): short-fibre filler. Affects bulk in bleached grades and price floors for fluff.
Where we are in the cycle
After the 2024 supply shock and 2025 destocking, NBSK has stabilised in a 1,100–1,200 USD/t band in Europe. Forecast: gradual rise into late 2026 as Chinese demand recovers and Brazilian shipments tighten.
What to do
- Move spot exposure into 6-month contracts before Q3.
- Indexed pricing (pulp +X €/t) is fair when both sides are transparent.
- Hedge with second-source mill agreements in geographically diverse regions.
Reliable supply, technically informed.
Tell us about your production line and target market. We will return with availability, lead times and a price indication within 48 hours.
Contact SalesRelated reading
European paper mill capacity outlook 2026: who is shutting, who is investing
A map of the closures, conversions and greenfield projects shaping kraft and plasterboard liner availability in Europe.
Turkey and Greece: the two emerging paper buying markets reshaping Mediterranean trade
Capacity, demand growth and the logistics corridors making Izmir and Piraeus strategic ports for kraft and PBL.
WeePaper 2026 market outlook: demand, capacity and the three risks buyers must hedge
Our annual brief for plasterboard and bag manufacturers — short, opinionated, and grounded in mill-direct data.