Market Prices & Forecast

Executive Summary

  • India’s paper and paperboard market remained stable to firm during July 2026, with kraft paper prices increasing by INR 500–1,000/ton across selected regions (North: INR 1,000/ton; East: INR 500/ton), supported by monsoon-related tightening in recovered paper collection and stronger corrugated box demand from the North India apple harvesting season.
  • Duplex board prices remained stable at around INR 49.5/kg, supported by balanced domestic demand and continued protection under the Minimum Import Price (MIP).
  • Raw material markets remained mixed during July, with US OCC prices holding steady at USD 200/ton after strengthening in June, while US Mixed Wastepaper (MWP) prices eased to USD 133/ton.

Critical Analytics

  • Raw material dynamics remained the key driver of the Indian paper market during July. Higher OCC prices, driven by monsoon-related declines in recovered paper collection and lower US export availability following North American containerboard capacity closures, kept fiber costs elevated and supported kraft paper price increases.
  • Meanwhile, stable EU recovered paper exports and improved logistics following the US–Iran ceasefire ensured adequate raw material availability for Indian mills.
  • On the demand side, the TG Paper & Paperboard Demand Index is projected at 116 during JAS’26, up from 113 in JAS’25, supported by stronger manufacturing activity, seasonal packaging demand, the North India apple harvesting season, and pre-festive inventory replenishment.

Outlook: Paper and paperboard prices are expected to remain stable to firm through July. Monsoon-related reductions in recovered paper collection, elevated OCC costs, and seasonal packaging demand are expected to support kraft paper prices, while balanced domestic demand and continued MIP protection should keep duplex board prices stable to firm.

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