Interesting numbers on dissolving pulp spreads lately, fwiw. If you look at the pricing through H1 vs what'…by @nico_the_analyst on $SAP

Interesting numbers on dissolving pulp spreads lately, fwiw. If you look at the pricing through H1 vs what's been reported for other global producers, SAP's realisation has held up better than you'd expect given the rand weakness. Long-term the textile demand story is still there but near term margin compression is real, especially if euro weakens further against the dollar. Not convinced the current price factors in a proper recovery cycle.