Middle East conflict pushes PIX GCC testliner, fluting prices upward in May

Fastmarkets06-03

Key takeaways: Fastmarkets’ PIX GCC indices for testliner and fluting both increased by over 1.3% in early June. Saudi Arabian containerboard demand was stable to slightly higher, supported by ...

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href=https://www.fastmarkets.com/insights/middle-east-conflict-pushes-pix-gcc-testliner-fluting-prices-upward-in-may/><strong>Fastmarkets</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key takeaways:\n\nFastmarkets’ PIX GCC indices for testliner and fluting both increased by over 1.3% in early June.\nSaudi Arabian containerboard demand was stable to slightly higher, supported by ...</p>\n\n<a href=\"https://www.fastmarkets.com/insights/middle-east-conflict-pushes-pix-gcc-testliner-fluting-prices-upward-in-may/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LNG","symbol_name":"Cheniere 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vessels rerouted to Jeddah Islamic Port, causing congestion and increasing trucking demand.\nMarket participants reported difficulties sourcing raw materials like corn starch, adding to cost pressures across the region.\n\nPrices in the Gulf Cooperation Council (GCC) region for recycled fiber-based containerboard (RCCM) were mostly up in May. Fastmarkets’ PIX indices, which cover locally produced brown testliner and fluting, showed increases on Tuesday June 2.\n\nFastmarkets calculated its monthly PIX Testliner GCC index at $500.71 per tonne on June 2, up by $6.48 per tonne (1.31%) from $494.23 per tonne on May 5.\nFastmarkets calculated its PIX Fluting GCC index at $476.02 per tonne on June 2, up by $6.35 per tonne (1.35%) from $469.67 per tonne on May 5.\nDemand flat to slightly up in Saudi Arabia in May\nContainerboard demand in May showed mixed movements, with demand described as stable to slightly higher in some markets, while declining in others, depending mostly on geographical exposure to Middle East shipping routes, while the conflict continues to disrupt trade flows via the Strait of Hormuz in and out of the Persian Gulf.\nAs a result, in Saudi Arabia – with its advantageous access to the Red Sea in addition to the partially blocked Persian Gulf – market participants reported seeing mostly stable demand, with a few sources noting a slight uptick in demand during May. Containerboard demand in Saudi Arabia was reported to be driven by preparations for the Hajj-pilgrimage season, which began in late May, in addition to requirements driven by the rising temperatures.\n“We had some customers that needed to prepare for Hajj. Also, when the hot summer comes, the consumption of beverages increases [and more carton boxes are ordered]. These [factors] drive the market in May,” a Saudi-based corrugator reported to Fastmarkets.\nAlthough seasonality has provided some support to demand in Saudi Arabia, one corrugator noted that companies were facing persistent challenges in logistics and raw material availability due to supply chain constraints in import-dependent markets.\nMultiple contacts in the region have experienced difficulties sourcing corn starch (used as a glue in corrugated board manufacturing) from Saudi Arabia. While they had no certain explanation for it, some market participants believed that this may be linked to a shortage of corn – a key ingredient of corn starch – due to limited imports into the region.\n“They are now out of stock and have stopped delivering [corn starch] to us. So now all carton factories have to import from outside [the region], and it is very difficult,” a Saudi-based corrugator said. “It will cost more than 15-20% more [than usual, importing] corn starch only.”\nAlternatively, one GCC-based producer suggested this could be a strategic move by corn starch suppliers to push for price increases by slowing down shipments, citing logistical challenges.\n“Corn starch suppliers are saying that they are not getting trucks, which is a challenge. I do not deny it, but is it [happening] to the extent that they are not getting [any] trucks for almost a week?” a GCC-based containerboard producer said.\nUAE containerboard demand continues to slide as exports weaken\nIn the United Arab Emirates (UAE), demand has dropped month-on-month, with several market participants pointing to reduced activity during May. Because it is a market driven by trade and re-export, local containerboard demand has been significantly affected by the disruptions in export trade flows, which continued to weigh heavily on consumption last month.\nMarket sources indicated that these pressures were expected to persist over the coming three months. This will coincide with the typically slower summer period in the UAE, when a large portion of the population leaves the country, which is likely to further dampen activity.\n“It seems to me that the coming three months will be the hardest period the UAE has faced in the past 10-15 years,” a GCC-based producer said.\nAdditionally, the one-week long Eid al-Adha holiday, which started in late May, further reduced demand.\n“Everything is closed [during the Eid holiday], so a lot of people are going out of the UAE, which affects the market,” a UAE-based source said. “Consequently, demand is 10-15% lower than last month.”\nRCP prices flat in Saudi Arabia, slightly up in UAE\nMarket participants in Saudi Arabia reported prices mostly flat month on month for recovered paper (RCP) during May.\nIn the UAE, RCP prices have dropped by 40-50% over March and April since the partial closure of the Strait of Hormuz in late February halted exports. But during May, some reported seeing slight increases in RCP prices due to Star Paper Mill starting trial production.\nAdditionally, one market participant also noted that traders were stocking up on their RCP volumes in anticipation of Star Paper Mill’s full commercial production.\nMiddle East conflict: Hormuz movements\nA temporary ceasefire by the US and Iran was announced on April 8 and has since been extended. Recent reports indicated discussion around a possible reopening of the Strait of Hormuz, because the US and Iran have reached an agreement which has been “largely negotiated,” the BBC reported on May 24.\nSince then, shipping data showed that some movement has resumed. Two liquefied natural gas (LNG) tankers crossed out the Gulf on May 25 bound for Pakistan and China, while one tanker carrying Iraqi crude for China exited the strait over the weekend of May 23-24, having been stranded since February, according to Gulf News.\nBut shipping volumes remained far below pre-war levels.\nGlobal energy market experts were still uncertain about when the strait will fully reopen and when it will be safe to resume normal shipping operations.\n“If the Strait of Hormuz opens, then whenever possible we will divert our shipments back to [the Persian Gulf port of] Dammam. Transport costs will go down and, I hope, the war surcharge will be removed,” a Saudi Arabia-based contact said. “Land transport costs will go down compared with [when we use the port in] Jeddah.”\nIn the meantime, shipping lines continued to impose a war surcharge in the range of $3,000-3,500 per 40ft container. Market participants no longer have any vessels stuck at sea, because most of them have been rerouted – primarily to Saudi Arabia’s ports on the country’s western Red Sea coast, especially to Jeddah Islamic Port – and the majority of contacts said that they have already received their shipments.\nThe Drewry World Container Index (WCI) increased by roughly 26% to $2,800 per 40ft container on May 28 from $2,216 per 40ft container at its latest trough on April 30, due to early peak season demand.\nGlobal oil prices show signs of softening\nFollowing reports of a potential reopening of the Strait of Hormuz, global oil prices have dropped slightly, with Brent crude oil futures declining from a spot price of $109 per barrel on May 4 to $94 per barrel at 1400 CET on June 1, a decline of approximately 18% month on month. But prices were still higher by around 46% year on year.\nFuel prices in Saudi Arabia remained stable, with current diesel prices only reflecting the 7.8% year-on-year increase implemented at the turn of 2026.\nIn the UAE, fuel prices were also stable during May, although this was after diesel prices increased by 72% from March to April, reflecting the increased global oil prices.\nDiesel is the main form of fuel for road transportation in the region.\nJeddah Islamic Port congestion adds logistical pressure\nBigger ports on the Strait of Hormuz were technically operational but were being avoided due to the disruption of the war. Instead, shipping lines have been rerouting the majority of their vessels on the way to GCC countries to Jeddah Islamic Port for the past few months. As a result, a couple of GCC-based market experts have reported some delays to their shipments from the Jeddah. Rerouting often further delays deliveries and increases logistical costs.\n“Jeddah Islamic Port is too congested. The estimated arrival time [for one of our shipments] has changed many times, for example from May 6 to May 20 to June 10,” a Saudi Arabia-based market participant told Fastmarkets. Another contact had experienced a delay of a maximum of one week.\nWhile pressure has increased on Jeddah Islamic Port, there has been a high demand for trucks that would transport goods onward by road. And Hajj season has created additional need for trucks.\n“We heard of some increase in [logistical] rates, which happens every year due to Hajj season. [Truck companies] are trying to pass-on an increase of around 3-5%,” another market source said.\nSeasonality to support Saudi demand, challenges persist\nLooking ahead, Saudi Arabia-based contacts in the containerboard and corrugated board industry expected demand to increase starting from June, due to the seasonal upswing.\n“We expect demand to be very healthy in Saudi Arabia, because June is usually preparation for summer, which means [increased demand for] carton boxes for dates, water and other beverages,” an expert in the country told Fastmarkets.\nConversely, in the UAE, demand was expected to decline further, because summer is typically the low period in terms of demand, with schools closed and people travelling abroad for holidays.\nBut the main challenge was still the increased costs and lack of export activity across the whole GCC region, with prices fluctuating.\n“We are all tired. Everybody is focusing on themselves and on how to survive in this very difficult environment,” a corrugator said. “We have challenges in all [imported] raw materials, such as corn starch, shrink film and plastic strapping.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2640297770","isCrawlerRequest":true}