The PRN/PERN market ended up dominating what was otherwise a relatively quiet week.
With the latest NPWD data allowing those minded to calculate the carry-out figure from 2022 into 2023, it was clear that across most materials the volume was down on previous years.
While some PRN/PERN values reacted rapidly, others hadn’t seen any trading as yet, so prices for them remained the same as last week.
Much of the market was waiting for this data before deciding on what steps to take next. Although it was also the case that demand for most materials remains subdued.
The pound slipped again to $1.21 from $1.22 last week. However, it gained against the euro to €1.13 from €1.11 a week ago.
The market was waiting to see what would happen with packaging grades and how the NPWD data would affect markets.
Although most of the week was quiet, the release of the data saw the value of the PRN/PERN shoot up by about £35 per tonne, and the physical price followed.
But the underlying market remains challenging with demand quiet from most markets. However, a higher PRN/PERN value if it remains, will make UK material more attractive in both domestic and export markets.
It was another quiet week with most seeming to have done all of their trading at the beginning of the month for February.
OCC and mixed dropped a little on the back of weaker demand, but most other grades were relatively stable.
There hasn’t been a reaction to the NPWD data as yet and the low carry-out from 2023 seen for paper, but that could change markets one way or another over the coming weeks.
The expectation for the rest of the month is that the market is now thinking about March and what that will bring.
Copper gained £100 per tonne, but brass dropped by £50 per tonne. Ferrous grades also saw an increase of £5 per tonne.
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