Impress December 2025

Monthly insights from the recovered paper and packaging markets

📊 Market Overview: Calm Before the Turn?

As the year draws to a close, the European recovered paper market shows signs of stabilization. After months of gradual decline, most price corrections now seem to have reached their limits.

Cardboard (OCC)
The German market continues to soften slightly, with trading levels now between €105–110 per ton (market) and contract pricing around €130–135 per ton DAP.

Export prices, however, have found a floor even showing a small rebound at $145–150 CNF.
Demand remains steady, and optimism is slowly returning for a potential upturn in early spring.

Mixed Paper (1.02 / Bont)
The market remains relatively stable compared to November. Still, traders describe the situation as “getting darker.” The material mix is evolving lighter grades are harder to source, and the overall quality picture is changing.
Average market levels are holding at €105–110 DAP, with EUWID indicators at €122–127 per ton.

Transport Index:
Load-to-truck ratio tightens further to 76% available cargo / 24% available trucks, signaling limited capacity toward year-end but no dramatic disruption.

Wizpaper France Files for Bankruptcy

French mill Wizpaper has announced the end of its operations and officially filed for bankruptcy.
Despite having its own corrugated plant as a primary customer, the company could no longer remain competitive in today’s harsh market environment.

With a production capacity of 120–140 thousand tons of fluting and liner, Wizpaper represented one of the smaller players in the European industry. It was part of a group of independent mills, each holding 200 thousand tons of capacity each. Now struggling to survive amid heavy overcapacity. 

With an estimated 3 million tons of excess capacity in Europe, smaller mills are particularly vulnerable when demand weakens. Wizpaper’s closure could be the first of several a warning sign for the months ahead.

Paperex India 2025, A Global Meeting Point

This week, the renowned Paperex Exhibition returns to New Delhi, India.
Held every two years, Paperex has become the central hub of the Indian paper industry from mills to machinery suppliers, traders, and converters.

The event’s scale and energy make it unique. It’s not just a trade fair; it’s a vivid reflection of a fast-evolving market.

IMtrade will be present once again, reaffirming our belief that India remains a crucial export destination for European recovered paper.

As new regulatory frameworks emerge, maintaining steady material flow to the Indian subcontinent will require coordination and adaptability. The dialogue at Paperex will set the tone for 2026.

Contract Prices Under Pressure

Negotiations for 2026 supply contracts have begun and it’s immediately clear that industrial buyers are pushing back.
After a turbulent 2025, mills argue that the spread between EUWID index levels and real market prices has become unsustainable.

Throughout the year, many producers suffered losses as contractual premiums stayed too high compared to spot market dynamics.
Now, procurement managers are determined to correct the imbalance demanding lower surcharges on EUWID and MOP-linked agreements.

If common ground cannot be reached, some mills may forego long-term contracts altogether, leading to a higher share of spot-based tonnages in 2026.

For traders, that could bring opportunity provided supply and demand start to diverge again.
In 2025, both were weak. In 2026, we can only hope for more movement.

Year-End Reflection

2025 will be remembered as a year of correction not collapse. Prices fell, yes, but supply chains held firm, and new market balances began to emerge.

As we move into 2026, a few key themes will define the outlook:

• Consolidation among smaller mills;
• The role of India and Southeast Asia as stabilizers;
• And the delicate recalibration of European pricing models.

For now, the message is simple: the bottom seems near and perhaps, finally, recovery is within sight.

Follow IMtrade for data-driven updates, analysis, and monthly insights from across the recovered paper value chain.