In the second half of 2025, the linerboard market showed mixed but gradually firming trends. During the early part of H2, market conditions remained weak as demand stayed sluggish and buyers held inventories. Corrugated box shipments continued to decline, which limited immediate support for price improvement. Many buyers delayed purchases, expecting better clarity on demand and trade conditions. At the same time, export markets remained under pressure due to tariffs, especially with reduced shipments to Asia, while other regions continued to have ample alternative supply.
As the year progressed, sentiment slowly began to improve. Large-scale and permanent mill closures reduced available linerboard capacity, tightening supply conditions across North America. Producers became more disciplined with output and redirected volumes toward the domestic market. Seasonal demand linked to holiday packaging provided some support, although the pickup was slower and more uncertain than usual.
By late H2, expectations of tighter supply helped stabilize the market. While demand did not recover strongly, reduced capacity and consolidation improved operating rates. Overall, linerboard prices remained mostly steady during H2’25, with firm trends emerging toward the end of the period.