Suzano Pulp Prices Rise US$50 a Tonne in the Americas, Brazil Producer Says

BRAZIL · COMMODITIES

Suzano pulp prices rise US$50 a tonne in the Americas from October, a second monthly increase that analysts read as a rebound rather than a new cycle.

What Suzano announced

Suzano, the Brazilian pulp producer, confirmed a new round of price increases on 22 September 2026. They take effect in October. The company raises what the industry calls list prices, region by region.

For the Americas the increase is US$50 a tonne. For Europe it is also US$50 a tonne, which takes the European list to about US$1,360 a tonne. For China and other Asian markets the increase is US$20 a tonne.

That moves the Asian list to roughly US$590 to US$600 a tonne, from US$570 to US$580. Asia is the reference market for this grade, so its posted price is the one traders watch first.

This is the second increase announced in consecutive months. The previous round came on 28 August 2026, at US$20 a tonne for China, effective September. For the Americas and Europe, though, the last rise was in May 2026, also US$50 a tonne, a five-month gap.

One figure should be set aside. One outlet reported US$55 a tonne for the Americas. Three others, including a note sourced to Bank of America, report US$50, and that is the figure used here.

The product, and why the price is moving

Suzano sells short-fibre pulp, made from eucalyptus. It is the raw material for tissue, printing paper and packaging board. Brazilian mills supply more of it than anyone else, and the trade is priced in US dollars per tonne.

Prices had been weak for much of the cycle before this. Two things have changed on the supply side. Inventories at Chinese ports fell by around 130,000 tonnes in a single week, to about 2.32 million tonnes.

Supply has also been withdrawn in Europe. Domtar has taken roughly 200,000 tonnes out of the European market since July, after closing a mill indefinitely. Less paper on offer makes a higher posted price easier to hold.

Asian buyers have returned at the same time. That combination of lower inventories, tighter supply and resumed buying is what producers point to when they raise a list price.

What the banks say, and where they part company

Four houses published views in the same week, and they do not agree on how far this runs.

Bank of America is the most positive. On 23 September 2026 it said the worst moment of the cellulose cycle has passed. It rates Suzano a buy, with a target of R$66, about US$12.80, roughly 36 percent above the R$48.58, about US$9.43, the share was trading at. It notes Suzano still generates an 8 percent free cash flow yield at a pulp price of US$500 a tonne.

BTG Pactual has the higher target and the more guarded argument. It prefers Suzano to Klabin, with a target of R$72, about US$14, and around 50 percent upside. It projects an 11 percent free cash flow yield for Suzano in 2027, against 7 percent for Klabin. It also sees short-fibre reaching about US$600 a tonne, from around US$580.

But BTG explicitly calls this a mini-cycle. It reads the move as a tactical rebound rather than a new structural up-cycle. It is sceptical about prices going much beyond US$600 a tonne without a stronger recovery in paper demand, partly because short-fibre lines can be switched to other products.

Two other houses are more cautious again. UBS BB sees prices reaching US$580 to US$590 a tonne. Bradesco BBI expects the list around US$580 and called the move agridoce, or bittersweet, flagging China as the worry.

What it means if you hold the share or watch the currency

A list price is an announcement, not a completed transaction. Buyers negotiate discounts, and the realised price a producer reports later is normally below the posted one. The US$1,360 European figure is a list, and should be read that way.

The direction still matters for Brazil. Pulp is a dollar export produced from a cost base in reais, so a higher dollar price flows through to earnings. That is the link between an October price letter and the share price in São Paulo.

For a shareholder, the gap between the two bank targets is the honest summary. R$66 and R$72, about US$12.80 and US$14, both sit well above the traded price. BTG’s own framing sets a limit on how long it expects that to last.

The next thing to watch is not the next announcement. It is whether the October increases are actually accepted by buyers, and whether Chinese port inventories keep falling. Those two will settle whether this is a turn or a pause.

Sources

• CNN Brasil, on the price confirmation
• Brasil 247, on the regional increases
• Money Times, on the Bank of America note
• Money Times, on the BTG Pactual note
• Guia do Investidor, on Bradesco BBI

FAQ

How much is Suzano raising prices?

By US$50 a tonne for the Americas and Europe, and US$20 a tonne for China and other Asian markets, effective October 2026. One outlet reported US$55 for the Americas, but three others give US$50.

Is this really the second month in a row?

For the announcement cadence and for Asia, yes: the previous round was on 28 August 2026. For the Americas and Europe the last increase was in May 2026, so there is a five-month gap in those regions.

Do analysts agree that prices will keep rising?

Not exactly. Bank of America says the worst of the cycle has passed and rates the share a buy. BTG Pactual sees pulp reaching about US$600 a tonne but calls the move a tactical mini-cycle, and doubts prices go far beyond that without stronger paper demand.

Does a list price mean buyers actually pay that much?

No. A list price is what the producer posts for a region. Customers negotiate discounts, so realised prices are normally lower than the posted figure.