AF&PA Q3 2026 Report: Mixed Signals for U.S. Paperboard Production

Paper Recycling  |  2026-11-02 05:00:32   |   By

Containerboard manufacturing continued to benefit from stable demand.

Summary
  • Containerboard Operating Rates Remain Strong: The industry maintained operating rates above 94.5% for the second consecutive quarter. Year-to-date utilization improved 2.5 percentage points year-on-year, while production increased 2.7% quarter-on-quarter.
  • Containerboard Supply and Inventories Shift: Third-quarter new supply increased 5.8% quarter-on-quarter as imports surged 25% and exports declined 11%. Mill inventories fell below 370,000 short tons, their lowest level since October 2024.
  • Boxboard Market Records Mixed Performance: Boxboard production increased 1% year-on-year, but its operating rate declined 1.5 percentage points to 88.3%. Uncoated Recycled Boxboard utilization improved to 95.6%, while other major grades recorded weaker operating rates.

SEATTLE (Scrap Monster): The U.S. paperboard industry delivered contrasting results across containerboard and boxboard segments during the third quarter of 2026, according to the latest reports released by the American Forest & Paper Association (AF&PA). Strong containerboard utilization was offset by softer performance in the boxboard market during the quarter.

Containerboard manufacturing continued to benefit from stable demand. Industry operating rate stayed above 94.5% for the second consecutive quarter. The year-to-date operating rate climbed 2.5% above the previous year's level. Production increased 2.7% from the second quarter.

ALSO READ:

AF&PA: Packaging Paper Shipments Jump, Printing-Writing Demand Dips in August

AF&PA: U.S. Cardboard Recycling Exceeds 33 Million Tons

Containerboard exports declined 11% quarter-on-quarter, whereas imports jumped 25%. Consequently, third-quarter new supply reached its highest level in six quarters, higher by 5.8% from the second quarter. Recycled grade recorded a 95.1% operating rate, while linerboard and semichemical medium maintained utilization in the mid-90% range. Mill inventories dropped below 370,000 short tons, to their lowest level since October 2024, AF&PA report noted.

The boxboard production increased 1% year-on-year, but the operating rate slipped 1.5% to 88.3%. Solid Bleached Boxboard production jumped 4% Q2 2025. Uncoated Recycled Boxboard utilization improved to 95.6%, up by 2.2% year-on-year. Unbleached Kraft and Coated Recycled Boxboard registered an operating rate of 88.4%, down 0.6% y-o-y.