The American Forest & Paper Association (AF&PA) has released the Q3 2026 Containerboard Quarterly report.
Total containerboard industry operating rate remained above 94.5 percent for the second consecutive quarter, bringing the year-to-date operating rate 2.5 points higher than last year. Total containerboard production in Q3 increased 2.7 percent compared to Q2, while new supply (production – exports + imports) increased 5.8 percent over the same period.
New supply in Q3 2026 was higher than any of the previous six quarters. Exports declined 11 percent from Q2 while imports increased 25 percent.
Of the four major grades, the recycled medium operating rate compared to Q2 was up to 95.1 percent, which exceeded its prior year-to-date level by more than four points. The operating rates for the linerboard grades and semichemical medium all declined slightly compared to Q2 but remained in the mid-90s.
Mill inventories ended the quarter below 370,000 short tons for the first time since October 2024.
