Sales prices of paperboards and FX impact

Metsä Board sells its paperboards worldwide. A large proportion of sales are made in currencies other than euros. Not only changes in the sales prices of paperboards, but also changes in foreign exchange rates have an impact on Metsä Board's result.

Sales prices of pulp

Changes in the market pulp prices have a significant impact on Metsä Board's profitability. Metsä Board's annual pulp capacity is roughly 1.7 million tonnes, which is used for own paperboard production and partly sold to the market. In addition, the company owns 24.9% of Metsä Fibre, which has an annual pulp capacity of around 4 million tonnes.  

Price of raw wood

In 2023, Metsä Board’s wood use totalled 6.3 million cubic metres. This use included the wood used in Metsä Board’s own production of pulp and BCTMP as well as the wood used in the pulp purchased from Metsä Fibre. Wood accounts for a significant share of the company's total costs.

Price development (graphs) of paperboards, pulp and raw wood can be found in Metsä Board's IR presentations updated quarterly. (Sources: Fastmarkets RISI, Fastmarkets FOEX, Luke, Skogstyrelsen)

The most significant factors affecting Metsä Board's annual operating result and their price sensitivities are described below. Situation as per 31 March 2024.




Impact on annual operating result

Folding boxboard Price/tonne +/- 10% > EUR 150 million
White kraftliners Price/tonne +/- 10% > EUR 50 million
FX USD/EUR +/- 10% EUR 70 million
  EUR/SEK  +/- 10% EUR -50 million
  GBP/EUR +/- 10% EUR 10 million
Pulp PIX price of SW/HW
per tonne
+/- 10% EUR 40 million
Wood Cost, delivered to Finnish mills +/- 10% EUR 40 million*
  Cost, delivered to Husum +/- 10% EUR 20 million

*) Includes the wood used in pulp purchased from Metsä Fibre