Cardboard Demand Plummets

“Demand and output for cardboard boxes and other packaging material fell sharply in the fourth quarter of 2022“.
“the most severe quarterly decline since the Great Financial Crisis (2Q09).”
Operating rates have fallen as a result leaving 20% of capacity idle. Excess inventory (which has fallen) remains high.
“To Josephson, the end of 2022 in the packaging world had “echoes of the Great Financial Crisis everywhere one looks,” he wrote in the Sunday note“.
Source (h/t).