U.S. containerboard production decreased 3% in the Q3 2025 compared to the same period last year, while year-to-date production also fell 3%. The operating rates for all four major grades increased from the Q2 as production capacity declined 2% over the same period. The data was released by the American Forest & Paper Association.

Domestic new supply in the Q3 was essentially flat compared to the Q1 2025. Mill inventories reached a peak of 462 thousand tons in August, marking the highest level in over 15 months, before declining 8% in September. Year-to-date operating rates remain flat compared to the 2024 period.