The good news in terms of pricing is that consumption rose this month by 16%, and higher consumption levels will deplete inventories and consumers will need to replace those inventories faster. Hopefully consumption will continue to grow over the next several months.

Monika


 -----Original Message-----
From: 	Allan, David  
Sent:	Friday, October 19, 2001 10:22 AM
To:	Causholli, Monika
Subject:	RE: Utipulp stocks for September

Monika, this is interesting. To summarize, are you saying that inventories are below a year ago (which is good for producers) but they rose when they normally fall (bad for producers)? What does this mean for pricing?

 -----Original Message-----
From: 	Causholli, Monika  
Sent:	Thursday, October 18, 2001 8:27 AM
To:	Aguilera-Peon, Maria Teresa; Allan, David; Biggerstaff, Finley; Boudreaux, Jay; Braune, Carlos; Bruce, Michelle; Bruce-Jones, Tom; Bruch, Greg; Bryja, James; Carter, Karen E.; Conner, Andrew R.; Crane, Bob; Dimitry, Dirk; Ferrell, Daniel; Hernandez, Morela; Juvane, Danilo; Kabel, Jeff; Rickard, Craig; Robinson, Richard T.; Schmidt, Joern; Schube, Jonathan; Stapley, Cecil
Subject:	Utipulp stocks for September

Utipulp Statistics for the month of September showed the following:

Stocks were up by 1.2% and reached 1.1 million level
Consumption went up 16% to 1.083 million
This represents 31 days of supply.
2001 September stocks are 15% lower than last year.

Historically over the last 4 years stocks have generally decreased in September by an average of 4%.
See graph below for historical Utipulp inventory levels:



 << OLE Object: Microsoft Excel Chart >>