U.S. and Swedish pulp producers were to blame for a 102,000-tonne hike in Norscan inventories last month, bringing the total figure to 1.7-million tonnes. The end of December witnessed stock rise to 602,000-tonnes in the U.S., up 52,000-tonnes, while Sweden's inventories climbed to 368,000-tonnes, up 53,000-tonnes.

Typically, December experiences a drop in Norscan inventories, with an average drop of 32,000-tonnes over the past 10 years.

Some producers are concerned that the increased supply of pulp will reduce prices for NBSK, while others believe prices will remain competitive.