The NCC Price Trend in Q2 2026 showed a moderate but noticeable increase across major markets. Global New Corrugated Cardboard (NCC) prices increased by around 3% compared with Q1 2026, supported by steady demand from e-commerce, food, FMCG, consumer goods, and industrial packaging. The market did not experience a sudden price jump, but the overall direction was clearly firmer. Higher raw material, energy, transportation, and logistics costs also played an important role in pushing NCC Prices upward during the quarter.
NCC Price Trend in Q2 2026
Corrugated cardboard is a basic part of modern packaging. Almost every day, products move from factories and warehouses to stores or directly to consumers in some form of corrugated packaging. Because of this, changes in packaging demand can have a direct effect on NCC prices.
During Q2 2026, demand remained fairly stable in several important end-use sectors. E-commerce continued to require packaging for deliveries, while food, FMCG, consumer products, and industrial goods maintained regular demand for boxes and other packaging materials.
The global NCC market therefore remained moderately firm during the quarter. Prices increased by approximately 3% from Q1 to Q2. One important point is that the increase was not caused by demand alone. Production costs were also higher, which made it more difficult for manufacturers to offer material at lower prices.
Recovered paper, virgin fiber, energy, chemicals, and transportation all contributed to higher production expenses. When these costs rise, manufacturers generally need stronger selling prices to protect their margins.
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At the same time, paper mills managed production and inventories carefully. This helped prevent a large amount of excess material from entering the market. A balanced supply situation, combined with steady purchasing, helped support the upward NCC Price Trend.
What Happened to NCC Prices?
The movement in NCC Prices during Q2 2026 varied from market to market. Some regions recorded a relatively small increase, while others experienced a stronger rise.
China recorded an increase of approximately 2% in Q2 2026 compared with Q1 for FOB NCC prices. The increase reflected steady packaging demand and higher production and export costs. On a month-on-month basis, China's FOB NCC prices increased by around 6% in June compared with May, showing stronger momentum toward the end of the quarter.
Thailand recorded an approximately 3% quarterly increase in CFR NCC prices. Regular packaging demand and higher input costs supported the market. Freight and marine fuel expenses also contributed to higher delivered prices. Thailand's prices increased by around 3% in June compared with May.
Vietnam saw an approximately 2% increase in Q2 compared with Q1. The Vietnamese market also experienced higher production and import costs, while regular buying activity provided support. Interestingly, prices increased by around 6% in June compared with May, indicating stronger movement at the end of the quarter.
Indonesia recorded one of the stronger quarterly increases, with CFR NCC prices rising by approximately 4% compared with Q1. Healthy demand from e-commerce, FMCG, food, consumer goods, and industrial sectors supported purchasing activity. Indonesia also recorded around a 6% month-on-month increase in June.
Mexico showed the strongest quarterly movement among the markets covered. CFR NCC prices increased by approximately 7% compared with Q1 2026. On a month-on-month basis, prices increased by around 13% in June compared with May. Higher freight, marine fuel, logistics, and import expenses contributed to the stronger price movement.
Q2 2026 NCC Price Comparison
A simple view of the Q2 movement gives a useful picture of how prices changed across the selected markets:
- Global NCC: approximately +3% quarter-on-quarter
- China FOB: approximately +2% quarter-on-quarter
- Thailand CFR: approximately +3% quarter-on-quarter
- Vietnam CFR: approximately +2% quarter-on-quarter
- Indonesia CFR: approximately +4% quarter-on-quarter
- Mexico CFR: approximately +7% quarter-on-quarter
This comparison shows that the market moved upward overall, but the strength of the increase was different in each location.
Mexico recorded the highest quarterly increase at approximately 7%, while China and Vietnam recorded more moderate increases of around 2%. Indonesia was also relatively firm with a 4% increase.
Main Factors Behind the NCC Price Increase
Several factors came together to create the Q2 2026 price environment.
- Stable Packaging Demand
One of the biggest supports for NCC Prices was regular demand. E-commerce, food, FMCG, consumer goods, and industrial packaging continued to consume corrugated materials.
When buyers continue ordering regularly, manufacturers have less reason to reduce prices aggressively. Stable demand creates a more balanced market and provides support to selling prices.
- Higher Raw Material Costs
Recovered paper and virgin fiber are important inputs for paper and corrugated packaging production. Higher costs for these materials increased the overall cost of producing NCC.
For buyers, this means that even when demand is not exceptionally strong, prices can still move upward if production costs increase.
- Higher Energy and Chemical Costs
Energy is an important part of industrial manufacturing. Paper production requires significant energy, while chemicals are also used during manufacturing.
Higher energy and chemical expenses added pressure to production costs during Q2 2026. Manufacturers therefore maintained relatively firm price positions.
- Freight and Logistics Expenses
Transportation became another important factor in the Q2 market.
For imported NCC, the final price paid by a buyer is influenced not only by the material itself but also by freight, marine fuel, handling, and other logistics expenses. This was particularly relevant to CFR markets such as Thailand, Vietnam, Indonesia, and Mexico.
Higher logistics expenses contributed to higher delivered NCC prices.
- Controlled Supply
Supply did not appear to become excessively loose during the quarter. Mills managed production levels and inventories carefully.
This helped avoid a major oversupply situation. When supply and demand remain relatively balanced, prices are generally more stable and can move higher when production costs increase.
NCC Price Chart: How to Read the Q2 Movement
An NCC Price Chart for Q2 2026 would show a generally upward direction across the markets covered. However, the chart would also highlight different levels of price strength.
China and Vietnam would appear toward the lower end of the quarterly increase, at approximately 2%. Thailand would be around 3%, close to the global average. Indonesia would show a stronger increase of about 4%, while Mexico would stand out with an increase of approximately 7%.
Looking at the June month-on-month movement provides another useful perspective. China, Vietnam, and Indonesia each recorded approximately 6% growth in June compared with May. Thailand recorded around 3%, while Mexico recorded approximately 13%.
Therefore, the Q2 NCC Price Chart suggests that price momentum became stronger in several markets toward the end of the quarter.
NCC Price Index Perspective
The NCC Price Index can be viewed as a useful way to understand the overall direction of the market rather than focusing on only one location.
Based on the Q2 2026 information, the overall index direction would be considered moderately positive. Global prices increased around 3% from Q1, while individual markets recorded different levels of growth.
A price index is particularly useful for buyers and market participants because it helps them track whether packaging costs are generally moving higher, lower, or remaining stable.
For Q2 2026, the overall message from the NCC Price Index perspective is clear: the market was firm, but the increase was controlled rather than extreme.
NCC Price Forecast: What Could Happen Next?
Looking ahead, the Q2 2026 market conditions provide some useful signals for an NCC Price Forecast.
If demand from e-commerce, food, FMCG, consumer goods, and industrial packaging remains stable, NCC prices could continue to receive support. Higher raw material, energy, freight, and logistics costs could also keep producers cautious about lowering prices.
However, future prices will depend on the balance between demand, supply, inventories, and production costs. If supply increases significantly or buying activity weakens, price growth could slow.
For buyers, the Q2 trend suggests that it may be useful to monitor raw material costs, freight expenses, purchasing activity, and mill inventory levels closely rather than looking at demand alone.
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What the Q2 NCC Price Trend Means for Buyers
For packaging buyers, the Q2 movement is a reminder that NCC prices can change for several reasons at the same time.
A buyer may see higher prices even when demand has not changed dramatically. This can happen when recovered paper, fiber, energy, transportation, or freight costs increase.
The different regional movements also show why local market conditions matter. A global increase of 3% does not mean every country will experience exactly the same price movement.
Buyers operating in import-dependent markets should pay particular attention to freight and marine fuel costs because these expenses can have a direct impact on delivered prices.
The NCC Price Trend in Q2 2026 was moderately positive, with global prices increasing by approximately 3% compared with Q1 2026. The market was supported by steady packaging demand from e-commerce, FMCG, food, consumer goods, and industrial sectors.
At the same time, higher recovered paper, virgin fiber, energy, chemical, transportation, freight, and logistics costs increased the pressure on manufacturers and importers. Controlled production and careful inventory management also helped prevent significant oversupply.
Among the markets covered, Mexico recorded the strongest quarterly increase at approximately 7%, followed by Indonesia at 4%, Thailand at 3%, and China and Vietnam at 2%. The June month-on-month figures also showed stronger momentum in several markets.
Overall, the Q2 data points to a firm but manageable NCC market. The NCC Prices, NCC Price Chart, and NCC Price Index all point toward an upward market direction during the quarter, while the NCC Price Forecast will depend largely on packaging demand, raw material costs, energy expenses, freight rates, logistics conditions, and supply management.
For businesses that regularly purchase corrugated packaging, keeping a close watch on these factors can provide a better understanding of future price movements and help with more informed purchasing decisions.
About Price-Watch™
Price Watch™ is an India-based, independent raw material price reporting agency that provides real-time price forecasts and data-driven insights into global raw material markets. Price Watch™ specializes in tracking raw material prices, analyzing market trends, and delivering timely updates on plant shutdowns, supply disruptions, capacity expansions, and demand-supply dynamics. The Price Watch™ platform empowers manufacturers, traders, and procurement professionals to make faster, smarter decisions. Leveraging AI-powered forecasting and over a decade of historical data, Price Watch™ transforms market volatility into actionable opportunity.
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