Graphic Paper Prices: July 2025 Update

In 2022, the European energy crisis triggered sharp cost increases in energy-intensive industries such as paper manufacturing. A key example is graphic paper, widely used across various sectors including publishing, packaging, and commercial printing.

The chart below compares average European graphic paper prices with the 12-month moving average of Italian electricity price, used as a proxy for energy costs in Europe (right axis). Both series are indexed in euros, with January 2022 = 100.

Trends in Graphic Paper and Electricity Prices (Euro Index, 2022-01=100)

From January 2022 onward, prices rose sharply throughout the year. On average in 2022, graphic paper prices in Europe increased by +67% compared to the previous year.
As the energy market stabilized in 2023, graphic paper prices began to decline. However, this downward trend was slower than that of electricity prices and largely leveled off by 2024.
As of June 2026, prices have nearly returned to January 2022 levels. Yet over the medium term, prices remain nearly +20% above the 2019 annual average.

European graphic paper price analysis: Coated vs Uncoated

While graphic paper prices follow a similar trend driven by energy costs, actual price levels vary depending on specific product characteristics:

• Mechanical fiber content: paper made with mechanical fibers (as opposed to chemically processed fibers) is less durable and used for lower-grade products. Higher mechanical fiber content generally results in lower prices.
• Grammage (basis weight): it refers to the weight per square meter. Heavier paper tends to cost more per tonne.
• Coating: Coated graphic paper has a mineral-based layer (usually kaolin, calcium carbonate, or barium sulfate) to improve print quality and appearance. Coated papers are typically more expensive than uncoated ones, all else being equal.
• Format: paper in sheets generally costs more than the same paper in rolls.

The table below shows average annual European graphic paper prices by product type and technical characteristics, in euros per tonne.

Table 1: Average Graphic Paper Prices in Europe (€ per Tonne)

Comparing the first two rows in the table - both referring to uncoated graphic paper - the only difference lies in the grammage. This allows us to estimate the price impact of basis weight: approximately €60 per tonne in favor of the heavier paper.

Likewise, comparing the last two rows - which refer to coated graphic paper in different formats (sheets vs rolls) - reveals an average price spread of about €160 per tonne, with sheet format being more expensive.
In both cases (grammage and format), the price differentials have widened in recent years.

As for the effects of coating and mechanical fiber content, the price table shows a higher price for uncoated paper than for coated paper. This seemingly contradictory result can be explained by a higher mechanical fiber content in the coated paper products shown.