Q2 2019 Ence Energia y Celulosa SA Earnings Call Transcript
Good afternoon, ladies and gentlemen. Welcome to the ENCE First Half 2019 Results Presentation. I now hand over to Mr. Ignacio Colmenares, CEO; and Alfredo Avello, CFO. Gentlemen, please go ahead.
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Good morning, ladies and gentlemen. Thank you for joining ENCE's 2019 First Half Results Conference Call. I'm here with our CFO, Alfredo Avello; and our Head of IR, Alberto Valdes. After the presentation, we will answer any questions you may have.
Let's start with the main highlights of this presentation. Pulp prices are now weaker than we expected some months ago. High pulp producers inventories at the ports, as a consequence of the unexpected inventory reduction in the paper industry, have continued pressuring pulp prices down during the second quarter. We believe prices should stabilize soon and then rebound for several reasons.
Firstly, prices in China are already below the cost level of less efficient producers. Secondly,
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