Klabin SA Q4 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Marcio Farid Filho - Goldman Sachs - Analyst : I have a few follow-ups. I don't know if Nico is in the call. But Nico, if you can comment, please, on the Chinese market. We have seen an interesting price recovery, and the market is still strong. And which are the main drivers for this favorable moment? And what are your expectations for the short and medium and medium and long runs? And also, going back to Caio's question earlier, what can we think about the paper producers' margins in China, especially after this pulp price increase we are following, prices for paper, for printing paper, coated board and sanitary papers? And this is lower than the fiber inflation that we have maintained. So how are paper producers reacting to that in China? And finally, a positive surprise in the result was the realization of prices, and I think that was mainly in the long fiber and maybe fluff. And if you can comment also on the fluff outlook and if we still have room for more positive surprises over the year.

Question: Marcio Farid Filho - Goldman Sachs - Analyst : Nico and Cristiano, if you allow me, considering Cristiano's comment more, and you mentioned a high premium, $250, in the average price of fluff against short fiber, can you remind us what is the cost difference so that we can understand how you tap into margin in the fibers with less premium? Thank you, and good luck in the second quarter.