The increase will take place as of 1 October this year and is a result of "unsatisfactory profitability". For the same reason, the company may also consider increases elsewhere, although it would not be drawn on further details.

Mika Joukio, head of M-real consumer packaging, said: "As the biggest player in the industry, we continue to take responsibility and are prepared to curtail our production to the extent needed to support our efforts."

The Finnish-based company manufactures paperboard and is a major paper supplier. Its customers include brand owners, publishers, printing houses, merchants and office suppliers.