Packaging stocks rose on Friday, Jan. 23, after Packaging Corp. of America announced plans to increase containerboard prices by $70 per ton effective March 1, according to Bloomberg's Green Markets Box Report.

PKG stock gained as much as 2.8% following the news, while other packaging companies also saw their shares climb. Smurfit WestRock (NYSE:SW) rose 2.2% and International Paper (NYSE:IP) advanced 2.5%.

The price increase represents the industry's latest attempt to improve margins amid challenging market conditions. According to containerboard buyers cited in the report, PCA has already issued price-increase letters announcing the March hike.

Simultaneously, multiple buyers reported receiving notices from Cascades indicating a $50 per ton increase effective January 5, though this increase is reportedly limited to medium only.