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Coreboard is a paper/board material used primarily for manufacturing paper cores. The key characteristic of coreboard is its ability to resist delamination, which is measured in Joules per square meter (J/m²). There is only a limited degree of demand-side and supply-side substitutability. The high-grade (delamination resistance >375 J/m²) producers can easily switch production to low-grade (delamination resistance <375 J/m²), low-grade producers need to make important investments to produce high-grade coreboard. In light of the above, high-grade and low-grade coreboard can be considered to constitute the relevant product markets for coreboard.