Group 1 - The core viewpoint of the report indicates that the market for wood pulp is experiencing price increases in the external market, while domestic prices are showing signs of slowing growth. The report anticipates a continued rise in pulp prices by January 2026, with gradual price transmission for white paper and ongoing increases for black paper [1][6]. Group 2 - Cultural paper prices are under pressure due to weak demand, with the average market price for 70g wood pulp high white double glue paper at 4730 yuan/ton, a slight decrease of 0.04% month-on-month. Factors influencing this include cautious purchasing behavior from distributors and a lack of effective price transmission from wood pulp to paper [2]. - White cardboard prices are rising, with the average market price for 250-400g flat white cardboard at 4237 yuan/ton, an increase of 0.98% month-on-month. This is attributed to low price levels and cost pressures, with some traders raising prices by 50-100 yuan/ton [3]. - The price of corrugated paper is under pressure, with the average market price for AA-grade 120g corrugated paper at 3129 yuan/ton, reflecting a month-on-month decline of 1.29%. Contributing factors include a mixed sentiment among suppliers and limited improvement in demand from the packaging sector [4]. - The waste paper market is experiencing an overall price decline, with the average price for waste yellow board paper at 1767 yuan/ton, a decrease of 6.18% month-on-month. This is due to increased supply and a bearish outlook from downstream paper mills [5]. - The wood pulp market is characterized by a mixed price trend, with external prices for broadleaf pulp continuing to rise while domestic prices are stabilizing. The average price for wood pulp is influenced by fluctuations in futures contracts and varying supply-demand dynamics [6].
国泰海通:12月进口木浆市场分化 预计2026年1月浆价持续上涨