Core Viewpoint - The short-term supply-demand gap for wood chips is expected to emerge in 2026, with a positive outlook for the recovery of wood chip and pulp prices [1] Group 1: Supply and Demand Dynamics - Domestic production of self-made pulp has increased significantly in recent years, but the construction cycle for high-quality wood chip resources is lagging behind equipment production [1] - A phase of supply shortage in the domestic wood chip market is anticipated in 2026 due to the mismatch between production capacity and resource availability [1] Group 2: Price Recovery and Industry Opportunities - The tightening of raw material supply is expected to elevate cost pressures, while marginal improvements in demand could lead to a recovery in the central price of pulp in 2026 [1] - Leading companies with full industry chain self-sufficiency are likely to experience premium opportunities as they transition from "processing and manufacturing" to "resource revaluation" [1]
中金：2026年短期木片供需缺口将现，看好木片、浆价中枢修复
Zheng Quan Shi Bao Wang·2026-01-09 00:19