国泰海通｜轻工：5月浆、纸价格共振下行，供需改善有限

Group 1 - The core viewpoint of the article indicates that the prices of pulp and paper are experiencing a downward trend, with pulp prices expected to remain low and paper prices approaching a weak seasonal period [1][2][3][4] Group 2 - Cultural paper prices and costs are both declining, with a marginal improvement in supply and demand expected. As of May 28, the market average price for 70g high white double glue paper is 5204 yuan/ton, a decrease of 2.84% month-on-month. Factors include weak orders from paper mills, general inventory pressure, and limited support from downstream demand [1] - Whiteboard prices initially fell before slightly rebounding, with an overall downward trend in supply and demand. As of May 28, the market average price for 250-400g flat white cardboard is 4075 yuan/ton, down 3.28% month-on-month. The market faced weak orders and a supply surplus, although a slight recovery was noted mid-month due to improved macro sentiment [2] - Boxboard prices and profitability continue to decline as the off-season approaches, with the average market price for corrugated paper at 3511 yuan/ton, down 0.90% month-on-month. Initial price drops were followed by a slight increase due to tariff adjustments, but overall demand remains weak [3] - Pulp prices are declining due to limited demand improvement. External prices for needle and hardwood pulp have been adjusted downwards, with domestic hardwood pulp prices also under pressure. Downstream raw paper companies are maintaining low inventory levels, limiting upward price momentum in the pulp market [4]