Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report Soft Commodity Sector - **Sugar**: The latest news on raw sugar is bearish. Brazil has increased its estimates of sugarcane planting area and production, and the harvest is expected to exceed market expectations. Domestic sugar prices have stopped falling, with low inventory and high import processing costs providing some support. The future trend depends on the performance of raw sugar in the international market [4]. - **Paper Pulp**: The pulp industry chain has not changed significantly. The market is weak, and the supply and demand situation remains to be observed. Although the decline in China's pulp imports has alleviated the supply pressure, it is necessary to pay attention to when producers will reduce shipments to the Chinese market. The price is expected to be range - bound at a low level [6]. - **Double - Offset Paper**: The spot price of double - offset paper is stable, and the market expects an improvement in demand during the peak season. However, the upward driving force is not clear, and the profit and price increase may be limited [8][9]. - **Cotton**: The external market is under pressure, but there are also some supporting factors. The domestic market is in a game between tight old - season supply and loose new - season expectations, and the price is expected to fluctuate within a range [11]. Fresh Fruit Sector - **Apple**: The futures price fluctuates. The market is mainly concerned about the difference between the expected and actual situation of the new season's production and quality. The price is expected to move within a range [12]. - **Jujube**: The futures price shows a weak and volatile trend. The spot inventory is decreasing, and the price has rebounded seasonally. The new - season production and quality will be determined in September [13]. Trading Strategies - **Sugar**: Due to the bearish news on raw sugar, it is recommended to wait and see. The support level of the main contract is 5480 - 5500, and the pressure level is 5580 - 5600 [5]. - **Paper Pulp**: Although the price may be supported in the short term, the upward driving force is not clear. It is recommended to be bearish after a rebound. The 2511 contract has a support level of 4900 - 4950 yuan and a pressure level of 5100 - 5200 yuan [7]. - **Double - Offset Paper**: The upward driving force is not clear, and the price increase may be limited. It is recommended to pay attention to the support at 4000 - 4100 yuan and the pressure at 4400 - 4500 yuan. Consider reverse calendar spreads and long - pulp short - paper spreads, and try short positions near the pressure level [10]. - **Cotton**: It is recommended to maintain a range - trading idea. The support range of the 01 contract is 13500 - 13600, and the pressure range is 14300 - 14400. For options, it is recommended to sell a wide - straddle combination strategy [11]. - **Apple**: It is recommended to wait and see. The support range of the 2601 contract is 7500 - 7600, and the pressure range is 8400 - 8500. For options, it is recommended to sell a straddle combination strategy [12]. - **Jujube**: Aggressive investors can hold a reverse calendar spread (short 2601, long 2605) or hold a long position in the 2605 contract and buy a protective put option. It is recommended to take profit on the wide - straddle spread option strategy. The low - level reference range of the 01 contract is 10500 - 10800 points, and the high - level reference range is 11200 - 11500 points [13]. Group 3: Summary by Directory First Part: Sector Strategy Recommendation - **Apple 2601**: Adopt a range - trading idea. The support range is 7700 - 7800, and the pressure range is 8400 - 8500 [21]. - **Jujube 2601**: Take profit on long positions at high prices. The support range is 11000 - 11500, and the pressure range is 11500 - 12000 [21]. - **Sugar 2601**: Wait and see. The support range is 5480 - 5500, and the pressure range is 5580 - 5600 [21]. - **Paper Pulp 2511**: Short within the range. The support range is 4900 - 4950, and the pressure range is 5150 - 5200 [21]. - **Double - Offset Paper 2601**: Short on rebounds. The support range is 4100 - 4200, and the pressure range is 4350 - 4400 [21]. - **Cotton 2601**: Adopt a range - trading idea. The support range is 13500 - 13600, and the pressure range is 14200 - 14300 [21]. Second Part: Sector Weekly Market Review a. Futures Market Review - Apple 2601 closed at 8329, up 33 (0.40%) for the week [22]. - Jujube 2601 closed at 11155, up 155 (1.41%) for the week [22]. - Sugar 2601 closed at 5540, up 17 (0.31%) for the week [22]. - Paper Pulp 2511 closed at 4990, down 72 (-1.42%) for the week [22]. - Double - Offset Paper 2601 closed at 4224, with no change data provided [22]. - Cotton 2601 closed at 13860, down 140 (-1.00%) for the week [22]. b. Spot Market Review - The spot price of apples is 3.75 yuan/jin, with no change from the previous period and a year - on - year increase of 0.20 yuan/jin [27]. - The spot price of jujubes is 9.40 yuan/kg, down 0.10 yuan/kg from the previous period and 5.30 yuan/kg year - on - year [27]. - The spot price of sugar is 5890 yuan/ton, with no change from the previous period and a year - on - year decrease of 500 yuan/ton [27]. - The spot price of paper pulp (Shandong Yinxing) is 5650 yuan/ton, with no change from the previous period and a year - on - year decrease of 400 yuan/ton [27]. - The spot price of cotton is 15248 yuan/ton, down 1 yuan/ton from the previous period and up 487 yuan/ton year - on - year [27]. Third Part: Sector Basis Situation - Relevant figures are provided for the basis of apple, jujube, sugar, paper pulp, and cotton, but no specific analysis content is given [37][40][42][44][53]. Fourth Part: Inter - Month Spread Situation - Relevant figures are provided for the inter - month spreads of apple, jujube, sugar, and cotton, but no specific analysis content is given [47][48][55] Fifth Part: Futures Warehouse Receipt Situation - Apple has 0 warehouse receipts, with no change compared to the previous period and the same as the previous year [56]. - Jujube has 9188 warehouse receipts, a decrease of 6 compared to the previous period and an increase of 2906 compared to the previous year [56]. - Sugar has 11599 warehouse receipts, a decrease of 140 compared to the previous period and a decrease of 1927 compared to the previous year [56]. - Paper pulp has 245040 warehouse receipts, an increase of 212 compared to the previous period and a decrease of 233942 compared to the previous year [56]. - Cotton has 5017 warehouse receipts, a decrease of 142 compared to the previous period and a decrease of 2568 compared to the previous year [56]. Sixth Part: Option - Related Data a. Apple Option Data - Relevant figures are provided for apple option trading volume, open interest, and put - call ratios, but no specific analysis content is given [58] b. Sugar Option Data - Relevant figures are provided for sugar option trading volume, open interest, put - call ratios, historical volatility, and implied volatility, but no specific analysis content is given [59][60][63] c. Cotton Option Data - Relevant figures are provided for cotton option trading volume, open interest, put - call ratios, and historical volatility, but no specific analysis content is given [67] Seventh Part: Sector Futures Fundamental Situation a. Apple - **Weather Conditions in Producing Areas**: Relevant figures are provided for minimum temperature and precipitation in Shandong and Shaanxi, but no specific analysis content is given [69] - **Export Situation**: Relevant figures are provided for apple export volume, but no specific analysis content is given [71] - **Inventory Situation**: Relevant figures are provided for China's weekly apple storage inventory and that in Shandong and Shaanxi, but no specific analysis content is given [73] b. Jujube - Relevant figures are provided for the weekly trading volume of jujubes in Henan and Hebei and the daily arrival volume in the Guangdong Ruyifang market, but no specific analysis content is given [75] c. Sugar - Relevant figures are provided for national sugar industrial inventory, sugar import volume, and the spot - futures price difference, but no specific analysis content is given [77][79][82] d. Paper Pulp - Relevant figures are provided for domestic 4 - port paper pulp inventory, global producer wood pulp inventory days, production volume of various types of paper, and import volume of broad - leaf and coniferous pulp, but no specific analysis content is given [88][89] e. Double - Offset Paper - Relevant figures are provided for double - offset paper's capacity utilization rate, production volume, enterprise inventory, and apparent consumption volume, but no specific analysis content is given [91] f. Cotton - Relevant figures are provided for retail sales, inventory, and other data in the clothing industry in the US, UK, and Japan, as well as China's cotton industrial and commercial inventory, import volume, and textile industry data, but no specific analysis content is given [93][94][100]

Report Industry Investment Rating No relevant content provided. Core View of the Report - This week's view on offset printing paper: The futures price is undervalued, and the overall driving force is bearish. The supply is expected to increase, and the demand remains weak. The paper price may decline next week, and the futures price may follow suit. The recommended strategy is to sell high [51]. Summary by Directory Industry News - Domestic double-offset paper inventory days increased by 0.87% week-on-week, with a narrower increase of 0.45 percentage points compared to last week. The supply pressure increased, but the downstream demand did not improve significantly, and the dealer inventory remained cautious [6]. - The domestic double-offset paper operating rate was 50.12%, a week-on-week increase of 1.90 percentage points, reversing the downward trend. Some production lines in Shandong and Henan resumed production or increased their operating rates [6]. - In July 2025, the total European port pulp inventory decreased by 1.91% month-on-month but increased by 19.19% compared to July 2024. Most European countries' port inventories decreased month-on-month [6]. Market Trends - The average price of 70g high-white double-offset paper on September 12 was 4,818.75 yuan/ton, unchanged from the previous day and last week [9]. - The prices of various double-offset paper products in the Shandong and Guangdong spot markets remained unchanged week-on-week [10]. - In terms of cost and profit, the pre-tax and after-tax gross margins increased by 11 yuan and 10 yuan respectively week-on-week [10]. Supply and Demand Data - **Industry Capacity**: In 2024, the domestic double-offset paper industry capacity was about 16.52 million tons, a year-on-year increase of 7%. The annual output was about 9.478 million tons, with a capacity utilization rate of 57% [19]. - **Weekly Production and Capacity Utilization**: This week, the domestic double-offset paper industry output was 168,400 tons, and the capacity utilization rate was 50.1% [24]. - **Weekly Sales and Inventory**: This week, the domestic double-offset paper industry sales were 165,300 tons, and the weekly enterprise inventory was 355,400 tons [29]. - **Imports and Exports**: In July, the domestic double-offset paper imports were about 12,000 tons, and the exports were about 62,000 tons [36]. - **Inventory**: In August, the social and enterprise inventories of double-offset paper increased slightly [42]. - **Terminal Consumption**: In recent years, the growth rate of the retail sales of books, newspapers, and magazines has gradually slowed down [48]. Market Judgment - **Supply**: Domestic production this week was 168,400 tons, and the capacity utilization rate was 50.1%. In July, imports were about 12,000 tons, maintaining a low level [51]. - **Demand**: Domestic sales this week were 165,300 tons. In July, exports were about 62,000 tons [51]. - **View**: The double-offset paper futures market has been in a low-level shock. The lack of upward momentum is due to the lack of positive drivers. In the short term, the impact on the spot market is limited. Next week, the supply is expected to increase, and the demand remains weak. The paper price may decline, and the futures price may follow suit [51]. - **Valuation**: The current valuation does not provide delivery profits, and the overall valuation is low. The current futures price is close to the production cost of some less integrated enterprises [51]. - **Strategy**: The recommended strategy is to sell high [51].

Report Industry Investment Rating - Not provided Core Viewpoints - For double - offset paper, with weak fundamentals and low prices, it is recommended to view it as oscillating weakly. For pulp futures, a short - selling approach on rallies is suggested [6][15] - The short - side main force has increased positions in pulp, and the long - side main force has reduced positions in double - offset paper, both being bearish signals [18] Summary by Related Catalogs Double - Offset Paper Fundamental Analysis - **Price**: The average price of double - offset paper enterprises was weakly sorted. The tax - included average price of 70g double - offset paper was 4,785.7 yuan/ton, with a month - on - month decrease of 1.2% [3] - **Supply**: The output was 195,000 tons, a decrease of 10,000 tons or 4.9% from the previous period. The capacity utilization rate was 52.9%, down 2.7% from the previous period. Although the industry's profitability was low and there was some production switching, new installations led to an incremental supply [4] - **Cost**: The prices of softwood pulp and hardwood pulp were flat, providing limited cost support [5] - **Demand**: Dealers were cautious about stockpiling, social orders of downstream printing factories were average, and overall demand was mainly for essential needs [5] - **Strategy**: As some suspended production enterprises have not fully resumed production, the industry's profitability is under pressure. It is expected that the supply increase next week will be limited [6] Supply - Demand Analysis of Double - Offset Paper - Some suspended production enterprises resumed work this week, the capacity utilization rate increased month - on - month, but downstream consumption was not boosted. User purchases were mainly for essential needs, and dealers mostly followed a just - in - time inventory strategy. Enterprise inventories increased slightly, and on - site inventories continued to rebound slightly and were at a high level in recent years [8] Pulp Futures Fundamental Analysis - The spot price of silver leaf pulp in Shandong remained stable. With weak supply and demand, the industry's operating rate was low, and the support at the 5000 - point level was weakening [15]

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core View of the Report The report indicates that the price of offset printing paper is in a low - level shock. The trend strength of double - offset paper is - 1, suggesting a bearish outlook [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Spot Market**: In the Shandong market, the prices of 70g Tianyang, 70g Chenming Yunjing, 70g Huaxia Taiyang, and 70g Benbai Mudan remained unchanged at 4550, 4800, 4800, and 4550 yuan/ton respectively on September 10, 2025, compared to the previous day. In the Guangdong market, the prices of 70g Tianyang, 70g Chenming Yunbao, and 70g Huaxia Taiyang also remained stable at 4500, 4650, and 4750 yuan/ton respectively [1]. - **Cost and Profit**: The pre - tax and after - tax costs and profits of offset printing paper remained unchanged on September 10, 2025. The pre - tax cost was 5046 yuan/ton, the pre - tax gross profit was - 228 yuan/ton, the after - tax cost was 4638 yuan/ton, and the after - tax gross profit was - 374 yuan/ton [1]. - **Futures and Basis**: The closing prices of OP2601.SHF and OP2603.SHF were 4208 and 4218 respectively, with a 1 - 3 spread of - 10. The basis in the Shandong market for Tianyang - 01 and Mudan - 01 was 342, and in the Guangdong market, the basis for Tianyang - 01 was 292 [1]. Industry News - **Shandong Market**: The mainstream negotiated price of high - white double - offset paper in the Shandong market was 4750 - 4800 yuan/ton, and the price of some ben - white double - offset paper was in the range of 4300 - 4600 yuan/ton, remaining stable compared to the previous day. Large - scale paper mills were operating normally, while small and medium - sized mills adjusted production flexibly. Dealers maintained stable prices and were cautious about inventory, and downstream printing factories had average procurement demand [2]. - **Guangdong Market**: The mainstream negotiated price of high - white double - offset paper in the Guangdong market was 4600 - 4800 yuan/ton, and the price of ben - white double - offset paper was 4500 yuan/ton, remaining unchanged from the previous day. Paper mills' quotes were stable, dealers' inventory was rational, and printing factories' orders were limited, resulting in a general trading atmosphere [3][4]. Trend Intensity The trend intensity of double - offset paper is - 1, indicating a bearish view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [1].

Group 1: Inflation Trends - August CPI year-on-year growth is -0.4%, with a month-on-month change of 0.0%[10] - August PPI year-on-year growth is -2.9%, with a month-on-month increase to 0.0%[10] - Core CPI year-on-year improved significantly to 0.9% compared to the same period in 2024[15] Group 2: Impact of Policies - The effects of the anti-involution policy are beginning to show in the August PPI data, with mining industrial prices recovering for three consecutive months[22] - Prices in the black chain have stabilized, with coal mining and washing industry increasing by 2.8% month-on-month[22] - The rise in bulk commodity prices has positively impacted downstream manufacturing industries, with factory prices showing a month-on-month recovery of -0.05%[22] Group 3: Food Price Dynamics - Food prices, particularly pork and eggs, are the main drag on CPI, contributing -0.81% to the index[13] - Pork prices contributed -0.29% to CPI, while other food items contributed -0.51%[13] - The demand for pork is expected to recover in September, potentially lifting prices from their current low[15] Group 4: Risks and Future Outlook - There are ongoing pressures in the real estate sector, and consumer recovery momentum may not meet expectations[30] - The sustainability of price increases in bulk commodities and their impact on downstream industries will be closely monitored[28]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The fundamental situation of offset printing paper (double - offset paper) is generally weak, with an overall oversupply in recent years, and the pressure of supply surplus will continue to be released [2]. - The short - term trend of double - offset paper futures may be volatile, and there is still a downward risk in price in the long term due to continued capacity expansion [3]. 3. Summary by Related Content Market Performance on the Listing Day - On September 10th, the listing benchmark price of double - offset paper futures contracts on the Shanghai Exchange was 4,218 yuan/ton, covering contracts OP2601 - OP2608. At the close, the positions and trading volume of the double - offset paper index were 2,945 lots and 21,850 lots respectively, with the position of the main 2601 contract at 2,610 lots, showing average performance [2]. Supply - side Situation - The supply of double - offset paper is in an oversupply state, with continuous capacity expansion in cultural paper and potential peak capacity expansion in the future. There are no new short - term shutdown and maintenance plans, and some previously shut - down production lines in Shandong are planned to resume production [2]. - The cost range of double - offset paper for paper mills is between 4,000 - 5,000 yuan/ton, and the lowest market factory delivery price is 4,200 - 4,300 yuan/ton [2]. Demand - side Situation - The peak demand season for double - offset paper is from October to December in the second half of the year, with no significant support from social orders and expected overall stability. The spring semester publishing tender may be postponed to after the National Day [3]. - Considering seasonality, the price in January may have a premium compared to the current spot price, but the situation is still not optimistic due to supply - side pressure [3]. Price Trend Forecast - In the short term, the double - offset paper futures may show a volatile trend. In the medium term, attention should be paid to peak - season demand and new capacity expansion. In the long term, prices may decline due to continued capacity expansion [3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - For double - offset paper, with weak fundamentals and low prices, it is recommended to treat it with a weak - oscillating outlook. For pulp futures, a short - selling on rallies approach is suggested [6][13] Group 3: Summary According to Related Catalogs Double - Offset Paper - **Price**: The average enterprise price of double - offset paper was weakly adjusted. The tax - inclusive average price of 70g double - offset paper was 4,785.7 yuan/ton, with a month - on - month decline of 1.2% [3] - **Supply**: The output was 195,000 tons, a decrease of 10,000 tons (4.9% decline) from the previous period. The capacity utilization rate was 52.9%, a 2.7% drop from the previous period. Although the industry's profitability was low and there was production conversion, new installations increased the supply [4] - **Cost**: The prices of softwood pulp and hardwood pulp were flat, providing limited cost support [5] - **Demand**: Dealers were cautious in stockpiling. Downstream printing factories had average orders, and the overall demand was mainly for essential needs [5] - **Inventory**: The production enterprise inventory was 1.196 million tons, with a month - on - month increase of 0.4%. The inventory continued a slight upward trend and was at a multi - year high [7] - **Strategy**: As some suspended production enterprises had not fully resumed production and the industry's profitability was under pressure, it was expected that the supply increase next week would be limited [6] Pulp Futures - **Basic Situation**: The price of Silverleaf pulp in Shandong dropped. The spot price was stable, but downstream procurement demand did not improve. The industry operating rate remained low, and the support at the 5,000 - point level was weakening [13] - **主力动向**: The short - side main force reduced positions, which was bullish; the long - side main force of double - offset paper reduced positions, which was bearish [16]

Group 1 - The paper industry stocks experienced a rise in early trading, with Lee & Man Paper (02314) up 5.17% to HKD 3.05, Nine Dragons Paper (02689) up 4.63% to HKD 5.88, and Chenming Paper (01812) up 4.6% to HKD 0.91 [1] - Major paper manufacturers, including Nine Dragons Paper, Shanying International, Lee & Man Paper, and Wuzhou Special Paper, have announced price increases for certain products starting in early September [1] - Since August, domestic paper manufacturers have implemented multiple rounds of price hikes, indicating a trend towards rising prices in the industry [1] Group 2 - According to Industrial Securities, as the fourth quarter approaches the traditional peak season, both pulp and paper prices are expected to continue rising, supported by anti-involution policies [1] - Huashan Securities previously noted that under the national "anti-involution" backdrop and supply-side structural reforms, the packaging paper industry may see the exit of outdated production capacity, improving supply-demand balance and driving up paper prices, which would enhance profitability for paper companies [1]

Summary of Key Points from Conference Call Industry or Company Involved - The discussion primarily revolves around the **Chinese consumer market** and **Vietnamese manufacturing sector**, particularly focusing on the implications of policies aimed at boosting consumption and the migration of Chinese companies to Vietnam for manufacturing. Core Points and Arguments 1. **Government Policies to Boost Consumption** The Chinese government is implementing policies to stimulate consumption, including a 1% fiscal subsidy for personal consumption loans starting September 1, 2023, aimed at enhancing domestic demand and supporting economic recovery [3][4][5] 2. **Focus on Service Consumption** Service consumption is becoming a significant part of household spending, contributing 63% to the growth of consumer spending in 2024. The government has introduced 20 key tasks to promote high-quality service consumption [6][7] 3. **Consumer Loan Subsidies** The introduction of loan subsidies for service sectors such as dining, health, and tourism is expected to further enhance service consumption, which is closely linked to improving living standards [7][8] 4. **Income as a Driver of Consumption** Disposable income is crucial for sustaining consumer spending. Government subsidies and welfare programs are designed to increase disposable income and consumer confidence, thereby promoting consumption [8][9] 5. **Challenges in Vietnam's Manufacturing Sector** Vietnamese manufacturing is experiencing rising costs due to an influx of Chinese companies establishing operations there. The average monthly wage in Vietnam is now comparable to that in some Chinese provinces, leading to concerns about the sustainability of Vietnam's manufacturing cost advantages [17][25][26] 6. **Supply Chain Dynamics** Many Chinese companies are relocating to Vietnam to avoid tariffs and take advantage of lower production costs. However, the reliance on Chinese supply chains remains high, with many components still imported from China [21][32] 7. **Rising Land and Labor Costs** The rapid increase in land prices and labor costs in Vietnam is raising concerns about the long-term viability of manufacturing there. Companies that do not own land are facing significant rental costs, which can account for a third of their operating expenses [24][25] 8. **Shift in Workforce Dynamics** The labor market in Vietnam is tightening, with companies struggling to attract and retain workers. This has led to a trend of automation as companies seek to reduce reliance on human labor [25][28] 9. **Vietnam's Economic Growth Potential** Vietnam's population and GDP growth present significant opportunities for market expansion. The country is seen as a potential consumer market for Chinese products in the future [38] 10. **Trade Relations and Tariff Implications** The evolving trade relations between the U.S. and Vietnam, including tariffs, are creating uncertainty for companies operating in Vietnam. The U.S. has imposed a 20% tariff on Vietnamese goods, which is still lower than the tariffs on Chinese imports [27][36] Other Important but Possibly Overlooked Content - The interdependence of income, employment, and consumption is emphasized, highlighting the need for continuous improvement in employment conditions to sustain consumer spending [9] - The potential risks of Vietnam falling into a "middle-income trap" due to rising costs and insufficient high-end manufacturing capabilities are noted [35] - The cultural differences in workforce management between Chinese and Vietnamese workers are discussed, indicating that management styles need to adapt to local expectations for better employee engagement [28][30] This summary encapsulates the key insights from the conference call, focusing on the implications of government policies, consumer behavior, and the evolving landscape of manufacturing in Vietnam.

Core Viewpoint - The white card paper industry is experiencing a price increase due to operational pressures and anticipated seasonal demand, following a trend of price declines earlier in the year [1][3][6]. Price Increase Announcement - Six major white card paper companies announced a price increase of 100 yuan/ton effective September 1, 2025, following previous price adjustments earlier in the year [1][2]. - This marks the third price increase notification for white card paper in 2025 [2]. Reasons for Price Increase - The price adjustments are attributed to rising operational costs and a recovery in demand, particularly as the traditional demand season approaches [3][6]. - APP (China) cited the need to maintain normal operations and product quality as a reason for the price hike, while Nine Dragons Paper pointed to improving market demand [3][6]. Market Conditions - The white card paper market has been under pressure, with prices at a low point for the year and theoretical profitability in a negative state [1][6]. - The overall performance of the paper industry has been declining, with only 6 out of 20 listed paper companies reporting profit growth in the first half of 2025 [1][6]. Impact of Corrugated Paper Prices - The increase in white card paper prices is influenced by the rising prices of corrugated paper, which saw significant price hikes in August due to increased raw material costs [4][6]. - The average gross margin for the corrugated paper industry improved slightly in August, indicating a potential positive trend for the overall paper market [4]. Future Outlook - The sustainability of the price increase remains uncertain, as the market is still expanding, and demand recovery is crucial for the success of the price hikes [7]. - Analysts suggest that if demand does not improve, there may be downward pressure on prices, with expectations of a potential decline of 0.15% to 0.53% in average prices for September compared to August [7].