16 December 2025 | 4:11PM HKT Equity Research CHINA BASIC MATERIALS MONITOR December 2025: signs of bottoming in bulk, while high metal prices not destructive Summary: End-user orderbooks trend was mostly inline with past seasonality as of mid of December, with appliances, solar, selected construction and machinery on the weaker end. On commodities, demand for copper and paper packaging was weaker, while others mostly on track. Responses of end users to the rising copper and aluminum prices can be seen in t ...

International Paper Company (NYSE:IP) is included among the 11 Best Low Priced Dividend Stocks to Buy According to Analysts. JPMorgan Adjusts International Paper (IP) Target as Industry Faces Supply Headwinds On December 5, JPMorgan analyst Detlef Winckelmann trimmed his price target on International Paper Company (NYSE:IP) to $46 from $48 while maintaining a Neutral stance. He noted that with excess supply “looming in almost every market across almost every product grade,” the setup for 2026 looks chall ...

UPM and Sappi plan to combine their graphic paper assets into a joint venture with an enterprise value of $1.7 billion https://t.co/jR2QkHhafi ...

Group 1 - The company has undergone significant changes in 2025, including commercial improvements and cost reductions, alongside a transformation in its operational footprint [1][2] - A radical decentralization strategy has been implemented, which includes the arrival of new leadership and the announcement of mill closures in North America [2] - The market conditions have evolved differently than initially anticipated at the beginning of the year, impacting the company's strategic focus [3]

Summary of China Basic Materials Monitor (November 2025) Industry Overview - The report focuses on the **China Basic Materials** industry, highlighting signs of **weaker demand** across various sectors, including white goods, renewables, and construction, which are experiencing a sequential deterioration beyond seasonal factors [1][1][1]. - **Infrastructure** projects are at multi-year low start rates due to funding challenges from local governments [1][1][1]. - The **automotive sector** remains robust currently, but concerns are emerging for the first quarter of 2026 [1][1][1]. - **Energy Storage System (ESS) batteries** are seeing accelerated growth, with positive expectations for 2026 based on producer feedback [1][1][1]. Demand Trends - Current demand in China is reported to be **7-12% lower year-on-year** for cement and construction steel, and **5-10% lower** for flat steel, copper, and aluminum [1][1][1]. - Finished goods inventory has increased, primarily due to metal fabrications and selected appliances and machinery [1][1][1]. - The **forward orderbook trend** is mostly stable month-on-month, with **61%** of respondents indicating an increase in downstream sectors and **35%** in basic materials for November [2][2][2]. Supply Dynamics - On the supply side, there is excess production and safety inspections leading to a contraction in output in key coal-producing regions [1][1][1]. - Incremental changes in cement and steel production have been limited [1][1][1]. - Recent weeks have seen improvements in margins/pricing for coal, aluminum, copper, and lithium, while steel prices have softened and cement prices remain stable [1][1][1]. Key Statistics - The report indicates a **deceleration in demand** due to high commodity prices and the diminishing momentum from trade-in programs [1][1][1]. - The **current demand** metrics reflect a significant decline across various materials, indicating potential risks for investors in the basic materials sector [1][1][1]. Conclusion - The China Basic Materials industry is facing challenges with weaker demand across multiple sectors, particularly in construction and infrastructure, while some segments like automotive and ESS batteries show resilience. The supply side is also adjusting to these demand changes, with implications for pricing and production strategies moving forward.

Accessibility StatementSkip Navigation STORA ENSO OYJ STOCK EXCHANGE RELEASE 24 November 2025 at 16:00 EET HELSINKI, Nov. 24, 2025 /PRNewswire/ -- Stora Enso will implement a new financial reporting structure effective 1 January 2026, aligning with the Group's enhanced focus on renewable materials and packaging. In addition, the Group is introducing new financial targets along with a clear roadmap to achieve them. More insights will be shared at Stora Enso's Capital Markets Day tomorrow, 25 November. Curren ...

Summary of Key Points from Conference Call Industry Overview Basic Materials - China - **Copper Prices**: LME copper rose 1.5% WoW to US$10,856/t, while the China price increased 1.3% WoW to RMB87,200/t [1][31] - **Aluminum Prices**: LME aluminum slipped 0.2% WoW to US$2,830/t, while the China aluminum price increased 1.7% WoW to RMB21,910/t. Domestic aluminum margins improved by RMB395/t WoW to RMB6,094/t due to lower power costs [1][31][52] - **Gold Prices**: COMEX gold climbed 2% WoW to US$4,084/oz [1][11] - **Lithium Prices**: Average price of domestic battery-grade lithium carbonate (99.5%) rose 5.9% WoW to RMB85.2k/t [1][55] - **Uranium Prices**: Uranium U₃O₈ spot prices settled at US$77.7/lb, down 2.7% WoW [1][57] - **Cobalt Prices**: China cobalt spot price edged up 1% WoW to RMB395,000/t [1][63] Steel Industry - **Finished Steel Prices**: Rebar prices edged up 0.2% WoW to RMB3,218/t, and HRC rose 0.2% WoW to RMB3,298/t [2][66] - **Inventory and Consumption**: Finished steel inventory fell 1.7% WoW to 14.8 million tons, while apparent consumption slipped 0.7% WoW to 8.6 million tons [2][66] - **Iron Ore Prices**: Iron ore prices declined 1% WoW to USD104/t [2][66] - **Profit Margins**: Higher coke costs pressured margins, with rebar narrowing by RMB28/t WoW to –RMB392/t and HRC contracting by RMB36/t to –RMB380/t [2][66][75] Cement Industry - **Cement Prices**: Average national cement price traded higher by 0.6% WoW to RMB345/t. Prices in various provinces showed mixed trends [3][88] - **Demand Recovery**: National cement demand slightly recovered amid favorable weather conditions, with producers planning to push prices higher by year-end [3][88] - **Shipment and Inventory Ratios**: Nationwide shipment ratio decreased by 0.3 percentage points WoW to 40.0%, while inventory ratio was at 69.4%, down 0.2 percentage points WoW [3][20] Paper and Glass Industries - **Paper Prices**: Paper price rose by 1.76% WoW to RMB3,669/t, supported by supply shrinkage and low inventory [3][99] - **Glass Prices**: National average float glass price settled lower by 0.16% WoW to RMB1,195/t amid lukewarm demand. Xinyi float glass GPM was down 0.5 percentage points to 10.8% [3][22][98] Solar Materials - **Polysilicon Prices**: N-type polysilicon and granular silicon prices remained stable at RMB53/kg and RMB51/kg, respectively [3][109] - **Solar Glass Capacity**: Solar glass daily capacity climbed 1.43% WoW to 88,590t/day, with inventory days expanding 6.5% WoW to 25.63 [3][122] Additional Insights - **Market Sentiment**: The end of the U.S. government shutdown eased risk-off sentiment, supporting copper prices [1][31] - **Cement Producers' Strategy**: Cement producers are looking to increase prices to secure more profit by year-end [3][88] - **Steel Mill Margins**: Spot cash margins at steel mills indicate a challenging environment with negative margins for both rebar and HRC [2][75][81] This summary encapsulates the key points from the conference call, highlighting the performance and trends across various sectors within the basic materials industry in China.

Core Points - International Paper announced the closure of its packaging facilities in Compton, California, and Louisville, Kentucky, with operations ceasing by January 2026 [1][2] - The closures will affect 125 employees in Compton and 93 employees in Louisville, with the company aiming to minimize the impact through attrition, retirements, and current vacancies [2] - The company is committed to supporting affected employees with outplacement assistance, mental health resources, and severance benefits [2][3] - The closures are part of International Paper's strategy to streamline operations and focus investments on facilities that enhance customer service and support strategic initiatives [3] - International Paper is a global leader in sustainable packaging solutions, with net sales of $18.6 billion in 2024 and a recent acquisition of DS Smith to strengthen its position in North America and EMEA [4]

Core Insights - The financial sector has provided over $425 billion in financing to companies contributing to deforestation over the past decade, with $72 billion allocated in the last 18 months alone [1][2] - The increase in lending to forest-risk commodity companies has coincided with significant deforestation, with a record loss of 6.7 million hectares of tropical and boreal forests last year [3] - Major banks, particularly Banco do Brasil, are leading in financing these sectors, with nearly $8 billion provided in the first nine months of this year [4] - Asset managers have increased their investments in forest-risk commodities by $7.8 billion over the past decade, totaling approximately $33 billion by the end of September [5][6] - The report calls for regulatory changes to prevent banks and investors from profiting from deforestation and human rights violations [7][8]

Core Insights - International Paper's Senior Vice President and CFO, Lance Loeffler, will present at the Citi 2025 Basic Materials Conference on December 3, 2025, at 8 a.m. Eastern Standard Time [1] - The presentation will be accessible via a webcast on the company's website, with a replay available approximately three hours post-presentation [2] - International Paper is a global leader in sustainable packaging solutions, headquartered in Memphis, Tennessee, with operations in over 30 countries and more than 65,000 employees [3] - The company reported net sales of $18.6 billion for 2024 and acquired DS Smith in 2025, enhancing its position in the North American and EMEA markets [3] Company Information - International Paper trades on the NYSE under the ticker IP and on the LSE as IPC [3] - The company focuses on creating sustainable packaging solutions to enhance safety and productivity globally [3] - The CEO, Andy Silvernail, is scheduled to speak at the Baird 2025 Global Industrial Conference on November 11, 2025 [5]