【Wdoodoo Weekly Pulp Report】Off-season inventory pressure mounts, pulp & paper remain weak and range-bound.
3. Marginal demand improvement spotted; monitor sustainability of packaging paper rebound
Finished paper prices drift lower with minimal margin improvement for paper manufacturers, keeping their pulp restocking subdued. Book paper mills and distributors struggle with bloated inventories, but progressive publisher tendering lifts production and sales modestly. Tissue paper supply edges up and downstream converters make moderate purchases alongside slightly improved end-market sales. White cardboard benefits from the packaging paper rally with lean mill inventories, and producers have announced a CNY 200/ton price hike for June orders. Nevertheless, overall terminal consumption stays weak, leaving traders strained by slow inventory turnover and tight capital recovery. Pulp prices gain limited support from downstream demand; focus remains on how long packaging paper’s upturn can last.
4. High port inventories cap upward price space
As of May 28, monitored inventory at major domestic ports totalled 2.31 million tonnes, up 30,000 tonnes sequentially and staying well above seasonal historical average. High proportion of softwood stock continues to put downward pressure on pulp quotes.
Overall OutlookDampened macro sentiment, elevated port stocks and muted mill restocking in off-season, plus falling futures on rising open interest drag down spot pulp prices. Bearish sentiment dominates the near term, yet current pulp valuations are relatively low, and aggressive short positions become inadvisable ahead of the traditional H2 restocking cycle. Pulp is projected to oscillate weakly at lower levels within CNY 4,700–5,200; investors may stay on sidelines pending price stabilisation or conduct small-scale range trading. Keep close track of downstream restocking willingness, port destocking pace and shifts in pulp import costs.
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【Wdoodoo Weekly Cotton Report】Bearish macro factors weigh on the market while industrial drivers remain weak, with cotton testing its downside support levels.6495
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【Wdoodoo Weekly Pulp Report】Off-season weak demand keeps pulp and paper prices sliding lower.9470
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【Wdoodoo Weekly Pulp Report】Off-season inventory pressure mounts, pulp & paper remain weak and range-bound.65
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【Wdoodoo Weekly Cotton Report】Limited bullish catalysts leave short-term supply gap absent, cotton stays in consolidation67
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【Wdoodoo Weekly Cotton Report】Domestic and overseas cotton markets retreat in tandem: correction or trend reversal?94
