[ppzhan summary] This week, the paper printing sector is behind the market. The sector's decline this week was 0.77%, behind the Shanghai and Shenzhen 300 Index (up 0.20% this week) by 0.97 percentage points. We believe that due to the two factors of declining demand and concentrated production capacity, the papermaking sector may be at the bottom for a long period of time, and its fundamentals may still maintain a bottom stagnation in the first half of the year.
International pulp prices fell sharply, European softwood pulp fell slightly, with a drop of 1.85%, while broadleaf pulp prices fell by 1.42%. Regardless of seasonal factors, the overall inventory of commercial pulp increased by one day; considering seasonal adjustment factors, the overall inventory time increased by three days. Downside price pressures continue, in part because of the near-dollar strength. The supply and demand situation of softwood pulp in the Chinese market seems to have begun to improve, but downward pressure on prices still exists.
International waste paper prices have fallen this week. The current market for US waste has not bottomed out. With the low price of the outer disk market, most traders showed a wait-and-see attitude toward the downtrend. As the finished paper market is hard to see, the market outlook for imported waste paper is continuing to decline. The downturn of US waste is expected to be difficult to reverse in the short term. The wait-and-see mood of both the supply and demand sides of the day is more obvious. It can be seen from the results of the bidding for the eastern waste paper in Japan at the end of the month that the daily waste traders are not optimistic about the market outlook. The European waste market has been weak, and this month's market has continued to fall unsurprisingly. With the low price of European waste, paper mills in Fujian have successively entered the market to purchase European waste. The increase in actual transaction volume has formed certain support for market prices.
Paper prices tend to fall. In the case of double-adhesive paper, the downstream demand increase is hopeless before the next teaching material is ready for delivery. The recent new capacity is about 700,000 tons, which will inevitably make the supply and demand relationship in the double-adhesive paper market more tense. It is expected that the price will be in the next month. It will also slow down.
The price of white card has shown signs of slowing down at the end of the month, and the phenomenon of price cuts has been improved. The industry believes that the market price has not yet bottomed out, and the downward trend is difficult to change in the short term. In terms of coated paper, overcapacity and high stocks in paper mills will not increase significantly in the short term. It is expected that prices will continue to be under downward pressure in August. As for the cardboard paper, as the price of waste paper continues to decline in the near future, it will definitely have a certain impact on the finished paper market.
We give the papermaking sector a “hold†rating, suggest “standardâ€, recommend the company as Zhongshun Jie and Qifeng shares; give the light industry sector “overweight†rating, and recommend maintaining “overweightâ€. In terms of stock selection, we recommend: Yongxin, Xinghui, Sophia, Rebecca, Yaoji Poker.
International pulp prices fell sharply, European softwood pulp fell slightly, with a drop of 1.85%, while broadleaf pulp prices fell by 1.42%. Regardless of seasonal factors, the overall inventory of commercial pulp increased by one day; considering seasonal adjustment factors, the overall inventory time increased by three days. Downside price pressures continue, in part because of the near-dollar strength. The supply and demand situation of softwood pulp in the Chinese market seems to have begun to improve, but downward pressure on prices still exists.
International waste paper prices have fallen this week. The current market for US waste has not bottomed out. With the low price of the outer disk market, most traders showed a wait-and-see attitude toward the downtrend. As the finished paper market is hard to see, the market outlook for imported waste paper is continuing to decline. The downturn of US waste is expected to be difficult to reverse in the short term. The wait-and-see mood of both the supply and demand sides of the day is more obvious. It can be seen from the results of the bidding for the eastern waste paper in Japan at the end of the month that the daily waste traders are not optimistic about the market outlook. The European waste market has been weak, and this month's market has continued to fall unsurprisingly. With the low price of European waste, paper mills in Fujian have successively entered the market to purchase European waste. The increase in actual transaction volume has formed certain support for market prices.
Paper prices tend to fall. In the case of double-adhesive paper, the downstream demand increase is hopeless before the next teaching material is ready for delivery. The recent new capacity is about 700,000 tons, which will inevitably make the supply and demand relationship in the double-adhesive paper market more tense. It is expected that the price will be in the next month. It will also slow down.
The price of white card has shown signs of slowing down at the end of the month, and the phenomenon of price cuts has been improved. The industry believes that the market price has not yet bottomed out, and the downward trend is difficult to change in the short term. In terms of coated paper, overcapacity and high stocks in paper mills will not increase significantly in the short term. It is expected that prices will continue to be under downward pressure in August. As for the cardboard paper, as the price of waste paper continues to decline in the near future, it will definitely have a certain impact on the finished paper market.
We give the papermaking sector a “hold†rating, suggest “standardâ€, recommend the company as Zhongshun Jie and Qifeng shares; give the light industry sector “overweight†rating, and recommend maintaining “overweightâ€. In terms of stock selection, we recommend: Yongxin, Xinghui, Sophia, Rebecca, Yaoji Poker.
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