Under the influence of global climate anomalies, drastic exchange rate changes, little increase in supply and significant increase in demand, international pulp prices have continued to rise, and major pulp mills have announced that they will sell short and long-term pulp sales in April after rising in the first quarter. Prices will rise further, rising by $30 per ton, and NBSK (Northern long-fiber wood pulp) in the European and American markets will exceed $1,000. The industry generally believes that the price of pulp will remain steady and tend to be firm.
Since the international pulp price has been increased from the Asian region to March this year, the cumulative adjustment per ton has reached 50-70 US dollars, mainly because the supply and demand of long-fiber pulp is relatively tight, so the rising frequency is higher than that of the fluff pulp. The reason is that in addition to the huge increase in demand in the Chinese market, the climate in various regions of the world has been abnormal since the beginning of this year. For example, many regions in Europe, Asia and the United States have strong winds and snows, cold weather, frequent rainstorms such as Australia and New Zealand, and earthquakes, which have made slurry supply difficult. The cost of oil prices, various raw materials, and fillers continued to rise, and the influence of exchange rate factors prompted the price of long-fiber pulp to continue to rise. By March, the NBSK in the North American market had reached 990-1,000 US dollars per ton, the European market also reached 980 US dollars; the Asian market (China) touched the 900 US dollars level. BEK maintains a price of $900 in the North American market; $850 in the European market; and $750 in Asia. In addition, Arauco, a South American large pulp mill, has raised US$40 per ton for radiated pine (BRKP) and US$880 per ton for China. Market participants predict that the future price of long-fiber pulp will not be easy to fall, including the BRKP pulp mill that Arauco has just started to produce. It will not affect the market in a few months. PaperExcellence (acquired by APP last year) produces NBSK (Northern long-fiber pulp). 235,000 tons of downtime, and the appreciation of the Canadian dollar. In February, the spread between NBSK and BEK varied from region to region, with North America at $60 to $70 per ton, Europe at $100 per ton, and China at $110 per ton. The expansion of the price difference between long and short fiber pulp indirectly drives the price increase of fluff pulp.
According to foreign media reports, global merchandise pulp shipments totaled 3.425 million tons in January this year, a decrease of 13.9% from 3.979 million tons in December of the previous year, and an increase of 2.9% from 3.328 million tons in the same period last year.
Among them, exports to North America were 584,000 tons, a decrease of 16.2% from the previous month and 8.8% from the same period of the previous year; exports to Western Europe were 1.2 million tons, an increase of 1.7% from the previous month and an increase of 2.4 from the same period of the previous year. %; exports to China was 693,000 tons, a decrease of 29.2% from the previous month, but an increase of 31% over the same period of the previous year. The ratio of production and sales of the pulp market in the month was 87%, far lower than the 102% in the previous month.
As for the inventory, it was 33 days, an increase of 3 days from the previous month, and an increase from 30 days in the same period of the previous year. Among them, 16 days of fluff pulp, 2 days more than last month; 40 days of stock of fluff pulp Last month increased by 3 days. The industry believes that 33 days of inventory in January can be regarded as a balance between supply and demand, and the increase in inventory at the end of January is a seasonal factor. In the past 10 years, the average inventory of world commercial pulp at the end of January will increase by 2 days. The long-fiber pulp production plant believes that the rising prices of long-staple pulp are caused by the continued strong demand in China and other Asian markets.
In February, the shipment of commercial pulp totaled 3.28 million tons, a decrease of 4.1% from 3.421 million tons in the previous month and a decrease of 1.7% from 3.336 million tons in the same period of last year. Of which, exports to North America were 557,000 tons, a decrease of 4.6% from the previous month and a decrease of 9.6% from the same period of the previous year; exports to Western Europe were 1.23 million tons, a slight increase of 2.4% from the previous month and an increase of 6.3% from the same period of the previous year; Exports to China were 574,000 tons, a decrease of 17.4% from the previous month and a decrease of 8.7% from the same period of the previous year. However, the ratio of monthly production to sales was 92%, which was higher than the 87% in January.
As for the inventory amount of 34 days, an increase of 1 day compared with January, also increased by 4 days compared with 30 days of the same period of last year, of which 28 days of fluff pulp stock, an increase of 1 day compared with January; stock of fluff pulp is 42 days, Increased by 2 days from the previous month. Analysts pointed out that if the gap between the long and short fiber pulp stock days continues to increase, the spread between the two will increase in the future. However, due to the impact on the volume and price of commercial products, in the bad weather, Australia and Japan, the century-old earthquake, China's demand for pulp is still growing significantly, coupled with rising raw materials, oil prices and other production costs, the world's major Pulp suppliers have announced early in mid-March that they will simultaneously raise prices for major markets around the world.
According to statistics, in the domestic demand market, the long-fiber pulp price in March was 7,250-7,300 yuan per ton; the radiata pine was 7,200-7,250 yuan; the Russian BSK was about 7,150-7,200 yuan; the short-fiber pulp price BEK (eucalyptus pulp) per ton 5,750 ~ 5,800 yuan; Russia BHK is 5,700 ~ 5,750 yuan; its local pulp is 5,350 ~ 5,400 yuan.
Recently, the pulp mill further announced that it will raise the price of long-fiber pulp (NBSK) and staple fiber (BEK and BHK) for the global market by about US$30 per ton in April. In the North American market, NBSK reaches US$1,020 per ton; BEK increases to US$930 per ton; European market NBSK1,010, BEK is 880 USD, Asian market NBSK is 920 USD, BEK and BHK are 780 USD; In the region, the pulp mill announced that it will raise NBSK and BEK by US$30 per ton, and Russia BHK will increase by US$20 per ton. If the adjustment is successful, NBSK will be 910-930 US dollars, radiata pine will be 900-910 US dollars, and Russian NBSK will be 910-920 US dollars, BEK It is 760-780 US dollars; Russia BHK is 740-750 US dollars. South Korea, Southeast Asia, Japan and Taiwan raised US$40 per ton in April. At present, BHK's supply to Asia and China is still sufficient. The reason for the increase may be the relationship between exchange rate and oil price fluctuations. The BEK resale price in mainland China rose by RMB 50 per ton to 5,750-5,800 yuan.
As for the price of pulp in Taiwan and the global market for fluff pulp, the market has not changed much since this year to the first quarter. Except for the slight fluctuations in exchange rate factors, the price is stable. The current price is close to 23,000 yuan per ton. The month will rise with the international pulp price, which is about 1,000 yuan.
According to market analysts including China, there are indications that the world economy is recovering from the 2008-2009 Great Recession and it is expected that the world economy will rebound significantly in 2010 and 2011. According to RISI's macroeconomic forecast, the world economy will not experience a recession in the next five years, and only a moderate slowdown will occur in 2013. The situation in the financial market has become normal, and financing new pulp mills is still quite difficult. The shortage of funds means that at least until 2012, the pulp mill's capacity expansion process may show significant stagnation (except China). Coupled with the wave of pulp capacity reduction in 2008-2009, there may be a period of sustained high pulp prices from 2010 to 2012, which of course depends on the future direction of the world economy.
It is estimated that the global consumption of wood pulp declined sharply in 2009, reflecting the sharp decline in the production of paper and board in Europe and North America, which are at the center of the severe financial crisis. In 2010 and 2011, as the economy improves and paper consumers rebuild their inventories, paper and board production will pick up, and most of the previous decline in consumption is expected to recover.
As a result, RISI believes that global wood pulp consumption will increase every year for the next five years, with strong annual growth in 2011 (4.3%). In 2013, the world economy is expected to experience a moderate slowdown, and the global wood pulp consumption growth rate was only 1.5%.
In fact, as mentioned above, many analysts believe that the international pulp price will continue to rise in the next two years, and the high price of pulp prices may appear in the third quarter of 2012. Due to the economic crisis, some new capacity production was delayed, and the production capacity of commercial pulp was released from 2011 to 2012. At present, the global chemical pulp production capacity is about 62 million tons, of which bleached softwood (long fiber) pulp capacity is about 24 million tons. The bleached hardwood (short fiber) pulp production capacity is nearly 30 million tons, accounting for 39% and 48% respectively. It is expected that the growth rate of global commercial pulp capacity will remain at a low level of around 1% to 2% in the next two years, which is significantly lower than the average of 4.7% in 2003-2008. It is estimated that global commodity production capacity will increase by 2.2 million tons from 2011 to 2012, with an average annual increase of 1.1 million tons, of which bleached softwood pulp will increase by an average of 350,000 tons per year, slightly higher than the average annual increase in the past five years; bleached hardwood pulp The newly added capacity is 750,000 tons, which is much lower than the annual increase of nearly 1.7 million tons in the past five years. And since 2010, the global newly added capacity of bleached hardwood pulp is mainly concentrated in China, which is 1 million tons of APRIL sunshine (about 1.2 million tons in actual production) and 700,000 tons of Chenming Zhanjiang which was put into operation in the second quarter of 2011. . With the increase in domestic demand in China and the recovery of overseas markets, the contradiction between supply and demand will reappear.
An important reason for the rise in pulp prices is the rise in timber prices. In the past two years, the cost of wood in the global pulp industry has risen much faster than energy, chemicals and labor costs. Looking back over the past 2010, the softwood price index and the broadleaf wood price index rose by at least 6%. From a global perspective, the average price of broadleaf wood rose by $1.51/m3 to $104.88/m3. In the third quarter, the price of broadleaf wood increased by 5.8% year-on-year. The price of coniferous wood is based in Seattle, USA. After a brief decline in the second quarter last year, the price of coniferous wood in the region returned to the high price reached only in the financial crisis in the third quarter, reaching $99.8/m3. Compared with the previous season, it has increased by 1.51 US dollars, an increase of 6.68 US dollars. In western Canada, the price of wood chips, which are closely related to pulp prices, also showed an upward trend in the third quarter, and the new price reached US$104/m3. This is a high price that has not appeared in 14 years. Due to the high price of wood in most parts of the world, the cost of wood accounts for about 60% of the cost of pulp production. In 2008, this figure was only 55%.
A hot topic in the pulp market recently is the dissolving pulp that has soared with the price of cotton. As the global cotton planting area has fallen, the supply of cotton has been insufficient, and the price has risen sharply, resulting in a decline in the supply of cotton linters. However, with the improvement of macro economy and population growth, the output of China's viscose fiber has increased steadily, and the demand for dissolving pulp has risen rapidly. In 2011, the overall gap of dissolving pulp in China was about 1.84 million tons, of which nearly 1 million tons. Will be compensated through imports.
As the price of cotton continued to rise sharply in 2010, the cost pressure of the downstream textile industry increased sharply. By increasing the proportion of cotton substitutes to reduce cost pressure, it became the choice of many manufacturers. The market first thought of chemical fiber enterprises, China's domestic viscose fiber raw materials mainly Including cotton pulp and dissolving pulp, due to the limited growth of cotton pulp production and the price is also closely related to cotton prices, the growth of viscose fiber demand can only be met by the growth of dissolving pulp production. By 2012, the demand for viscose fiber for dissolving wood pulp will reach 2.79 million tons, an increase of 560,000 tons, accounting for 85.6% of the global demand for dissolving pulp. The future production of viscose fiber dissolving pulp is the main demand for the growth of dissolving pulp. power.
It is reported that the demand for dissolving pulp based on the Chinese market has also prompted many operators to invest in the production of dissolving pulp. For example, China Sun Paper will invest USD 381 million to produce dissolving pulp with an annual output of 200,000 tons. It is expected to start production at the end of 2012. The Sun Paper Mill needs 1 million tons of pulp per year, 70% of which depends on imports. Because of the shortage of pulp, it is planned to build a BHK pulp mill with an annual output of 300,000 tons and develop 100,000 acres of planted forest. Sun Paper believes that chips can be imported from neighboring countries such as Vietnam and is not worried about the shortage of chips.
According to industry insiders, the outbreak of dissolving pulp will make the supply and demand of bleached softwood pulp more tense, because the chemical pulp and dissolving pulp production process of papermaking is basically similar, so many chemical fiber factories purchase the softwood pulp and adjust it in the production process. Instead of dissolving pulp; some pulp mills have also converted the chemical pulp production line to dissolving pulp to improve profitability, which will reduce the supply of softwood pulp and further increase its price.
All in all, the industry's view of the pulp market is mostly consistent, that is, the cost of paper raw materials, fillers, auxiliary materials, oil prices, etc., as well as increased demand, and new capacity in China, South America, etc. has gradually digested and no new investment After the city and the new paper production capacity based on China continue to be transferred, the demand for the pulp market will continue to increase, especially in the recent two major earthquakes in New Zealand and Japan, and its subsequent impact on the pulp and paper market is worth close. Concern, but at this stage, many of the above factors will support the rising trend of pulp prices, no room for decline.
According to RISI's 15-year forecast, recycled paper will continue to replace the position of wood pulp in the slurry ratio, but the extent is slower than in the past 15 years, while the proportion of non-wood fiber continues to decline. This means that during the next 15 years of forecasting, global wood pulp consumption will not grow in tandem with global paper consumption, with the former growing at an annual rate of 2.6% and the latter at 3.0%.
Since the international pulp price has been increased from the Asian region to March this year, the cumulative adjustment per ton has reached 50-70 US dollars, mainly because the supply and demand of long-fiber pulp is relatively tight, so the rising frequency is higher than that of the fluff pulp. The reason is that in addition to the huge increase in demand in the Chinese market, the climate in various regions of the world has been abnormal since the beginning of this year. For example, many regions in Europe, Asia and the United States have strong winds and snows, cold weather, frequent rainstorms such as Australia and New Zealand, and earthquakes, which have made slurry supply difficult. The cost of oil prices, various raw materials, and fillers continued to rise, and the influence of exchange rate factors prompted the price of long-fiber pulp to continue to rise. By March, the NBSK in the North American market had reached 990-1,000 US dollars per ton, the European market also reached 980 US dollars; the Asian market (China) touched the 900 US dollars level. BEK maintains a price of $900 in the North American market; $850 in the European market; and $750 in Asia. In addition, Arauco, a South American large pulp mill, has raised US$40 per ton for radiated pine (BRKP) and US$880 per ton for China. Market participants predict that the future price of long-fiber pulp will not be easy to fall, including the BRKP pulp mill that Arauco has just started to produce. It will not affect the market in a few months. PaperExcellence (acquired by APP last year) produces NBSK (Northern long-fiber pulp). 235,000 tons of downtime, and the appreciation of the Canadian dollar. In February, the spread between NBSK and BEK varied from region to region, with North America at $60 to $70 per ton, Europe at $100 per ton, and China at $110 per ton. The expansion of the price difference between long and short fiber pulp indirectly drives the price increase of fluff pulp.
According to foreign media reports, global merchandise pulp shipments totaled 3.425 million tons in January this year, a decrease of 13.9% from 3.979 million tons in December of the previous year, and an increase of 2.9% from 3.328 million tons in the same period last year.
Among them, exports to North America were 584,000 tons, a decrease of 16.2% from the previous month and 8.8% from the same period of the previous year; exports to Western Europe were 1.2 million tons, an increase of 1.7% from the previous month and an increase of 2.4 from the same period of the previous year. %; exports to China was 693,000 tons, a decrease of 29.2% from the previous month, but an increase of 31% over the same period of the previous year. The ratio of production and sales of the pulp market in the month was 87%, far lower than the 102% in the previous month.
As for the inventory, it was 33 days, an increase of 3 days from the previous month, and an increase from 30 days in the same period of the previous year. Among them, 16 days of fluff pulp, 2 days more than last month; 40 days of stock of fluff pulp Last month increased by 3 days. The industry believes that 33 days of inventory in January can be regarded as a balance between supply and demand, and the increase in inventory at the end of January is a seasonal factor. In the past 10 years, the average inventory of world commercial pulp at the end of January will increase by 2 days. The long-fiber pulp production plant believes that the rising prices of long-staple pulp are caused by the continued strong demand in China and other Asian markets.
In February, the shipment of commercial pulp totaled 3.28 million tons, a decrease of 4.1% from 3.421 million tons in the previous month and a decrease of 1.7% from 3.336 million tons in the same period of last year. Of which, exports to North America were 557,000 tons, a decrease of 4.6% from the previous month and a decrease of 9.6% from the same period of the previous year; exports to Western Europe were 1.23 million tons, a slight increase of 2.4% from the previous month and an increase of 6.3% from the same period of the previous year; Exports to China were 574,000 tons, a decrease of 17.4% from the previous month and a decrease of 8.7% from the same period of the previous year. However, the ratio of monthly production to sales was 92%, which was higher than the 87% in January.
As for the inventory amount of 34 days, an increase of 1 day compared with January, also increased by 4 days compared with 30 days of the same period of last year, of which 28 days of fluff pulp stock, an increase of 1 day compared with January; stock of fluff pulp is 42 days, Increased by 2 days from the previous month. Analysts pointed out that if the gap between the long and short fiber pulp stock days continues to increase, the spread between the two will increase in the future. However, due to the impact on the volume and price of commercial products, in the bad weather, Australia and Japan, the century-old earthquake, China's demand for pulp is still growing significantly, coupled with rising raw materials, oil prices and other production costs, the world's major Pulp suppliers have announced early in mid-March that they will simultaneously raise prices for major markets around the world.
According to statistics, in the domestic demand market, the long-fiber pulp price in March was 7,250-7,300 yuan per ton; the radiata pine was 7,200-7,250 yuan; the Russian BSK was about 7,150-7,200 yuan; the short-fiber pulp price BEK (eucalyptus pulp) per ton 5,750 ~ 5,800 yuan; Russia BHK is 5,700 ~ 5,750 yuan; its local pulp is 5,350 ~ 5,400 yuan.
Recently, the pulp mill further announced that it will raise the price of long-fiber pulp (NBSK) and staple fiber (BEK and BHK) for the global market by about US$30 per ton in April. In the North American market, NBSK reaches US$1,020 per ton; BEK increases to US$930 per ton; European market NBSK1,010, BEK is 880 USD, Asian market NBSK is 920 USD, BEK and BHK are 780 USD; In the region, the pulp mill announced that it will raise NBSK and BEK by US$30 per ton, and Russia BHK will increase by US$20 per ton. If the adjustment is successful, NBSK will be 910-930 US dollars, radiata pine will be 900-910 US dollars, and Russian NBSK will be 910-920 US dollars, BEK It is 760-780 US dollars; Russia BHK is 740-750 US dollars. South Korea, Southeast Asia, Japan and Taiwan raised US$40 per ton in April. At present, BHK's supply to Asia and China is still sufficient. The reason for the increase may be the relationship between exchange rate and oil price fluctuations. The BEK resale price in mainland China rose by RMB 50 per ton to 5,750-5,800 yuan.
As for the price of pulp in Taiwan and the global market for fluff pulp, the market has not changed much since this year to the first quarter. Except for the slight fluctuations in exchange rate factors, the price is stable. The current price is close to 23,000 yuan per ton. The month will rise with the international pulp price, which is about 1,000 yuan.
According to market analysts including China, there are indications that the world economy is recovering from the 2008-2009 Great Recession and it is expected that the world economy will rebound significantly in 2010 and 2011. According to RISI's macroeconomic forecast, the world economy will not experience a recession in the next five years, and only a moderate slowdown will occur in 2013. The situation in the financial market has become normal, and financing new pulp mills is still quite difficult. The shortage of funds means that at least until 2012, the pulp mill's capacity expansion process may show significant stagnation (except China). Coupled with the wave of pulp capacity reduction in 2008-2009, there may be a period of sustained high pulp prices from 2010 to 2012, which of course depends on the future direction of the world economy.
It is estimated that the global consumption of wood pulp declined sharply in 2009, reflecting the sharp decline in the production of paper and board in Europe and North America, which are at the center of the severe financial crisis. In 2010 and 2011, as the economy improves and paper consumers rebuild their inventories, paper and board production will pick up, and most of the previous decline in consumption is expected to recover.
As a result, RISI believes that global wood pulp consumption will increase every year for the next five years, with strong annual growth in 2011 (4.3%). In 2013, the world economy is expected to experience a moderate slowdown, and the global wood pulp consumption growth rate was only 1.5%.
In fact, as mentioned above, many analysts believe that the international pulp price will continue to rise in the next two years, and the high price of pulp prices may appear in the third quarter of 2012. Due to the economic crisis, some new capacity production was delayed, and the production capacity of commercial pulp was released from 2011 to 2012. At present, the global chemical pulp production capacity is about 62 million tons, of which bleached softwood (long fiber) pulp capacity is about 24 million tons. The bleached hardwood (short fiber) pulp production capacity is nearly 30 million tons, accounting for 39% and 48% respectively. It is expected that the growth rate of global commercial pulp capacity will remain at a low level of around 1% to 2% in the next two years, which is significantly lower than the average of 4.7% in 2003-2008. It is estimated that global commodity production capacity will increase by 2.2 million tons from 2011 to 2012, with an average annual increase of 1.1 million tons, of which bleached softwood pulp will increase by an average of 350,000 tons per year, slightly higher than the average annual increase in the past five years; bleached hardwood pulp The newly added capacity is 750,000 tons, which is much lower than the annual increase of nearly 1.7 million tons in the past five years. And since 2010, the global newly added capacity of bleached hardwood pulp is mainly concentrated in China, which is 1 million tons of APRIL sunshine (about 1.2 million tons in actual production) and 700,000 tons of Chenming Zhanjiang which was put into operation in the second quarter of 2011. . With the increase in domestic demand in China and the recovery of overseas markets, the contradiction between supply and demand will reappear.
An important reason for the rise in pulp prices is the rise in timber prices. In the past two years, the cost of wood in the global pulp industry has risen much faster than energy, chemicals and labor costs. Looking back over the past 2010, the softwood price index and the broadleaf wood price index rose by at least 6%. From a global perspective, the average price of broadleaf wood rose by $1.51/m3 to $104.88/m3. In the third quarter, the price of broadleaf wood increased by 5.8% year-on-year. The price of coniferous wood is based in Seattle, USA. After a brief decline in the second quarter last year, the price of coniferous wood in the region returned to the high price reached only in the financial crisis in the third quarter, reaching $99.8/m3. Compared with the previous season, it has increased by 1.51 US dollars, an increase of 6.68 US dollars. In western Canada, the price of wood chips, which are closely related to pulp prices, also showed an upward trend in the third quarter, and the new price reached US$104/m3. This is a high price that has not appeared in 14 years. Due to the high price of wood in most parts of the world, the cost of wood accounts for about 60% of the cost of pulp production. In 2008, this figure was only 55%.
A hot topic in the pulp market recently is the dissolving pulp that has soared with the price of cotton. As the global cotton planting area has fallen, the supply of cotton has been insufficient, and the price has risen sharply, resulting in a decline in the supply of cotton linters. However, with the improvement of macro economy and population growth, the output of China's viscose fiber has increased steadily, and the demand for dissolving pulp has risen rapidly. In 2011, the overall gap of dissolving pulp in China was about 1.84 million tons, of which nearly 1 million tons. Will be compensated through imports.
As the price of cotton continued to rise sharply in 2010, the cost pressure of the downstream textile industry increased sharply. By increasing the proportion of cotton substitutes to reduce cost pressure, it became the choice of many manufacturers. The market first thought of chemical fiber enterprises, China's domestic viscose fiber raw materials mainly Including cotton pulp and dissolving pulp, due to the limited growth of cotton pulp production and the price is also closely related to cotton prices, the growth of viscose fiber demand can only be met by the growth of dissolving pulp production. By 2012, the demand for viscose fiber for dissolving wood pulp will reach 2.79 million tons, an increase of 560,000 tons, accounting for 85.6% of the global demand for dissolving pulp. The future production of viscose fiber dissolving pulp is the main demand for the growth of dissolving pulp. power.
It is reported that the demand for dissolving pulp based on the Chinese market has also prompted many operators to invest in the production of dissolving pulp. For example, China Sun Paper will invest USD 381 million to produce dissolving pulp with an annual output of 200,000 tons. It is expected to start production at the end of 2012. The Sun Paper Mill needs 1 million tons of pulp per year, 70% of which depends on imports. Because of the shortage of pulp, it is planned to build a BHK pulp mill with an annual output of 300,000 tons and develop 100,000 acres of planted forest. Sun Paper believes that chips can be imported from neighboring countries such as Vietnam and is not worried about the shortage of chips.
According to industry insiders, the outbreak of dissolving pulp will make the supply and demand of bleached softwood pulp more tense, because the chemical pulp and dissolving pulp production process of papermaking is basically similar, so many chemical fiber factories purchase the softwood pulp and adjust it in the production process. Instead of dissolving pulp; some pulp mills have also converted the chemical pulp production line to dissolving pulp to improve profitability, which will reduce the supply of softwood pulp and further increase its price.
All in all, the industry's view of the pulp market is mostly consistent, that is, the cost of paper raw materials, fillers, auxiliary materials, oil prices, etc., as well as increased demand, and new capacity in China, South America, etc. has gradually digested and no new investment After the city and the new paper production capacity based on China continue to be transferred, the demand for the pulp market will continue to increase, especially in the recent two major earthquakes in New Zealand and Japan, and its subsequent impact on the pulp and paper market is worth close. Concern, but at this stage, many of the above factors will support the rising trend of pulp prices, no room for decline.
According to RISI's 15-year forecast, recycled paper will continue to replace the position of wood pulp in the slurry ratio, but the extent is slower than in the past 15 years, while the proportion of non-wood fiber continues to decline. This means that during the next 15 years of forecasting, global wood pulp consumption will not grow in tandem with global paper consumption, with the former growing at an annual rate of 2.6% and the latter at 3.0%.
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