2024-2025 China Pulp Market Annual Report
In 2024, unexpected supply-side disruptions and rising import offers have led to a tightening of supply, but constantly low downstream profitability also restricted the purchasing interest of downstream paper mills. As a result, the spot price of imported SWP and HWP surged and fell. Prices of UKP and CMP stepped down in general due to weak supply and demand factors. According to SCI, as of August 9, the average spot market prices of imported SWP, HWP, UKP and CMP were adjusted by RMB -14.96/mt, RMB 433.79/mt, RMB -211.53/mt and RMB -533.71/mt, or -0.24%, 8.80%, -3.73% and -11.95% respectively Y-O-Y. The pulp price drop was limited, and the average price of imported HWP in the past 8 months was above last year’s level, which hindered the improvement in profit recovery in the industrial chain. In the meantime, due to constantly rising import offers after the Spring Festival holiday and the downtrend in the spot market since late May, the profitability of the trading sector was eroded, and the recovery of end demand was also slow. In the face of a complex domestic and international market environment, the cost management capability of leading players in China will be tested strictly, while the acceleration of pulp and paper integration will bring new opportunities to the industry.
The pulp capacity expansion is also accelerating, with a clear tendency for pulp-paper integration. In July, the 2.55 million ton/a new capacity of Suzano and the 1.66 million ton/a new capacity of Fujian Liansheng Pulp and Paper were both launched in July. In September, the ivory board capacity and integrated HWP and CMP lines are expected to be launched at Nine Dragons Beihai. As the supply pressure grows, the pulp industry will face more frequent price fluctuations, and enterprises require more agile adjustments for their sales, procurement and inventory management strategies in response to the challenges brought by new supply-demand patterns in China. In the meantime, with more matured pulp and paper integration in China, its import dependency is expected to drop continuously, but wood chip sourcing will become a key issue to be resolved during the new round of equipment investment cycle. In the future, the opportunities in China’s paper industry are relatively clear, and superior wood chip and pulp supply will form the key competitiveness. Players need to find a balance between short-term cost control and long-term resource allocation to extend the margin of risk resistance capability within a shorter period. SCI‘s annual pulp market report analyzes industry pattern changes and predicts industry development trends through detailed and comprehensive data analysis.
SCI has been closely monitoring the pulp industry information and witnessing the development of the industry since it was founded. The 2024-2025 China Pulp Market Annual Report meets the market demand and analyzes the reasons behind the changes in supply and demand through important data changes. With this goal in mind, SCI focuses on market supply and demand analysis, tracking changes in pulp imports, and exclusively presenting the analysis of the link between wood chips and pulp, as well as analysis and forecasting of the market size of major downstream paper industries. SCI’s reports also monitor the key pulp inventory status at high frequency and analyze downstream pulp consumption structure to better demonstrate the status and future trends of the pulp and downstream industries.
Report value:
1. To provide a comprehensive understanding of the changes in the pulp market by analyzing the pulp market demand and supply factors both in China and overseas.
2. To analyze changes in downstream market consumption patterns and pulp demand.
3. To review the pulp price trend within the year and decipher its key drivers.
4. To provide forecasts for the pulp market from 2025 to 2027 based on factors in regard to market fundamental changes and macro-environment.
Related Product Annual Reports
2022-2023 China Duplex Board and Ivory Board Market Annual Report
Contents
Part 1 Pulp Market Overview
Part 2 2020-2024 China Pulp Supply-Demand Balance Analysis
2.1 2020-2024 Pulp Supply and Demand Balance Trend Analysis
2.2 2024 China Pulp Monthly Supply and Demand Balance Characteristics and Influence on Price
Part 3 Pulp Supply Pattern and Change Trend Analysis
3.1 2024 Global Pulp Output Analysis
3.1.1 Global Pulp Output
3.1.2 Wood Pulp Shipment Volume from Major Exporters to China
3.1.3 Wood Pulp Output and Sales of Major Listed Pulp Producers Overseas
3.1.4 2025-2029 Overseas Newly Added Pulp Capacity
3.2 2020-2024 China Pulp Capacity Analysis
3.2.1 China Pulp Capacity Development Trend Analysis
3.2.1.1 Pulp Capacity Development Trend Analysis
3.2.1.2 Pulp Capacity Concentration Ratio Analysis
3.2.2 China Pulp Capacity by Region
3.2.3 2024 China Pulp Market Trade Flow Analysis
3.2.4 2025-2029 China Newly Added Pulp Capacity
3.2.4.1 2025-2029 China Pulp Capacity Forecast
3.2.4.2 2025-2029 China Pulp Newly Added Pulp Capacity List
3.3 2020-2024 China Pulp Output Analysis
3.3.1 2020-2024 China Pulp Output
3.3.1.1 China Wood Pulp Annual Output Trend and Operating Rate Analysis
3.3.1.2 China Non-Wood Pulp Annual Output Trend and Operating Rate Analysis
3.3.2 2024 China Pulp Output Characteristics and Reason Analysis
3.3.2.1 Wood Pulp Monthly Output Characteristics and Influence Analysis
3.3.2.2 Non-Wood Pulp Monthly Output Characteristics and Influence Analysis
3.4 2020-2024 China Pulp Import Market Analysis
3.4.1 2020-2024 China Pulp Import Data Analysis
3.4.1.1 China Pulp Import Volume Analysis
3.4.1.2 China Wood Pulp Import Structure – by Trade Partner
3.4.1.3 China Wood Pulp Import Structure – by Registration Place and Trade Mode
3.4.2 2024 China Import Volume Analysis
3.4.2.1 Monthly Import Volume and Characteristic Analysis
3.4.2.2 2024 Influence of Pulp Import Volume on China’s Total Supply
3.5 2024 Pulp Inventory Analysis
3.5.1 Total Pulp Inventory Change Trend Analysis
3.5.2 Inventory and Price Analysis
3.6 Pulp Warehousing and Logistics Analysis
3.6.1 Pulp Warehousing and Logistics Condition and Policy Analysis
3.6.2 Warehousing and Logistics Cost Analysis
3.6.3 Influence of Warehousing and Logistics Changes on Price
3.7 2025 China Pulp Market Supply Forecast
3.7.1 2025-2029 Annual Supply Volume Forecast
3.7.2 2025 Monthly Supply Forecast and Price Influence Forecast
Part 4 Pulp Demand Pattern and Analysis
4.1 2020-2024 Global Pulp Consumption Volume Analysis
4.2 2020-2024 China Pulp Consumption Analysis
4.2.1 China Pulp Annual Consumption and Change Trend
4.2.1.1 2020-2024 Pulp Consumption Volume Change Trend Analysis
4.2.1.2 2024 Pulp Monthly Consumption Analysis
4.2.2 China Main Downstream Industry Consumption Change and Characteristic Analysis
4.2.3 China Pulp Downstream Consumption Structure Analysis by Industry and Region
4.2.4 China Pulp Downstream Customer Size and Demand Analysis
4.2.5 China Pulp Downstream Customer Size Analysis in Key Regions
4.3 2020-2024 China Pulp Export Market Analysis
4.3.1 2020-2024 China Wood Pulp Export Data Analysis
4.3.1.1 China Wood Pulp Export Volume Trend Analysis
4.3.1.2 2024 China Wood Pulp Export Structure – by Trade Partner
4.3.1.3 2023 China Wood Pulp Export Structure – by Registration Place and Trade Mode
4.3.2 2024 China Export Volume Analysis
4.3.2.1 Monthly Export Volume and Characteristic Analysis
4.3.2.2 2023 Influence Analysis of Exports on China’s Total Demand
4.4 2025-2029 Pulp Downstream Industry Demand Growth Forecast
4.4.1 Tissue Market Industry Scale Analysis and Demand Forecast
4.4.2 Cultural Printing Paper Industry Scale Analysis and Demand Forecast
4.4.3 Ivory Board Industry Scale and Demand Forecast
4.5 2025-2029 Pulp Demand Forecast
4.5.1 China Consumption Volume Change Trend Analysis
4.5.2 Export Volume Change Trend Analysis
4.6 Pulp Demand Seasonality Analysis
4.6.1 Pulp Demand Seasonality Characteristic Analysis
4.6.2 Pulp Demand Seasonality from a Price Perspective
Part 5 Pulp Price Trend Analysis
5.1 International Pulp Price Trend Analysis - China Wood Pulp USD Import Price Trend Analysis
5.2 China Pulp Market Price Analysis
5.2.1 Pulp Price Change Characteristic Analysis
5.2.1.1 Wood Pulp Price Trend Characteristic Analysis
5.2.1.2 Non-Wood Pulp Price Trend Characteristic Analysis
5.2.2 Price Characteristics in Major Regions and Arbitrage Analysis
5.2.2.1 Wood Pulp Price Characteristics in Major Regions and Arbitrage Analysis
5.2.2.2 Non-Wood Pulp Price Characteristics in Major Regions and Arbitrage Analysis
5.2.3 2024 Wood Pulp Price Seasonal Characteristic Analysis
5.2.3.1 Wood Pulp Price Seasonal Characteristic Analysis
5.2.3.2 Wood Pulp Price Seasonal Characteristic Analysis
5.3 Pulp Futures Market Trend and Influence on the Spot Market
5.3.1 Futures and Spot Price Trend Comparison
5.3.2 Major Futures Contract and Spot Price Trend Comparison
5.4 Related Product Price Co-Movement Analysis
5.4.1 Wood Pulp and Wood Chip Price Co-Movement Analysis
5.4.2 Wood Pulp and Major Downstream Paper Price Co-Movement Analysis
5.4.3 Wood Pulp and Waste Paper Price Co-Movement Analysis
5.5 China Imported Wood Pulp Cost and Profit Analysis
5.5.1 Imported Wood Pulp Cost Structure and Characteristic Analysis
5.5.2 Imported Wood Pulp Profit Change and Influence Analysis
Part 6 Industry Competitive Structure and Players’ Behavior Analysis
6.1 Pulp Industry Competitive Structure Change and Trend Analysis
6.2 Value Chain Analysis and Forecast
6.3 Operating Trend Analysis of Players Monitored by SCI
6.4 Pulp Downstream User Procurement Key Influencing Factor Analysis
6.5 Operating Risks and Barriers Analysis
Part 7 Pulp Industry Trend Forecast
7.1 2025-2027 Pulp Price Trend Forecast
7.2 Pulp Price Driver Development Forecast
7.2.1 Influence Analysis of Macro-Environment Factors
7.2.2 Influence Analysis of National and Industry Policy
7.2.3 2025-2029 Supply and Demand Balance Forecast
7.2.3.1 2025-2029 China Pulp Supply-Demand Balance Trend and Characteristic Forecast
7.2.3.2 2025 Monthly Supply-Deman Balance Forecast
7.2.4 Related Product Price Co-Movement Forecast
7.3 2025 Major Price Drivers Influence Extent Analysis
Appendix
1. Pulp Market Annual Events
2. Macro and Industry Policy (2024)
3. Methodology and Definition
4. Tables, Charts and Companies
Legal Statement