Lead: Last week, the imported pulp price dropped sharply after last week's stagflation. The overseas pulp maintenance news stimulated the futures to rise basically, and the futures led the spot price to return to rationality. The inventory pressure in major regions remained large, and the downstream demand did not significantly improve. The cultural paper is mainly weak. The price of small paper mills in double-adhesive paper is down by RMB 100/ton. The general sales pressure of paper mill orders has increased, and the prices of downstream dealers have temporarily stabilized. The market has a strong wait-and-see attitude. Last week, the price of boxboard corrugated paper continued to be weak, and the profitability of the single-sheet was more obvious. The scale paper enterprises launched new varieties of low-end products, and the market competition intensified the price downward pressure. The downstream demand was not good at the time, and the overall shipment was not good. The price of raw waste paper is difficult to support the price of finished paper. Waste paper to the factory price multi-dimensional stable operation, the paper mill waste paper arrival volume gradually declined, some paper mills preparing for resumption of production on the waste paper procurement interest rebounded slightly, the tenth batch of approval approval through the supply of 1,677,100 tons slightly exceeded market expectations.

Last week, the imported pulp price dropped sharply after last week's stagflation. The overseas pulp maintenance news stimulated the futures to rise basically, and the futures led the spot prices to return to rationality. The inventory pressure in major regions remained large, and the downstream demand did not significantly improve. The average price of needles and leaves in the last week was 4775 yuan/ton, up 168 yuan/ton from last week, down 27.11% year-on-year, and the average price of broad-leaf pulp was 4192 yuan/ton, up 1 yuan/ton from last week, down 26.88% year-on-year. . According to market feedback, in June, the outer volume of the needle-leaf pulp was 560~590 US dollars/ton. In July, only the Chilean and Russian outer plates were announced. The broad-leaf pulp rumors that the outer disk will continue to decline slightly in July, the official external offer is less, market news The rumors are different, the industry interprets differently, and there are differences in the market impact. There is no obvious positive support for the market in the short term. The spot market price of imported wood pulp last week fell sharply last week after last week's stagflation. The price of softwood pulp fell by 100~200 yuan/ton, and the price of broadleaf pulp was lowered by 50~100 yuan/ton. The planned repair news of foreign needlewood pulp, northern wood, black needle and broad-leaf pulp Klabin pulp mill stimulated the rise of futures prices has been digested by the market. The price of pulp futures has a large impact on spot prices, and the futures prices have fallen sharply. Changes. Overall, the supply and demand side of wood pulp is weak, the inventory pressure in the main areas remains high, the downstream demand has not improved significantly, and the pulp price has finally returned to rationality.

In terms of inventory, the domestic pulp stocks in Qingdao Port were 1,050 tons in May, down 20 kilotons from April 2019, Baoding Port was down by 1.86 kilotons in May 31 tons, and Changshu Port was 494 kilotons in May, up 9000 tons.

Last week, cultural papers were mainly weak. The price of small paper mills in double-adhesive papers dropped by 100 yuan/ton. The general sales pressure of paper mills increased, and the prices of downstream dealers temporarily stabilized. The market wait-and-see mood was strong. The price of the main paper species benchmarks last week was as follows: double copper paper was about 5742 yuan / ton, down 8 yuan / ton, down 14.28% compared with the same period of last year; double offset paper was about 6049 yuan / ton, down 53 yuan / ton, compared with last year. It fell by 13.46% over the same period. Last week, the coated paper market was dominated by weaknesses, transactions became more flexible, trading was flat, and paper mill prices were consolidating. Dealers flexibly adjusted their transaction prices according to their own circumstances. The downstream market was not optimistic, and more cautious purchases were just needed. Avoid risks and maintain medium and low inventory. Last week, the double-adhesive paper market was weakly consolidated, and the price of the scale paper mill remained stable. The price of small and medium-sized paper mills dropped by about RMB 100/ton, and orders were limited. The cost of the upstream raw material wood pulp is weak, and in the long run, the recovery of macroeconomic growth is still needed to form support.

Wrapping paper: Last week, the price of boxboard corrugated paper continued to be weak, and the actual profitability of the flat sheet was more obvious. The scale paper enterprises launched new varieties of low-end products, the market competition intensified, and the downward pressure on the price was large. The downstream demand surface was not good at all, and the overall shipment was not good. Most of the real singles talk about stable prices, and the price of raw waste paper is difficult to support the price of finished paper. The price of the main paper grades is as follows: corrugated paper is about 3320 yuan / ton, which is flat compared with last week, down 31.31% year-on-year; box paper is about 4043 yuan / ton, which is flat compared with last week, down 25.95%; white cardboard about 5393 Yuan/ton, the ratio was flat, down 1.89% year-on-year. Last week, the trading atmosphere in the corrugated paper market was not prosperous, and the price of paper enterprises was not adjusted. Most of them continued the previous preferential policies according to customer orders. The mainstream preferential rate was 50~100 yuan/ton. The market supply pressure still exists, the inventory level of paper enterprises has been slowed down, the orders of downstream packaging enterprises are limited, and the enthusiasm for purchasing raw juice is not high, and the goods are still mainly on demand. At the same time, the low-end goods of scale paper enterprises have entered the market one after another, resulting in a large number of hollows in the field. Last week, the market price of cardboard paper was stable, and the profitability of real orders was more obvious. The discount for large customers in some areas was 50~100 yuan/ton. Although Sino-US trade relations have shown signs of easing, some businesses are looking forward to an increase in mentality compared with the previous period. However, from the current supply and demand situation, there is still a lot of pressure on paper prices. The raw material waste paper market is expected to be divided, and the cost pressure of paper enterprises still exists. At the same time, the downstream demand side is not supported by the support. The purchasing atmosphere of cardboard and carton factories is not positive, the local price is severe, and the market waits for a strong mood.

Last week, the waste paper went to the factory price for multi-dimensional stable operation, and the paper mill's waste paper arrival volume gradually declined. Some paper mills' preparation for resumption of production has slightly rebounded on the purchase of waste paper. The tenth batch of approval approvals passed the supply of 1,687,100 tons, slightly exceeding market expectations. Last week, the average price of waste yellow paper was 92 yuan/ton, up 9 yuan/ton from the previous month and down 35.30% year-on-year. Last week, the country's scrap price went to the factory price for multi-dimensional and stable operation, and the local paper mills adjusted the purchase price according to their own supply and demand. Last week, the paper mill's arrival of waste paper gradually declined, and some paper mills were preparing for resumption of production, which led to a slight rebound in paper mills' purchasing interest in waste paper, but limited to the mainstream paper mills' high-end waste paper purchase prices, most small and medium mills. The price adjustment operation is more cautious, and the factory price is still realized as a sideways arrangement. At present, the waste paper market is paying attention to low-end waste yellow paper, such as goods and flowers, because the bases of Xiaolong have increased the procurement of low-end waste paper, and last week, Xiaolong Taicang and Dongguan base began to accept Jianglong brand recycled cattle and corrugated paper orders. Its brand positioning is low-grade finished paper, which will compete with the finished paper of small and medium-sized paper mills. On July 10, the Solid Waste Center announced the list of the 10th batch of import licenses for the 20th batch in 2019. The approval of 44 paper companies totaled 1,687,100 tons. The approval amount slightly exceeded market expectations, which eased the paper enterprises to a certain extent. In the hands of the urgent need to approve a small amount of paper, it is expected that domestic paper enterprises will increase the intensity of external waste inquiry. The price of imported waste paper in Southeast Asia is higher than domestic, and many foreign wastes have flowed into the region. The daily waste supplier has a large inventory pressure, and the daily waste price has repeatedly bottomed out.

In terms of inventory, the inventory of cardboard paper in April was about 1011 thousand tons, down 18 kilotons from March. The social inventory in April was about 1264 kilotons, down 22 kilotons from March. The stock of corrugated paper in April was about 685 thousand. Tons, down 130 kilotons from March, and social stocks in April were 879 kilotons, down 111 kilotons from March.

Demand is significantly affected by the macroeconomic environment, and supply is greatly affected by policies. The overall overcapacity, except for the capacity of cardboard paper production capacity increased to 75% for four consecutive years, the capacity utilization rate of corrugated paper, whiteboard paper and white cardboard continued to decline. The supply side is related to the industry's prosperity and policy guidelines. Supply-side reform and environmental supervision accelerate the exit of backward production capacity. The continuous increase in industry profits will promote the endogenous expansion of the industry. Environmental protection policies such as pollution permits and environmental taxes will limit new capacity. Strength and progress. The demand side as a whole is affected by the macroeconomic environment. The demand and consumption growth rate of packaging papers have continued to decline in the past 10 years. Due to the scattered demand of terminals, the structural characteristics of future development trends are expected to be obvious.

The tightening trend of foreign waste imports has accelerated, and the shortage of raw materials has led packaging paper manufacturers to seek solutions. On June 24, 2018, the State Council issued the 'Opinions of the Central Committee of the Communist Party of China and the State Council on Strengthening Ecological Environment Protection and Resolutely Fighting Pollution Prevention and Control.' The document calls for a total ban on the entry of foreign garbage, severely cracking down on smuggling, and drastically reducing the types and quantities of solid waste imports. Strive to achieve zero import of solid waste by the end of 2020. External waste reduction will become the consensus in the industry. The shortage of raw materials has led packaging paper manufacturers to seek solutions, such as layout of wood pulp production capacity, overseas construction of packaging paper production lines, import of finished paper, research and development to find waste paper substitutes, direct import. Waste paper pulp, etc.