Pulp futures

The product structure of the global market has differentiated, and the focus of production has shifted to box board paper, corrugated base paper and life paper. The product structure of the global market has differentiated, and the focus of production has shifted to box board paper, corrugated base paper and life paper.

The trend of paperless has had a huge impact on the global newsprint and printed writing paper market, resulting in the closure of a large number of paper enterprises and a continuous decline in production. At the same time, the market size of wrapping paper and life paper has grown rapidly, becoming the only two areas in the paper industry that are on the rise.

Fourth, the supply and demand of domestic pulp

According to the survey of the China Paper Association, the total production of pulp in 2017 was 79.49 million tons, an increase of 0.30% over the previous year. Among them: 10.5 million tons of wood pulp, an increase of 4.48%; Waste pulp was 42.39 million tons, an increase of 5.42% over the previous year; Non-wood pulp 5.97 million tons, an increase of 1.02% over the previous year

From 2011 to 2017, the domestic pulp (including waste pulp) production basically remained stable, and the total pulp production decreased slightly in 2012, 2013 and 2015, and maintained a small growth in the remaining years. As of 2017, the total output of pulp (including waste pulp) was 58.86 million tons, an increase of 4.8%. In terms of consumption, except for a decline in 2013, the remaining years have maintained a small growth of about 3%.

From the perspective of pulp subdivision varieties, domestic pulp production is dominated by waste pulp, but the production and sales of waste pulp have declined since 2016, while the production and consumption of wood pulp and non-wood pulp have grown rapidly. This shows that the market demand for wood pulp and non-wood pulp is very strong. In addition, the domestic consumption of wood pulp and waste pulp is much higher than the production, indicating that the consumption of wood pulp and waste pulp is mostly dependent on imports, of which wood pulp imports show a rapid growth trend.

China's forest coverage rate is low, only 22.2%, lower than the world average of 31%. The per capita forest area is only 26% of the world's per capita level, only 0.15 hectares, ranking 146th among 233 countries and regions in the world. China's forest productivity is low, the forest stock per hectare is only 69% of the average level, the plantation stock per hectare is only 52.76 cubic meters, and the amount of depletion is huge, reaching 118 million cubic meters per year. At present, the area of China's mining forest land only accounts for 13%, and the mining stock only accounts for 23%. Due to the relative lack of wood resources caused by this resource endowment, the development of wood pulp industry is restricted from the root. Compared with the resource endowments of the countries relied on by the world's large pulp enterprises, China's overall forest coverage rate, or per capita forest area, are far lower than Finland, Russia, Brazil, Sweden, Indonesia, Canada, Chile, the world's major pulp producers, and the development of domestic wood pulp industry has obvious resource ceilings.

Compared with the situation of domestic dominance and import, China's supply of needle pulp is mainly composed of overseas imports, and the external dependence has stabilized at more than 99% in recent years.

From the perspective of the composition of importing countries, the main import source countries of bleached needle pulp are Canada, the United States, Chile, Russia, Finland and other countries, and the main import source countries of bleached pulp are Brazil, Indonesia, Uruguay, Chile and other countries.

The consumption of cardboard and corrugated paper is closely related to the development of the packaging industry. In recent years, the development of the domestic packaging industry has stabilized, including paper and cardboard container revenues and profits, although slightly decreased, but has occupied the largest proportion of the packaging industry, compared with the growth of other subcategories can be seen, the biggest impact by the plastic packaging industry. With the steady development of traditional fields, such as watches, jewelry, cosmetics, high-end tobacco and alcohol, health products, electronic products markets, as well as the e-commerce industry, the packaging industry will still have a broad market space.

From the perspective of regional distribution of paper industry, on the one hand, relying on port advantages to reduce the cost of imported raw materials; On the other hand, the concentration of population has also guided the layout of the paper products industry.

Six domestic pulp and related industries environmental protection policy

Papermaking is an industry with high emissions and high energy consumption. In the face of the problem of structural overcapacity in the paper industry, the state adheres to the principle of "addition and subtraction at the same time" : on the one hand, to eliminate backward production capacity as the starting point, to energy conservation and emission reduction as the starting point, a series of policies have been introduced, focusing on eliminating the backward production capacity of small scale, high energy consumption and heavy pollution in the paper industry; On the other hand, we encourage the construction of advanced production capacity with large scale, high speed and low energy consumption. Since 2015, the state has advocated supply-side reform, advocated green development, accelerated the construction of a resource-saving and environmentally friendly society, and promoted economic transformation and upgrading, followed by a series of strict environmental protection policies have been introduced, and papermaking, which is a high-emission industry, bears the brunt. The relevant environmental issues are mainly as follows;