1 The key paper companies in this week performed slightly weaker than the market, and non-mainstream companies drove the papermaking sector to be stronger than the market. This week, paper-making key companies fell 1.87%, slightly weaker than the market (the Shanghai and Shenzhen 300 fell 1.66% in the same period), but the rise of non-mainstream companies led the paper sector (down 0.83%) stronger than the market.
2 The end of the traditional peak season, the coated paper is now in decline. The price of coated paper fell slightly this week. Demand is flat, and the price of paper in South China is relatively fierce. The dealers are reducing the inventory and speeding up the shipment price by 100-200 yuan/ton; other regions are basically stable. The price of double-adhesive paper remained stable this week. Downstream demand was flat and shipments slowed, but transaction prices were relatively stable. The price of gray-white board paper was stable this week. South China has been temporarily stabilized after the previous quotation, and the downstream is still more cautious with the purchase; the paper mills in Jiangsu and Zhejiang have not implemented the shouting before, and the Fuyang area has been shut down for 4-6 days this week, but the supply and demand situation has not improved. White cardboard prices have stabilized this week.
APP, Sun, Chenming and other major white cardboard factories shouted in May but were resisted by the downstream. Currently, dealers still ship at the original price. The transaction price of cardboard paper and corrugated paper fell. The shipment situation is less optimistic. In addition, the national scrap OCC price has recently fallen to a low level, and the price of box corrugated paper has been loose. Only a large number of large paper mills in Jiangsu and Zhejiang provinces have been shut down for maintenance, with less supply and stable transaction prices.
3 International pulp prices rose, domestic pulp prices were stable, and US waste ONP and OCC prices remained stable. Domestic port inventory remained high, and Qingdao Port was particularly serious. Due to the large inventory of softwood pulp, the new quotations of pulp mills were released in a downward trend, but still higher than the spot price. Downstream finished paper sales pressure is relatively high, most of the paper mills have more abundant raw material inventory, coupled with the impact of the country's waste OCC price decline, the US waste transaction is getting lighter this week, and the wait-and-see atmosphere is strong.
4 At present, the operating situation of the paper industry is in line with expectations. For the recent views, please refer to “The demand is flat and the price of paper is upheld. The profit is goodbye to the bottom of the valley – the monthly report of the paper industry in May 2012â€. Although the current valuation of the papermaking sector has a margin of safety in the long run, the dull demand in the downstream has made the original surplus supply situation worse. The profitability of paper enterprises has entered the climbing stage after bidding farewell to the trough, and the price increase after the Spring Festival will gradually face resistance. Investors based on long-term value will face short-term suffering and maintain the industry's “neutral†rating. Relatively optimistic about special papers and household papers that are less affected by macroeconomic fluctuations and benefit from low-priced raw materials, such as Hengfeng Paper (cigarette paper provides stable profit, high transparency paper benefits from defocusing feast), Zhongshun Jierou ( Life paper is growing steadily, and quarterly risk is released). Large-scale industrial paper will be trapped in the dull downstream demand in the near future. If the macro economy has improved expectations, papermaking as a post-cycle variety will follow the trading-type investment opportunities, such as Sun Paper, Yueyang Linzhi, Chenming Paper. , Bohui Paper, etc.
2 The end of the traditional peak season, the coated paper is now in decline. The price of coated paper fell slightly this week. Demand is flat, and the price of paper in South China is relatively fierce. The dealers are reducing the inventory and speeding up the shipment price by 100-200 yuan/ton; other regions are basically stable. The price of double-adhesive paper remained stable this week. Downstream demand was flat and shipments slowed, but transaction prices were relatively stable. The price of gray-white board paper was stable this week. South China has been temporarily stabilized after the previous quotation, and the downstream is still more cautious with the purchase; the paper mills in Jiangsu and Zhejiang have not implemented the shouting before, and the Fuyang area has been shut down for 4-6 days this week, but the supply and demand situation has not improved. White cardboard prices have stabilized this week.
APP, Sun, Chenming and other major white cardboard factories shouted in May but were resisted by the downstream. Currently, dealers still ship at the original price. The transaction price of cardboard paper and corrugated paper fell. The shipment situation is less optimistic. In addition, the national scrap OCC price has recently fallen to a low level, and the price of box corrugated paper has been loose. Only a large number of large paper mills in Jiangsu and Zhejiang provinces have been shut down for maintenance, with less supply and stable transaction prices.
3 International pulp prices rose, domestic pulp prices were stable, and US waste ONP and OCC prices remained stable. Domestic port inventory remained high, and Qingdao Port was particularly serious. Due to the large inventory of softwood pulp, the new quotations of pulp mills were released in a downward trend, but still higher than the spot price. Downstream finished paper sales pressure is relatively high, most of the paper mills have more abundant raw material inventory, coupled with the impact of the country's waste OCC price decline, the US waste transaction is getting lighter this week, and the wait-and-see atmosphere is strong.
4 At present, the operating situation of the paper industry is in line with expectations. For the recent views, please refer to “The demand is flat and the price of paper is upheld. The profit is goodbye to the bottom of the valley – the monthly report of the paper industry in May 2012â€. Although the current valuation of the papermaking sector has a margin of safety in the long run, the dull demand in the downstream has made the original surplus supply situation worse. The profitability of paper enterprises has entered the climbing stage after bidding farewell to the trough, and the price increase after the Spring Festival will gradually face resistance. Investors based on long-term value will face short-term suffering and maintain the industry's “neutral†rating. Relatively optimistic about special papers and household papers that are less affected by macroeconomic fluctuations and benefit from low-priced raw materials, such as Hengfeng Paper (cigarette paper provides stable profit, high transparency paper benefits from defocusing feast), Zhongshun Jierou ( Life paper is growing steadily, and quarterly risk is released). Large-scale industrial paper will be trapped in the dull downstream demand in the near future. If the macro economy has improved expectations, papermaking as a post-cycle variety will follow the trading-type investment opportunities, such as Sun Paper, Yueyang Linzhi, Chenming Paper. , Bohui Paper, etc.
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