China's pulp industry's first futures contract product - pulp futures will be listed on the Shanghai Futures Exchange on November 26!

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It is understood that China is the most important growth market in the global paper industry. In 2017, China's paper and paperboard production and consumption are the highest in the world, accounting for about a quarter of the global total. As an important raw material in the paper industry, pulp has a high degree of marketization, diverse market players, frequent price fluctuations, and strong demand for safe haven. At this time, the introduction of pulp futures is not only an objective need for the development of China's pulp and paper industry, but also a powerful measure for the service of pulp and paper enterprises in the futures market and to avoid price risks. It is of great significance in the service industry price risk management and the pricing power of China's pulp industry.

Distribution of paper and board production using wood pulp in 2016 (including: uncoated printing writing paper, coated printing paper, sanitary paper base paper)

In 2017, China's papermaking and paper products enterprises above designated size totaled 6,681, and the income from the main business of the whole industry was 1.52 trillion yuan. In 2017, China's total pulp production (including wood pulp, non-wood pulp and waste paper pulp) was 79.49 million tons, and apparent consumption was 105.1 million tons, of which wood pulp production was 10.5 million tons and consumption was 31.52 million tons. The apparent consumption of bleaching needle pulp in wood pulp is 8.15 million tons. Due to its long fiber length, high tear strength and good tensile strength, the bleaching needle pulp has a prominent position in the pulp market, and the circulation link presents a multi-format pattern. It is widely representative.

Market participants believe that after the listing of pulp futures, it will help to form an open and transparent pricing mechanism for the pulp market, and provide effective risk management tools for upstream and downstream enterprises in the industrial chain to improve operational efficiency and help the industry develop steadily. In recent years, the supply and demand of global pulp (excluding waste paper pulp) has stabilized at around 180 million tons, which is basically balanced. China's pulp demand is increasing year by year, and in 2017, pulp (including waste paper pulp) will consume 100 million tons.

In recent years, the consumption of bleaching needle pulp in China has increased year by year. Due to the policy and restrictions on forest resources, China's supply of bleaching needle pulp mainly relies on imports, and import dependence remains high. China's production and consumption of bleached pulp has gradually increased. In 2017, consumption exceeded 16 million tons, and import dependence was about 55%. At the end of 2008, affected by the financial crisis, the price of bleaching needle fell below 4,100/ton. In February 2010, an earthquake of magnitude 8.8 on the Richter scale occurred in Chile, one of the major producers of pulp, and the price of pulp rose to a high of nearly 8,000/ton.

Subsequently, supply and demand gradually balanced, and the price stabilized at around 5,000/ton. In 2017, due to the recent low market stocks in July and August and the impact of domestic environmental protection policies, the price of bleaching needles rose from 5100/ton to 7575/ton between July and December. In 2018, with the gradual arrival of cargo in the previous period, the port inventory increased significantly, and the market supply situation eased. Overlaying 2017 environmental protection inspections to shut down some areas of production capacity led to limited growth in pulp demand, the market gradually digested the impact of waste paper policy and other factors, the current price is running smoothly.

Responsible editor: Ge

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