Paper light industry: weak rise of paper price
Key investment points
This week, the paper and printing sector lagged behind the market. The sector rose 0.51% this week, 3.39 percentage points behind the CSI 300 index (up 3.90% this week). At present, the paper industry will still face the pressure of consumption off-season and new capacity release in the short term. In the second quarter, it will enter into the traditional consumption peak season of the industry. However, it remains to be seen whether the paper price can rise with the recovery of demand. In light industry, we recommend o2o related stocks, online color selling concepts and large household sectors.
This week, the international pulp price rose weakly. Moderate demand does not mean weak supply and demand. Sudden supply side problems caused supply tension, such as snowstorms in North America at the beginning of the year, labor strikes, logistics problems and technical problems all affected the actual supply capacity. The increase in paper orders between March and early April did not seem to have reached the expected peak season growth.
This week, the international waste paper price tends to be flat. After the Qingming Festival, the U.S. scrap market price was basically the same as last week. In recent years, large paper mills have tried to lower the price when purchasing American waste directly abroad. Suppliers are not active in shipping, and it is difficult to implement the price reduction. As for the daily waste, the paper factory made a strong counter-offer before the Qingming Festival, and the suppliers of the daily waste after the festival were cautious in entering the market, and the offer was not active. In terms of European waste, this week's foreign exchange of European waste OCC was flat. According to the European waste futures supplier, at present, the demand for OCC in Europe is good, and the price is better than the price exported to the Chinese market. Therefore, foreign suppliers have little interest in the Chinese market, and some of the European waste OCC are exported to the Southeast Asian market.
Paper delivery is light. In terms of double offset paper, after entering April, most of the paper factories did not continue to catch up with the rise. At the same time, the primary task for double offset paper production enterprises during this period is "quantity guarantee". White cardboard market, this week around the white cardboard market is still trying to maintain a stable situation. The stock of paper mills and dealers is both high, so paper mills and dealers are trying their best to keep the price of paper stable. In terms of copperplate paper, after the price increase of domestic copperplate paper manufacturers failed in March, we haven't heard the news that the paper mills have strengthened the implementation of the price increase policy in April. Box board corrugated paper, this week, all over the box board paper market poor. Paper factory shipments slow, inventory into a slow upward trend. The second quarter is the traditional off-season of the box corrugated paper market, and the paper price will mostly go down.