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International pulp and paper prices fell slightly worrying corporate outlook
And domestic Papermaking Corporate life and death of the international pulp price washed record highs earlier this year, the last two months, began to decline slightly. Although most analysts believe that, from now until early next year, the international pulp price correction will slow slightly, but high costs and the price of transmission is not entirely clear, in the second half will continue to erode corporate profits, but also will large negative impact on downstream industries.
International Pulp The price of a “bull” the sky
Since 2006, the international pulp prices started climbing. Among these are demand-driven price increases, but also by the weak dollar, strong commodity prices in general trend of the coerced. Guotai Junan
the information provided, the 2006 International Wood pulp Basically at the higher price being. As of the end of January 2007, both pulp or hardwood pulp needle industry, offer a breakthrough last year have been high points: pulp by the needle industry in early 2006, the 612 U.S. dollars / ton, up to the end of January 2007 of 750 U.S. dollars / ton, up 22.5 %; hardwood pulp growth has slowed down recently, but still in early 2006, 600 U.S. dollars / ton, up to the early 2007′s 670 U.S. dollars / ton, up 11.70%.
In June this year, the international pulp prices broke through 900 U.S. dollars mark, bleached softwood kraft pulp prices in North America reached 904 U.S. dollars / ton, then the price dropped slightly, the price in September dropped to 858 U.S. dollars of the species / ton.
Chinese invented papermaking, but the modern paper-making material was once Straw pulp Monopoly. Although low-cost manufacture of straw, raw materials easy to solve, but its impact on the environment is very large, in the last five years, carried out by shutting down small paper one after another level, transforming the industry to upgrade production line movement, straw pulp method basically been eliminated, wood pulp as the main raw material.
But China is a lack of forest cover countries, the domestic paper industry depends on imported raw material for paper pulp. As the domestic pulp and paper making enterprises occupy the cost of between 3-5 percent, pulp price fluctuations directly affect the paper industry profits and losses.
More importantly, paper products is a high frequency of use of industrial materials such as newspapers, publishers need to print culture, paper, various types of goods Wrapper Box, which for many industries, the price of paper can be said that “indeed affect the whole body.”
Although some enterprises have a pulp production line, but no one paper can be completely self-sufficient enterprise. Therefore, when pulp prices, the direct damage to the company, including China and Thailand share, Chenming Paper, Yueyang Paper, Jinggu forestry, indirect damage, including publication of the media.
In addition, imports Paper China’s paper industry is one of the major raw materials, in particular paper, newsprint and other kinds of waste paper over content even to Qi Cheng. With the pulse of the international pulp price fluctuations in basic agreement, international paper prices also rose gradually from the end of 2006, in the first half of this year after achieving high point slightly down.
7 months, the international pulp prices fell slightly. Data show that in August the international pulp spot prices decreased by 15% -20%.
The international pulp prices fell and did not bring good news to the paper-making enterprises. Types of bulk commodities trade as an international one, the international pulp price movements involve the interests of a number of investment institutions. Deutsche Bank report published at the end of August that the international pulp price decreases than most analysts expected, or more than usual level, while producer inventories increased last year compared with about 24%, the pressure may be passed on Paper. Subsequently, Deutsche Bank’s rating on International Paper and Domtar cut to hold from buy on the grounds that the price decline in pulp paper company earnings increase the likelihood of a drag.
This means that although the cost of imported pulp reduced expenditures, but because of the global economic slowdown led to pulp prices fall Paper products Concomitant weakening of demand, thereby affecting the paper’s pricing power, their profit margins continue to be eroded.
Woeful second half of the paper industry Although the international pulp price
the first half of this year reached its highest point, but the paper companies to produce a mid-year results are the best “answer sheet”: Yueyang Paper in the first half net profit growth of 164.38 percent, Fujian Nanping Paper net profit growth of 700%, Bo paper, Minfengtezhi, Chenming Paper net profit growth of 50% -100% are in between. Reflects the contradiction between the paper industry survive embarrassing situation.
The CEO said in a paper industry, since 2006, the paper industry’s profits eroded by the cost year after year. For example newsprint, the paper kind before 2005, the industry’s most booming up to 25% of the gross margin, but in early 2007, China and Thailand, Chenming leading enterprises such as the gross margin is only 15% -18%.
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