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High Pulp Stocks Keep Price Low
2019-09-01 09:13chinapaperonline.com
(www.chinapaperonline.com) China market for paper-grade pulp remained inactive under less inquiries, weak demand, high stocks at ports and consecutive price declines, according to China Paper Association (CPA). In July, overall market pulp price index compiled by CPA slipped -2.82% from the previous month to 93.37. At the same time, the overall volume index – an indicator of inventories – rose +2.18% from June to 79.64 in July. Under a general rise in volume, yet fall in price in transaction, BHK led the growth in supplies with more deliveries to Chinese ports in July.
In July, price index of BSK dipped -1.76% from June to 94.70, while its volume index edging up slightly by +0.44% to 85.10. Market analysts interpreted that a minor rise in BSK shipment, though not enough to affect existing weak demand, was at least indicating market’s readiness to bottom out. In fact, quotations at the start of the month went up as much as RMB200/mt. After tough bargains between buyers and sellers in a generally sleepy market environment however, list price of brand products of BSK, such as those from Chile, wandered at RMB4,500-4,550/mt for spot transaction in the China market at the end of July. Most analysts agreed that more supply than demand remained as the main tone in the market throughout the 3rd Quarter and offshore suppliers would continue their price discounts in making new quotes to China.
Weakness in BHK was more apparent as CPA’s price indicator gave up -3.82% from June to 91.01 in July, while volume index tailing up +5.29% to 73.42 at the same time. The general loss by RMB200-250/mt drove list price to the RMB4,000/mt range in end-July. With more shipment arrivals from Russia, Chile and other origins, stocks at Chinese destination ports remained high into August and September.
UKP market in China appeared similar as price index dipped -3.40% to 94.83, while volume index going up +0.33% to 79.91. Without active inquiries and transactions throughout the month, price lost RMB250/mt in the China market. By end-July, list price of brand UKP, such as those from Chile, fell to RMB4,500-4,600/mt. Chinese mill buyers will continue their cautious buying, keeping virtually no inventories at mills in the entire 3rd Quarter.

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