26 September 2025 | 11:52AM BRT Equity Research Pulp & Paper: Hard-Softwood Shipments Gap at 7.8mt In the Last 5 Years; Likely to Continue China paper prices are at YTD lows despite pulp price increases and seasonally better demand in 3Q. In our view, this is explained by the recent Chenming ramp up (mostly on graphics) but also ongoing oversupply and limited supply discipline. With average paper utilization rate at below 60% for virgin-based grades, we think recent efforts to re-gain profitability are goin ...