Wood pulp prices in China are diverging: coniferous is getting cheaper, deciduous is holding its position

The wood pulp market in China is developing in different directions in September 2026. Softwood pulp is under pressure from the futures market and cautious demand, while hardwood retains a more stable position due to the cost of imports and offers from foreign manufacturers.

    As of September 11, 2026, the average price in the Shandong market was 4,870 yuan per ton for softwood pulp and 4,570 yuan per ton for hardwood. Since September 6, softwood pulp has fallen in price by 1.35%, while hardwood pulp has increased by 0.29%. These values are also confirmed by Chinese industry price surveys.

Pulp in China: prices by main categories

The supply of imported pulp remains a support factor

    The Chinese market continues to be affected by the situation with international supplies. The shutdown of the Domtar plant in Canada and the maintenance of a number of foreign pulp mills support the limited supply.

    An additional factor was the increase in September supply prices for hardwood pulp from Arauco. This increases the cost of imported raw materials for Chinese buyers and creates a higher price target for the spot market.

    At the same time, it is premature to talk about a shortage of pulp in China. Domestic enterprises are operating relatively stably, and high inventories at certain stages of the supply chain limit the possibility of a sharp increase in quotations.

Stocks in Chinese ports are declining

    As of September 10, 2026, pulp stocks in major Chinese ports amounted to about 2.263 million tons. During the period under review, the indicator decreased by about 29 thousand tons, or 1.3%.

    A decrease in stocks was observed, in particular, in Qingdao and Changshu. In Changsha, the volume of shipments approached 100 thousand tons.

2.263 million tons is the estimated volume of pulp reserves in major Chinese ports as of September 10, 2026.

    The reduction of port stocks is a supportive factor for the market, but in itself does not mean the formation of a sustainable deficit. The absolute stock level remains quite high, which limits the space for rapid price increases.

Demand from the paper industry remains subdued

    September is traditionally considered a period of increased demand for the Chinese paper industry. However, in 2026, the growth of final consumption remains limited.

    Paper companies operate at low profitability and therefore try not to create large stocks of expensive raw materials. Purchases are mainly carried out to maintain current production.

    At the same time, the increase in the number of requests from buyers has not yet been accompanied by a comparable increase in real transactions. Buyers remain cautious and try to get lower prices.

    For participants in the finished goods market, certain segments of the Chinese paper industry are relevant: on the ForestResource site, you can view offers for paper for sale and paper for purchase.

Why does deciduous cellulose look more stable than coniferous

    The difference in the dynamics of the two types of pulp is due to several factors at once.

- Hardwood pulp receives support from foreign price offers and the cost of imported supplies. An additional factor is the more limited supply of individual batches on the domestic market.

- Coniferous pulp, on the contrary, reacts more strongly to pressure from the futures market and the caution of buyers. The high cost of individual offers limits the activity of real transactions.

    As a result, in the short term, the market may maintain a discrepancy between two categories: hardwood pulp is more stable, coniferous pulp is under pressure.

Pulp Futures in China

    The futures market also reflects the cautious mood of the participants.

On September 11, 2026, the main pulp contract on the Shanghai Futures Exchange (SHFE) opened and closed at 4,786 yuan per ton, with an intraday high of 4,840 yuan per ton.

    The trading volume reached about 338 thousand lots, and the open interest reached about 214.9 thousand lots.

    According to subsequent industry surveys, the absolute level of stocks remains elevated, and the futures market remains prone to fluctuations in a limited range.

What does this mean for suppliers of wood raw materials to China

    For Russian and other foreign suppliers, the Chinese pulp market remains sensitive to three groups of factors simultaneously:

• the cost of imported pulp;
• inventory levels in Chinese ports;
• real demand from paper companies.

    With the current balance of factors, buyers are likely to pay more attention to the price of a particular batch, the terms of delivery, and the ability to quickly replenish stocks without forming a large stock balance.

    It is also important for suppliers to consider the difference between softwood and hardwood pulp: the same market strategy for these two categories may produce different results in the current situation.

Forecast for the next period

    In the short term, the Chinese pulp market remains multidirectional.

    For softwood pulp, pressure remains from high cost and cautious demand. Hardwood pulp receives more support from overseas offers and the supply structure in the Chinese market.

    At the same time, the reduction of port stocks and the maintenance of foreign enterprises provide some support to the market.     The opposite factor remains high inventories and weak dynamics of final demand for paper products.

    Therefore, the main scenario remains volatility within a relatively limited price range, rather than a sharp market movement in one direction.

Not only pulp quotations are particularly important for the Chinese market right now, but also the state of the paper industry, port stocks, and international supplies.

 

Tags: #Cellulose #China #cellulose market #Chinese market #Wood cellulose #Coniferous cellulose #larch cellulose #Price of cellulose #Pulp and paper industry #SHFE #Cellulose futures #import of cellulose #Port of China #Paper Industry #Forestry industry #Wood market #export to China

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Edited Moderator (Sept. 20, 2026 19:20:49)