According to the monitoring of the Commodity Market Analysis System of SunSirs, the price of corrugated paper is still on the rise this week. On November 14, 2025, the average ex factory price of 140g corrugated paper was 3,110 RMB/ton, an increase of 2.3% compared to the average price on November 9.

In terms of upstream raw materials: This week, the price of wastepaper in Zhejiang has also been on the rise, and domestic waste paper prices have continued to rise. On November 14, 2025, the average purchase price of A-grade waste yellow cardboard in Zhejiang was 2008 RMB/ton, an increase of 2.55% compared to the average price on November 9. Recently, many places have reported that the amount of recycled paper is lower than the same period in previous years, which has led to a shortage of paper supply and a clear reluctance to sell at packaging stations. During the traditional peak demand season in the early stage, paper mills were more active in production, resulting in a lower inventory of waste paper. Therefore, paper mills raised their recycling prices to attract the arrival of waste paper. ‌

On the supply side: Currently, due to the rapid increase in the cost of raw material waste yellow cardboard, the raw material costs of paper companies are under pressure, which has also led to the recent shutdown and maintenance of some machines in several leading paper mills. This will result in an expected reduction in the short-term supply of corrugated paper, thereby easing the pressure on raw materials and indirectly supporting market prices. In addition, the continuous release of price increase letters from leading paper companies is favorable for the upward trend of corrugated paper prices.

In terms of demand, the current e-commerce festival and year-end promotion are coming one after another, and market orders are gradually being released, leading to an increase in demand for downstream packaging companies to replenish their inventory. Affected by the mentality of "buying up instead of buying down", some companies have hoarded goods in advance, further driving up demand. The concentrated procurement and low inventory state in the market enhance the bargaining power of paper enterprises, supporting the continuous rise of corrugated paper prices.

The paper analyst from SunSirs believes that the upstream waste paper raw materials continue to rise, and the corrugated paper market is experiencing frequent shutdowns and price increases. Downstream cardboard and box factories are concentrating on procurement, intensifying hoarding behavior, and forming a linkage effect in the industry. The market has strong bullish expectations, and it is expected that corrugated paper prices will continue to rise in the short term.

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