According to the monitoring of the Commodity Market Analysis System of SunSirs, the price of corrugated paper continued to rise last week. On November 21, 2025, the average ex factory price of 140g corrugated paper was 3,160 RMB/ton, an increase of 1.61% compared to the average price on November 16.

In terms of upstream raw materials: Last week, the price of waste paper in Zhejiang region stopped rising and slightly fell, while the domestic price of waste paper was fluctuating. On November 21, 2025, the average purchase price of A-grade waste yellow board paper in Zhejiang region was 1,984 RMB/ton, a decrease of 1.2% compared to the average price on November 16. Last week, with the continuous rise in previous waste paper prices, many paper mills saw an increase in the amount of waste paper received. As the inventory of waste paper in the paper mills gradually became saturated, it led to a recent decline in waste paper prices.

On the supply side: Although the price of raw material waste paper has slightly declined recently, the market decline is limited, and the raw material costs of paper companies are still under high pressure. The equipment of some large-scale paper enterprises is still in a shutdown and maintenance state, and the raw paper inventory of paper enterprises is still at a low level. The short-term market supply reduction continues. The continuous release of price increase letters from leading paper companies is favorable for the upward trend of corrugated paper prices.

On the demand side: The year-end promotion is gradually approaching, and there is an expected increase in market terminal orders. Downstream packaging factories are accelerating their consumption of corrugated paper, and their enthusiasm for replenishing inventory is increasing. Recently, large-scale paper mills have continued to issue price increase notices, driving market bullish sentiment and prompting downstream packaging factories to increase inventory replenishment. Meanwhile, upstream paper mills have shown good shipment performance, which is conducive to maintaining a strong operating trend in the market.

The paper analyst from SunSirs believes that although there are signs of a recent decline in the price of waste paper, the magnitude of the decrease is relatively small, and costs are still under high pressure. In addition, the leading paper mills have received price increase information again near the weekend, which has led to strong bullish expectations in the market. It is expected that the price of corrugated paper will continue to remain stable with a slight upward trend in the short term.

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