Macroeconomics

1. [US Tariffs] On January 29, US President Trump signed an executive order declaring a national emergency and threatening to impose ad valorem tariffs on goods imported from countries that supply oil to Cuba.

2. [Venezuelan Oil Law] It is reported that the Venezuelan National Assembly, the country's legislative body, passed a bill on January 29 reforming the oil law, including provisions allowing private and foreign investment in the Venezuelan oil industry.

3. [South African Auto Tariffs] South Africa is considering imposing tariffs of up to 50% on imported vehicles from China and India to counter the impact of the surge in low-priced imported vehicles on its domestic automotive industry in recent years.

Building Materials

1. [Kraft Paper] Nine Dragons Paper (Hebei Base): PM41 machine will be shut down for 9 days from February 1st to February 9th, affecting kraft paper and recycled kraft paper.

Guangdong Lee & Man Paper Manufacturing Co., Ltd. has decided to conduct maintenance on its machines during the Spring Festival. PM11 and PM12 machines will be shut down for 23 days from February 1st to February 23rd, affecting kraft paper and core paper.

2. [Corrugated Paper] Shanying Paper Central China Base: PM23 machine will be shut down for 10 days from February 1st to February 10th, affecting T-paper and high-strength corrugated paper.

Shanying Paper Jilin Base: PM61 machine will be shut down for 28 days from February 1st to February 28th, affecting high-strength corrugated paper.

Guangdong Zhongshan Yongfa Paper and Zhongshan Lianhe Hongxing Paper: All machines will be shut down for 15 days from early February to after the Spring Festival, affecting corrugated core paper and linerboard, with an estimated production reduction of 27,000 tons.

Guangdong Dongguan Shuangzhou Paper: All machines will be shut down for 28 days from February 1st to March 1st, affecting corrugated paper, with an estimated production reduction of 51,000 tons.

3. [Wood Pulp] As of January 29, 2026, the sample inventory of wood pulp at major Chinese ports was 2.169 million tons, an increase of 101,000 tons compared to the previous period, a month-on-month increase of 4.9%.

4. [Wood Pulp] According to data from the General Administration of Customs, domestic pulp imports in December 2025 were 3.113 million tons, and the total annual pulp imports were 36.038 million tons, a year-on-year increase of 4.9%. Of this, softwood pulp imports in December were 895,900 tons, a year-on-year increase of 11.51%; hardwood pulp imports in December were 1.353 million tons, a year-on-year decrease of 20.4%.

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