According to the monitoring of the Commodity Market Analysis System of SunSirs, the price trend of corrugated paper in January 2026 is basically consistent with that of the main raw materials, and the price shows a downward trend. On January 30th, the average ex factory price of 140g corrugated paper was 2,680 RMB/ton, a decrease of 9.15% compared to the average price on January 1st.

In terms of upstream raw materials: In January, the price of waste paper in Zhejiang Province fell weakly, and domestic waste paper prices also fell more than rose. On January 30th, the average purchase price of A-grade waste yellow cardboard in Zhejiang Province was 1,592 RMB/ton, a decrease of 7.44% compared to the average price on January 1st. The market for waste yellow cardboard in January has entered the trend of the Spring Festival market, and most packaging stations plan to clear their inventory before the Spring Festival, so the shipping intention is relatively high. Some paper mills have increased the arrival of waste yellow cardboard. But downstream paper mills had sufficient inventory of waste paper before the New Year. With the successive shutdowns and maintenance of paper mills, the market demand for waste paper has decreased, and prices have weakened and declined.

On the supply side: Although some paper mill facilities were scheduled to shut down for maintenance in early January, the reduction in supply was not significant. Small and medium-sized paper mills had high inventory and followed up with discounted shipments, leading to a gradual shift in market transaction focus. The continuous decline in raw material waste paper prices has led to a bearish sentiment in the raw paper market. In late January, paper mills continued to focus on destocking, and large-scale paper enterprises continued to implement price protection policies in multiple bases. Prices of some varieties were lowered, and many small and medium-sized paper mills adjusted accordingly.

On the demand side: The peak season for corrugated paper market before the Spring Festival this year was not as prosperous as in previous years, mainly due to the strong rise in paper prices in the early stage, which led to downstream packaging companies having more inventory. At the beginning of the month, some varieties of large-scale paper enterprises continued to implement the price protection policy, and the unit price of small and medium-sized paper enterprises fell slightly. As the Spring Festival holiday gradually approaches, terminal orders have improved. Although the market trading atmosphere has improved, downstream packaging companies have mostly implemented a "use and purchase" strategy before the holiday, and paper companies have not significantly accelerated their shipment speed.

The paper analyst of SunSirs believes that the corrugated paper market continued to decline in January under the weak supply-demand pattern, and with the arrival of the Spring Festival holiday, market confidence is still insufficient. In early February, some paper mills may gradually enter the final stage, with market trading gradually decreasing and prices stabilizing. It is expected that there will be no short-term upward trend in corrugated paper prices.

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