According to the monitoring of the Commodity Market Analysis System of SunSirs, the price of corrugated paper showed a steady upward trend in March 2026. On March 26th, the average ex factory price of 140g corrugated paper was 2,830 RMB/ton, an increase of 5.13% compared to the average price on March 1st. The wastepaper market shows a trend of first suppression and then rebound. On March 26th, the average purchase price of A-grade waste yellow cardboard in Zhejiang Province was 1,570 RMB/ton, an increase of 0.9% compared to the average price on March 1st.

In terms of wastepaper supply: In early March, the prices of wastepaper in paper mills fell across the board. Due to the impact of the Spring Festival holiday, wastepaper packaging and recycling stations resumed work and production, and logistics returned to normal, causing the previously accumulated Spring Festival supply to be concentrated in the market. In addition, with the improvement of rainy and snowy weather, transportation is no longer hindered, and the market supply is rapidly increasing. The arrival volume of paper mills continues to be high, and some areas are experiencing phenomena such as vehicle pressure and inventory saturation. In late March, the price of wastepaper stopped falling and rebounded, while the recycling volume of packaging stations continued to decline, and the market entered the traditional off-season. Due to the expectation of price increases, packaging stations are hoarding goods and waiting for price increases, resulting in a significant decrease in the amount of paper mill arrivals and supply shortages in some areas.

In terms of demand for wastepaper: In early March, the inventory of finished paper in paper mills was relatively high, mostly due to destocking, resulting in a decrease in the purchase volume of wastepaper and a lowering of purchase prices. In late March, the workload of paper mills nationwide rebounded, and the consumption of wastepaper increased year-on-year. With the increase in finished paper prices, paper mills have proactively raised the purchase price of wastepaper in order to lock in profits and replenish inventory.

In terms of corrugated paper supply, the price of corrugated paper continued to rise in March. After the Spring Festival holiday, large-scale paper companies successively issued price increase letters, and then small and medium-sized paper mills generally followed suit, forming an industry coordinated price increase and driving up the price of corrugated paper. Affected by the rising geopolitical risks in the Middle East, international oil prices and prices of some energy chemicals have increased, which to some extent affects the overall cost of corrugated paper.

In terms of demand for corrugated paper: After the 15th day of the first lunar month, many downstream packaging companies have resumed work and production, and the increase in new orders released in the market is limited. Some orders that were not delivered in the early stage are mainly being shipped one after another. Subsequently, downstream cardboard box factories and packaging factories resumed work comprehensively, and in order to meet daily production needs, they began to replenish inventory. The continuous release of price increase letters has caused downstream concerns about further price increases, prompting them to stock up in advance and accelerate paper mill shipments and price increases.

The paper analyst of SunSirs believes that the supply of wastepaper and corrugated paper is gradually increasing. Currently, large-scale paper mills have issued price increase notices in early April, and the actions to pull up prices are relatively clear. However, downstream market terminal consumption is weak, and packaging factories are cautious in replenishing inventory. It is expected that the prices of corrugated paper and wastepaper will fluctuate and adjust in the short term, and the market game will be obvious.

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