SunSirs: Building Materials Industries Bulk Commodity Intelligence (December 25, 2025)

Macroeconomics

1. [Economic Policy] China's central bank's fourth-quarter meeting: Continue to implement a moderately loose monetary policy and strengthen counter-cyclical and cross-cyclical adjustments. The meeting pointed out that various tools will be comprehensively utilized to strengthen monetary policy regulation, and the intensity, pace, and timing of policy implementation will be carefully managed based on domestic and international economic and financial conditions and the operation of financial markets. Sufficient liquidity will be maintained to ensure that the growth of social financing and money supply matches the expected targets for economic growth and overall price levels, promoting low overall social financing costs.

2. [Electricity Consumption] National Energy Administration: In November, total electricity consumption across society was 835.6 billion kilowatt-hours, a year-on-year increase of 6.2%. Looking at electricity consumption by sector, the primary industry consumed 11.3 billion kilowatt-hours, a year-on-year increase of 7.9%; the secondary industry consumed 565.4 billion kilowatt-hours, a year-on-year increase of 4.4%, of which industrial electricity consumption increased by 4.6%, and electricity consumption in high-tech and equipment manufacturing increased by 6.7%; the tertiary industry consumed 153.2 billion kilowatt-hours, a year-on-year increase of 10.3%, of which urban and rural residential electricity consumption was 105.7 billion kilowatt-hours, a year-on-year increase of 9.8%.

3. [US Tariffs] The U.S. Trade Representative's office announced on December 23rd that it will impose tariffs on semiconductor products from China starting in June 2027, with the specific tariff rates to be announced at least one month in advance. The report stated that the U.S. claimed to have conducted a year-long investigation into the Chinese semiconductor industry.

4. [US Initial Jobless Claims] According to data from the U.S. Department of Labor, seasonally adjusted initial jobless claims for the week ending December 20th totaled 214,000, a decrease of 10,000 from the previous week, marking two consecutive weeks of decline and significantly lower than the market expectation of 224,000.

Building Materials

1. [Wastepaper] On December 24th, Henan Xinxiang Hengli Paper increased its wastepaper purchase price by 60 RMB/ton, bringing the adjusted price to 1,660 RMB/ton (including VAT).

Jiangsu Taicang Jiulong Paper increased its wastepaper purchase price by 30 RMB/ton, bringing the adjusted price to 1,680 RMB/ton.

Zhejiang Jiaxing Shanying Paper increased its wastepaper purchase price by 30 RMB/ton, bringing the adjusted price (excluding VAT) to 1,910 RMB/ton.

Zhejiang Shaoxing Huayu Paper increased its wastepaper purchase price by 20 RMB/ton, bringing the adjusted price (excluding VAT) to 1,640 RMB/ton.

2. [Paper] Shandong Sun Paper: Effective January 1, 2026, all cultural paper products will have a price increase of 200 RMB/ton on top of existing prices.

Shandong Yinhe Ruixue Paper: Effective January 1, 2026, all cultural paper products under our company will have a uniform price increase of 200 RMB/ton based on current prices.

3. [Paper] In November 2025, national machine-made paper and paperboard production reached 14.588 million tons, a year-on-year increase of 5.3%, and a month-on-month increase of approximately 242,000 tons; from January to November, national machine-made paper and paperboard production reached 148.871 million tons, a year-on-year increase of 2.8%.

4. [Pulp] In November 2025, China's pulp imports reached 3.246 million tons, a year-on-year increase of 0.2%; from January to November, China's pulp imports reached 32.925 million tons, a year-on-year increase of 5.8%.

5. [Wood Pulp] From January to November 2025, China's cumulative imports of bleached softwood pulp reached 7.847 million tons, a year-on-year increase of 3.3%; cumulative imports of bleached hardwood pulp reached 15,590 tons, a year-on-year increase of 12.2%.

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