[tuyere research report event] the pulp price of the outer disk is expected to decline in May. The logic of cost reduction by domestic enterprises is expected to be gradually realized in the second quarter and may start a high slope recovery in the second half of the year. Analysts believe that this round is expected to repeat the 2018-2020 cycle.

Pulp prices are expected to decline in May, the purchase price of broad-leaf pulp in paper mills has reached the low point in 2020, some kinds of paper in domestic enterprises have entered the channel of price increase, and the logic of cost reduction has been gradually realized since the second quarter of 2023. Q3-Q4 is expected to open a high slope recovery, and analysts see that this round is expected to repeat the 2018-2020 cycle.