Nine Dragons Paper is raising corrugated medium and kraftliner prices by USD 8/t (CNY 50/t) at its Quanzhou and Chongqing bases in China between 3 and 9 November 2026, citing higher costs for recovered paper, coal and chemical auxiliaries. Quanzhou raises corrugated medium from 3 November and recycled kraftliner from 5 November, both for 100 gsm and above. Chongqing follows with corrugated medium from 7 November and Jianglong kraftliner from 9 November.
Why this mattersNine Dragons is passing recovered-paper and coal cost inflation into Chinese containerboard, a test of whether box converters will accept higher board prices.
- Quanzhou base raises corrugated medium (100 gsm and above) by USD 8/t (CNY 50/t) from 3 November 2026
- Quanzhou base raises recycled kraftliner (100 gsm and above) by USD 8/t (CNY 50/t) from 5 November 2026
- Chongqing base raises corrugated medium by USD 8/t (CNY 50/t) from 7 November 2026
- Chongqing base raises Jianglong kraftliner by USD 8/t (CNY 50/t) from 9 November 2026
- Increases attributed to rising costs of recovered paper, coal and chemical auxiliaries
Shandong Bohui Paper Industry reported nine-month net profit of USD 14.566m (CNY 97.158m), down 20% from USD 18.211m (CNY 121.466m) a year earlier. Revenue for the period fell 1.0% to USD 2.145bn (CNY 14.305bn) from USD 2.166bn (CNY 14.450bn).
Why this mattersA near-flat top line with a sharper profit decline points to margin pressure at Bohui, whose nine-month revenue exceeds USD 2bn.
- Nine-month net profit USD 14.566m (CNY 97.158m), down from USD 18.211m (CNY 121.466m) a year earlier
- Revenue fell 1.0% to USD 2.145bn (CNY 14.305bn) from USD 2.166bn (CNY 14.450bn)
- Earnings per share USD 0.0109 (CNY 0.0727) against USD 0.0147 (CNY 0.0982) a year earlier
- The company is listed in Shanghai under ticker 600966.SS
- Q3 2026 net profit attributable to shareholders fell 36.10% year on year to RMB 20.09m; total profit fell 51.70% to RMB 23.53m
- Nine-month net operating cash flow fell 38.45% to RMB 1.40bn as cash paid for purchases rose to RMB 10.86bn from RMB 9.75bn
- Short-term borrowings rose to RMB 6.43bn and notes payable to RMB 3.09bn at period end, from RMB 5.92bn and RMB 1.85bn at the prior year-end
- Controlling shareholder Shandong Bohui Group (28.84% stake) and Ningbo Jinjiayuan Paper (20.00% stake) have pledged 215.8m and 184.0m shares respectively
- Mainstream 250-300g white board paper averaged USD 597.6/tonne (CNY 3,976.11/tonne) in Q3, falling to a year-low USD 577.0/tonne (CNY 3,839/tonne) by late September
- Nine Dragons Paper, Bohui Paper and Asia Pulp & Paper (China) raised white board paper prices by USD 30.1/tonne (CNY 200/tonne) in October
- Bohui is expanding chemical and mechanical pulping capacity to cut reliance on purchased market pulp
Sylvamo, Sustana, Billerud and Sappi have introduced fuel or freight surcharges, citing higher diesel and transport costs. Sylvamo charges USD 20 per short ton from 1 October 2026, Sustana USD 20 per ton from 12 October, Billerud USD 25 per ton from 1 November and Sappi USD 25 per ton on graphic paper from 6 November. Coverage, effective-date rules and review mechanisms differ by supplier.
Why this mattersFour producers adding freight surcharges within weeks passes diesel costs through to paper and board buyers outside base-price negotiations.
- Sylvamo: USD 1 per hundredweight (USD 20 per short ton) on covered shipments from 1 October 2026, with orders acknowledged before 25 September exempt.
- Sustana: USD 20 per ton on all grades and formats shipped from 12 October 2026, reviewed weekly.
- Billerud: USD 25 per ton on paper and paperboard orders with confirmed delivery dates from 1 November 2026.
- Sappi: USD 25 per ton on graphic paper deliveries from 6 November 2026, covering McCoy, Opus, Somerset, Flo, Private Label, EuroArt and Galerie grades.
- Sylvamo, Billerud and Sappi tie surcharge review to diesel-price benchmarks.
- Kruger will add a USD 1/100lb (USD 20/short ton) transport surcharge from 1 November 2026, itemised separately on invoices.
- ND Paper will apply a USD 25/short ton surcharge on its Orion, Oxford and Pennacook grades from 13 November 2026, tied to the EIA On-Highway Diesel Price remaining below USD 4.66 for four consecutive weeks.
- ND Paper's USD 25-per-short-ton surcharge applies to all basis weights, finishes and grade extensions of its Orion, Oxford and Pennacook paper from 13 November 2026, covering existing and new orders
- Removal of ND Paper's surcharge requires the EIA On-Highway Diesel Price Index to stay below USD 4.66 for four consecutive weeks
- Garda will add USD 1.25 per hundredweight (USD 25 per short ton) to coated two-side paper invoices from 9 November 2026; orders acknowledged before 16 October keep prior pricing
Nine Dragons Paper plans a USD 374m (CNY 2.5bn) technical upgrade at its Taicang mill in Jiangsu to build 600,000 tonnes a year of wood-fibre capacity, replacing a roughly equal volume of externally purchased wood fibre. The project is self-funded, built entirely within the existing site with no new land, adds no paper-making capacity, and is scheduled to start production in the second quarter of 2028.
Why this mattersA major containerboard producer brings virgin wood fibre in-house as China's 2021 ban on recovered-paper imports keeps external fibre supply tight.
- USD 374m (CNY 2.5bn) investment announced for the Taicang mill, Jiangsu province
- New line adds 600,000 tonnes/year of wood-fibre capacity
- Output replaces around 600,000 tonnes of currently purchased wood fibre
- Project funded from the company's own resources, with no new land used
- Production scheduled to start in Q2 2028
- Existing paper machines continue to use recovered paper as main feedstock; the project includes zero-liquid-discharge wastewater treatment
Nine Dragons Paper lifted prices of corrugated medium, kraftliner and recycled kraftliner by USD 7 (CNY 50) per tonne at six plants across China, phased in on 6, 8 and 10 October 2026. Wuzhou Special Paper matched the increase on its Baixi packaging paper line, and Nine Dragons' Chongqing board unit raised board prices by 3% from 8 October, cancelling existing discounts. Producers cite higher recovered paper, coal, chemical and logistics costs.
Why this mattersA price rise spanning five Chinese regions tests whether box makers can pass on higher recovered paper, coal and freight costs into fourth-quarter contracts.
- Nine Dragons raised prices by USD 7 (CNY 50) per tonne at Taicang, Dongguan, Quanzhou, Chongqing, Tianjin/Hebei and Shenyang plants
- Increases were phased in on 6, 8 and 10 October 2026
- Wuzhou Special Paper raised its Baixi packaging paper series by USD 7 (CNY 50) per tonne from 8 October 2026
- Nine Dragons Intelligent Packaging (Chongqing) raised board prices by 3% from 18:00 on 8 October 2026 and cancelled existing discounts
- Increases cover corrugated medium, kraftliner and recycled kraftliner across East, South, North, Northeast and Southwest China
- Producers cite rising recovered paper, coal, chemical additive and logistics costs as drivers
- Dongguan base raises recycled kraftliner by RMB 50/t (USD 7/t) from 19 October 2026
- Dongguan base raises corrugated medium above 100 gsm by RMB 50/t (USD 7/t) from 20 October 2026
- Chongqing base raises Dilong A kraftliner and Dilong kraftliner by RMB 50/t from 20 October 2026
- Nine Dragons Paper's Shenyang base will raise recycled kraftliner prices by CNY 50 (USD 7.5) per tonne from 20 October 2026, on top of the early-October increase.
- Nine Dragons Paper's Taicang base raises local kraftliner (地龙优质牛卡) prices by CNY 50/t (USD 7/t) from 19 October 2026
- Taicang containerboard (瓦楞纸) ex-works prices rise by CNY 50/t (USD 7/t) from 20 October 2026
- Nine Dragons Paper's Shenyang base raises recycled kraftliner price by CNY 50/t (USD 7.5/t) from 20 October 2026
- Nine Dragons Paper raises recycled kraftliner and corrugated paper prices by RMB 50/t (USD 7.49/t) at its Chongqing plant from 23 October 2026
- Jianglong kraftliner price rises by the same RMB 50/t (USD 7.49/t) from 26 October 2026
- Increases attributed to rising costs of recovered paper, coal and chemical auxiliaries
- Nine Dragons Paper's Quanzhou base raises recycled kraft liner (再生牛卡) prices by CNY 50/t (USD 7/t) from 23 October 2026
- Local-grade kraft liner (地龙牛卡) prices at Quanzhou rise by CNY 50/t (USD 7/t) from 26 October 2026
- Nine Dragons' Quanzhou base raises recycled kraftliner prices by CNY 50/t (USD 7/t) from 23 October 2026
- The same mill raises local kraftliner prices by a further CNY 50/t (USD 7/t) from 26 October 2026
- Market commentary (Sinoomarket) expects rival mills to match the increase in the spot kraftliner market
Leading Chinese white-back duplex board producers, including Nine Dragons Paper, Bohui Paper and APP China, issued notices in early October 2026 raising prices by USD 30/tonne (CNY 200/tonne), tax included, effective 1 October 2026. Jiangsu Asia Symbol Paper, Zhangzhou Lian Sheng Pulp & Paper and Wanguo Paper Sun's white board unit followed with matching increases, citing higher coal, wood chip and logistics costs that had pushed market prices below the value of the product.
Why this mattersA coordinated increase across the main duplex board mills signals input-cost inflation is being passed on, raising board costs for Chinese converters and brand owners.
- Price rise of USD 30/tonne (CNY 200/tonne), tax included, effective 1 October 2026
- Nine Dragons Paper, Bohui Paper and APP China issued the increase notices
- Jiangsu Asia Symbol Paper, Zhangzhou Lian Sheng Pulp & Paper and Wanguo Paper Sun's white board unit followed with increases of the same size
- The increase covers all white board grades of the producers concerned
- Producers cite rising coal, wood chip and logistics costs as the reason for the rise
- Nine Dragons Paper raised corrugated kraftliner prices by a further CNY 50/tonne (USD 7.5/tonne) at several mills after the October holiday, matched by producers in Shanxi and Henan.
- Benchmark whitecard price stood at CNY 4,040/tonne (USD 603.7/tonne) and corrugated base paper at CNY 3,055/tonne (USD 456.5/tonne) as of 8 October, unchanged from the start of the month.
- Integrated producer Sun Paper posted a 15.66% H1 gross margin, while containerboard-focused Shanying International lost CNY 700m (USD 104.6m) with a 4.55% margin.
- Corrugated paper average price reached CNY 3,083/tonne (USD 460.7/tonne) in late September, up about CNY 376/tonne (USD 56.2/tonne) since late April and nearly 10% year on year.
- Bohui Paper's H1 net profit fell to about CNY 77m (USD 11.5m) on revenue of CNY 9.454bn (USD 1,413m).
- As of 8 October, benchmark folding boxboard stood at USD 604/tonne (RMB 4,040/tonne) and corrugated base paper at USD 457/tonne (RMB 3,055/tonne), both flat versus the start of the month
- Hardwood pulp benchmark price reached USD 687/tonne (RMB 4,600/tonne) on 7 October, with waste paper also near a one-year high
- China's paper and paper-products industry profit rose 23.6% year-on-year in the first eight months of 2026
- Sun Paper posted H1 revenue of USD 3.118bn (RMB 20.862bn) and net profit of USD 292.6m (RMB 1.958bn) at a 15.66% gross margin, while Shanying International lost USD 104.6m (RMB 700m) at a 4.55% margin and Bohui Paper's net profit fell to about USD 11.5m (RMB 77m)
- Nine Dragons Paper's kraftliner price rise of CNY 50/tonne (USD 7.5/tonne) took effect at its Dongguan and Tianjin mills from 13 October 2026.
- China's white board benchmark price fell to CNY 4,006.67/tonne (USD 598.7/tonne) by 12 October 2026, the lowest in a year and down 7% year on year.
- Hardwood pulp price rose 9.41% year on year to CNY 4,650/tonne (USD 694.8/tonne), while softwood pulp fell 13.4% to CNY 4,806.67/tonne (USD 718.2/tonne).
- China's paper and paper-products sector revenue rose 5% year on year to CNY 922.97bn (USD 137.9bn) in January-August 2026, with profit up 23.6% to CNY 24.7bn (USD 3.69bn).
- Nine Dragons Paper raised kraftliner prices by CNY 50 per tonne (USD 7.5) at Dongguan and Tianjin from 13 October 2026.
- Benchmark white board paper price fell to CNY 4,006.67 per tonne (USD 598.7) on 12 October 2026, down 0.82 percent month to date and 7 percent year on year, the lowest in a year.
- Hardwood pulp price rose 9.41 percent year on year to CNY 4,650 per tonne (USD 694.7); softwood pulp fell 13.4 percent to CNY 4,806.67 per tonne (USD 718.0).
- China's paper and paper products industry revenue rose 5 percent year on year to CNY 922.97bn (USD 137.9bn) in January to August 2026, with profit up 23.6 percent to CNY 24.7bn (USD 3.7bn).
Six Chinese paperboard producers - Nine Dragons Paper, APP China, Jiangsu Asia Symbol, Zhangzhou Lian Sheng, Bohui Paper and the Wanguo Sun white cardboard business - have issued price-increase letters raising white cardboard by USD 30/t (CNY 200/t). Most increases take effect on 1 October 2026, with the Wanguo Sun brands moving first on 26 September. The letters follow earlier rounds of increases in corrugating medium and containerboard.
Why this mattersA uniform USD 30/t rise across most of China's white cardboard capacity lifts input costs for folding carton and foodservice converters and signals tighter board supply.
- Nine Dragons Paper raises all white cardboard grades, including coated and food-grade board, by USD 30/t (CNY 200/t) from 1 October 2026.
- APP China raises white cardboard prices by USD 30/t (CNY 200/t), tax included, from 1 October 2026 on top of September levels.
- Jiangsu Asia Symbol raises its cardboard and food-grade board brands by USD 30/t (CNY 200/t), tax included, from 1 October 2026.
- Bohui Paper raises prices by USD 30/t (CNY 200/t), tax included, from 1 October 2026.
- Zhangzhou Lian Sheng Pulp & Paper raises its Lanye coated white cardboard by USD 30/t (CNY 200/t) from 1 October 2026.
- Wanguo Sun white, coated and food-grade cardboard grades rise USD 30/t (CNY 200/t) from 26 September 2026.
- Zhangzhou Lian Sheng cited frequent market fluctuations and sustained high production costs as reasons for the increase
- China's main pulp futures contract (2611) closed at RMB 4,828/tonne on 28 September 2026, down RMB 76/tonne from the prior session
- Mid-September average price for 250g-400g sheet white cardboard had fallen to CNY 3,849/tonne (USD 574/tonne), roll products to CNY 3,410/tonne (USD 509/tonne), below production cost for non-integrated mills
- Nine Dragons Paper also raised kraftliner prices by CNY 50/tonne (USD 7.5/tonne) at its Dongguan, Tianjin, Shenyang and Beihai mills after the holiday
- China's paper and paper products industry posted CNY 922.97bn (USD 137.67bn) revenue and CNY 24.70bn (USD 3.68bn) profit in the first eight months of 2026, up 5.0% and 23.6% year on year
- Mid-September average price for 250-400g sheet white cardboard had fallen to CNY 3849/tonne (about USD 574), roll stock to CNY 3410/tonne (about USD 509)
- Producers cite rising coal, wood-chip and logistics costs pushing market prices below production cost
- Analyst Kong Xiangfen of Sublime China Info attributes the slump to overcapacity against weak demand and expects only a tentative CNY 50/tonne rebound after the National Day holiday
- Industry theoretical margins on white cardboard are negative; only pulp-and-paper integrated producers remain profitable
- Mid-September average white cardboard prices stood at RMB 3,849 (USD 541) per tonne for sheet stock and RMB 3,410 (USD 479) per tonne for reel stock, levels producers say leave the sector loss-making except for forest-pulp-paper integrated players
- China's paper and paper products sector revenue rose 5 percent to RMB 922.9bn (USD 129.7bn) in the first eight months of 2026, with profit up 23.6 percent to RMB 24.7bn (USD 3.47bn), per National Bureau of Statistics data
- Zhangzhou Lian Sheng's integrated forestry-pulp-paper project, a total investment of RMB 22bn (USD 3.09bn), has its first phase fully operational with planned capacity of 3.9m tonnes
- Lian Sheng cut pulp raw material costs by 15 percent by substituting mixed wood chips for eucalyptus, while raising paper strength by 8 percent
- Nine Dragons Paper added a further USD 7 per tonne increase on kraft linerboard after its initial white cardboard rise
- Containerboard and white cardboard prices fell more than 3 percent month-on-month in the week of 29 September to 5 October despite the announced increases
- Market participants expect mills to achieve only around USD 7 per tonne of the full USD 30 per tonne announced rise
- Sales of gift boxes priced above CNY 1000 fell about 76 percent year on year over the holiday period, with liquor sell-through down about 10 percent
Nine Dragons Paper Holdings reported full-year net profit of USD 533.4m (CNY 3.581bn), against USD 263.2m (CNY 1.767bn) a year earlier. Revenue rose 18.6% to USD 11.172bn (CNY 75.000bn) from USD 9.421bn (CNY 63.241bn). Earnings per share came to USD 0.11 (CNY 0.76), against USD 0.06 (CNY 0.38).
Why this mattersA doubling of profit at one of Asia's largest containerboard producers is the clearest read yet on margins in China's packaging paper chain.
- Full-year net profit reached USD 533.4m (CNY 3.581bn), against USD 263.2m (CNY 1.767bn) a year earlier
- Revenue rose 18.6% to USD 11.172bn (CNY 75.000bn) from USD 9.421bn (CNY 63.241bn)
- Earnings per share rose to USD 0.11 (CNY 0.76) from USD 0.06 (CNY 0.38)
- Company targets 1.32m tonnes net new paper capacity by end 2027, including a 700,000-tonne containerboard replacement line in Beihai and 620,000 tonnes of new capacity in Dongguan
- Pulp capacity to rise 2.5m tonnes by end 2027, with a 600,000-tonne pulp line in Taicang expected online in Q2 2028
- Company resumed dividend with RMB 0.10 per share for FY2026, a 13% payout ratio, targeting recurring payouts above 20% from FY2027
- Debt ratio stood at 67.6% in FY2026, with management targeting 50% in FY2027 and 30% long term
- Dongguan base plans 500,000 tonnes/year of pulp capacity and 620,000 tonnes/year of kraft paper capacity, both by H2 2027
- Taicang base in Jiangsu plans 600,000 tonnes/year of pulp capacity by Q2 2028, as previously flagged with full-year results
- Kraftliner sales volumes rose 7.0 percent to 12.4m tonnes and corrugating medium volumes rose 9.0 percent to 5.6m tonnes in FY2026
- White board and cultural paper volumes jumped 95.1 percent and 54.6 percent to about 2.0m and 1.7m tonnes respectively on new capacity
- Gross margin rose 3.1 percentage points to 14.6 percent in FY2026
- Adjusted for impairment and disposal losses, net profit was CNY 3.99bn (USD 595m)
Nine Dragons Paper has signed an agreement for a tissue expansion in Hubei province, China, with planned capacity of 350,000 tonnes a year. The addition would enlarge China's domestic tissue supply base.
Why this mattersA 350,000 tonne tissue addition would add meaningfully to China's tissue supply, with implications for regional pulp demand and competitive pricing.
- Nine Dragons Paper has signed an agreement for a tissue expansion in Hubei province.
- Planned capacity is 350,000 metric tons of tissue per year.
Nine Dragons Paper has issued price increase notices for corrugated paper and kraft linerboard at six of its production bases in China, effective between 6 and 10 October 2026. Each base is raising prices by USD 7/tonne (CNY 50/tonne). The notices are the first wave of increases covering the period after China's National Day holiday and were issued ahead of it.
Why this mattersA coordinated increase across six bases signals producer intent to defend margins as China's containerboard market enters a seasonal demand period.
- Nine Dragons Paper is raising prices by USD 7/tonne (CNY 50/tonne) at its Dongguan, Taicang, Tianjin, Hebei, Shenyang and Leshan bases
- The Dongguan increase covers corrugated paper above 100 grams and takes effect on 8 October 2026
- The Taicang, Tianjin and Hebei increases cover kraft linerboard grades and take effect on 6 October 2026
- The Shenyang and Leshan increases cover kraft linerboard and corrugated grades and take effect on 10 October 2026
- Nine Dragons Paper raises kraftliner prices by a further RMB/HKD 50/tonne (USD 7/tonne) at Dongguan, Tianjin, Shenyang and Beihai mills, effective 13 October 2026
- The second increase covers Nine Dragons kraftliner, Nine Dragons kraftliner (special), Hailong kraftliner and Hailong premium V kraftliner grades
- Smaller Chinese producers Shanxi Qiangwei Paper, Henan Hengli Environmental Technology and Gansu Hengda Environmental Technology have issued matching RMB 50/tonne increases on recycled and corrugated paper grades between 1 and 8 October 2026
- Nine Dragons Smart Packaging (Chongqing) raised containerboard prices by 3% effective 18:00 on 8 October 2026, citing higher recovered paper, coal and chemical additive costs
- The Chongqing unit cancelled all previously offered special prices and discount policies alongside the increase
Profit in China's paper and paper products industry rose 27.5% year on year to USD 2.93bn (CNY 19.61bn) in the first half of 2026, on revenue of USD 103.06bn (CNY 689.79bn), according to a sector review by China Paper Magazine. Containerboard led: Nine Dragons Paper raised prices by USD 7-15 per tonne (CNY 50-100) at its ten Chinese bases in early June, 21 producers followed by mid-month, the widest off-season rise in three years, and the Q2 average reached USD 545 per tonne (CNY 3,651). Integrated groups such as Sun Paper outperformed, while Chenming and Shanying were loss-making in the half.
Why this mattersOwn pulp capacity is separating winners from laggards in China's paper sector, and inclusion in the carbon market from 2027 is expected to add costs that push smaller mills out.
- Sector profit up 27.5% year on year to USD 2.93bn (CNY 19.61bn) in H1 2026; revenue up 5.5% to USD 103.06bn (CNY 689.79bn)
- Paper and board output of 83.132m tonnes in H1 2026, up 6.0% year on year
- Nine Dragons raised containerboard prices by USD 7-15 per tonne (CNY 50-100) in early June 2026; 21 producers followed by mid-June
- Q2 2026 average containerboard price of USD 545 per tonne (CNY 3,651), up 2.24% on the quarter and 3.73% on the year
- Sun Paper H1 net profit up 9.60% to USD 291m (CNY 1.951bn); Chenming's net loss narrowed 79.61% to USD 117m (CNY 786m)
- Paper sector expected to join China's national compulsory carbon trading scheme in 2027
