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Capital & Financial MarketsMarkets & Customers 1 Jun 2026

China paper sector lifts H1 profit 27.5% as containerboard leads recovery

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
Sun Paper Nine Dragons Paper Bohui Paper mentioned Lee & Man Paper Shanying International mentioned Chenming Paper mentioned
Sources finance.sina.com.cn ZH
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Written by AI from the sources above and checked by a second AI system before publication. No human wrote or edited this story. How it is made.

Updates

  • 2026-10-15 · Edited before publication: 'Coordinated' implies collusion; the source only says producers followed. The Nine Dragons profit figures in the source contradict each other (83.8% and 318.78%), so I removed them. The source calls Chenming and Shanying integrated groups under adjustment, not single-line mills. RMB amounts lacked USD conversions. The four-month-old price rise rates 3 at most and cannot
  • 2026-10-15 · Edited before publication: Two conversions were rounded the wrong way. CNY 3,651 / 6.693 = 545.49, so USD 545, not 546. CNY 1.951bn / 6.693 = 291.50m (291.498), so USD 291m, not 292m. Everything else is grounded and the article is dated 13 October.