• VSF operating rate climbs to 83%: This was on the back of plants in East China resuming operation after planned maintenance. VSF inventory days dropped to 11.5, supported by spinners still taking delivery.
  • VSF theoretical profit remains in the green: With higher VSF and DWP prices, the theoretical VSF margin for medium grades dropped by 2% w/w to CNY 704/t.
  • Imported hardwood DWP pulp price jumps 8% w/w: Further DWP price momentum supported by rising commodity prices. With paper pulp closing at CNY 6,100/t last week on the Shanghai Stock Exchange, further momentum is likely for DWP.

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