We have long argued that China's pulp and paper integrated trend has been lowering price support (due to declining production cost in China) as well as limiting upside (due to oversupplied paper market and reduced ability from paper producers to pass on higher pulp prices). So against a historical $500-800/t hardwood cycle, we would argue for a $450-600/t range going forward (going below or above that level is unlikely to be sustainable). 1 May 2026 | 1:47PM BRT Equity Research Pulp & Paper: Growing Integra ...