Galaxy Securities: Corrugated paper prices continue to rise, leading enterprises are concentrating on stopping production to reduce supply.

Galaxy Securities research report pointed out that in June 2026, the paper industry continued the "shutdown + price increase" combination, with boxboard corrugated paper prices rising against the seasonal trend. At the beginning of June, Nine Dragons Paper raised prices by 50-100 yuan/ton at all ten of its major bases, with 21 other companies following suit later in the month with price increases of 50-200 yuan/ton. The range and magnitude of price increases in the off-season were rare in the past three years. In the second week of June, the prices of boxboard paper and corrugated paper increased by 35 yuan and 48 yuan per ton respectively, with the price of corrugated base paper rising by approximately 11% from its low point in April. In terms of cultural paper and white cardboard, various paper mills including Chenming, Sun Paper, and APP announced price increases of 200 yuan/ton for copperplate paper, double-coated paper, and white cardboard series starting from June 20. Leading companies coordinated large-scale shutdowns for maintenance to reduce supply, with Nine Dragons, Shanying, Lee & Man, Rongcheng, and other major bases implementing intensive shutdown plans from late May to June, involving various types of paper such as corrugated and boxboard paper, further improving the supply-demand relationship and providing support for rising paper prices.