英文【高盛】纸浆和纸张月度追踪报告— 2025年5月

This monthly report includes charts and tables with key global data points for the pulp and paper sector. We track information from different data providers for both up- and downstream products across the supply chain, including inventories, production, apparent consumption and prices. Key highlights of the month: Chinese pulp prices for May decreased 13% m/m for hardwood and 11% m/m nfor softwood. Hardwood resale price declined 5%, while softwood resale decreased 2% m/m. In Europe, pulp prices have been more resilient for now, flat m/m for hardwood, nwhile increasing by 1% m/m for softwood. China paper m/m prices were mixed, ranging from flat to a low single digit ndeclines m/m in May for most grades, while it slightly increased for containerboard. Consequently, compared to their 5-yr historical avg, paper margins are 38% below for ivoryboard and 15% below for tissue, while 5% above for UWF and 13% above CWF. In Europe, graphic paper prices were flat m/m while containerboard paper prices nwere up by 1% to 3% m/m. In May, China pulp port inventories increased 3% m/m to 2.2Mt, above the nhistorical average of 1.8Mt. In April, inventories in European ports declined by 13% m/m reaching 1.3Mt, the nlowest volume since Jul-24, but mostly in line with the historical avg of 1.3Mt.Marcio Farid +55(11)3371-4580 | marcio.farid@gs.com Goldman Sachs do Brasil CTVM S.A. Henrique Marques +55(11)3371-0778 | henrique.marques@gs.com Goldman Sachs do Brasil CTVM S.A. Emerson Vieira +55(11)3372-0256 | emerson.vieira@gs.com Goldman Sachs do Brasil CTVM S.A.Pulp & Paper Monthly Tracker — May 202510 June 2025 | 3:34PM BRT Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. Global 4 China 5 Indonesia 7 Europe 8 USA 9 LatAm 9 Latest notes and key reports 10 Disclosure Appendix 12 10 June 2025 2Goldman SachsPulp & PaperTable of Contents Exhibit 1: Summary table with all key pulp and paper prices per region May-25Pulp (in USD/t)Price 5yr avg. Price1 month6 months12 monthsCurrent vs. 5yr avg.Hardwood517635-13%-5%-30%-19%Hardwood resale486621-5%-8%-30%-22%Softwood712792-11%-8%-13%-10%Softwood resale732784-2%-4%-6%-7%Paper (in CNY/t)Graphic PaperCoated Woodfree5,4755,660-4%0%-3%-3%Uncoated Woodfree6,3506,628-2%0%-5%-4%ContainerboardKraftliner3,6824,4731%-3%-3%-18%Testliner3,0403,8241%-5%-1%-21%CartonboardCoated ivory board4,3005,7500%0%-2%-25%Duplex3,1584,215-1%-5%-8%-25%TissueTissue5,7506,580-3%-6%-14%-13%Pulp (in USD/t)Price 5yr avg. Price1 month6 months12 monthsCurrent v