Dissolving pulp
refers to the pulp with cellulose content above 90%, mainly including wood
pulp, bamboo pulp and cotton pulp (dissolving pulp in this report just involve
wood and bamboo pulps), and finding application mainly in viscose fiber
downstream.
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In 2013, global
dissolving pulp capacity approximated 6.3 million tons which were mainly
produced in such countries where forest resources are abundant as North
America, South Africa and Brazil. As the dissolving pulp industry is fairly
profitable during 2009-2011 when a great number of dissolving pulp projects
were built in China, the dissolving pulp capacity of China rose to about one
million tons till 2013, holding the second place in the world.
Although with a
rather large dissolving pulp capacity, China is in short of forest resources
and Chinese dissolving pulp manufacturers has a higher production cost than
international counterparts. In 2012-2013, China’s viscose fiber industry
remained in the doldrums, hence a lower demand for dissolving pulp. This,
coupled with the impact of the global low-priced dissolving pulp on the
domestic market, led to a universally low operating rate for dissolving pulp
devices, thus resulting in the overall loss-making of the industry. In 2013,
the output of dissolving pulp in China was only around 360kt, with a mere 36%
operating rate but export dependency ratio as much as 83.4%.
In April 2014,
Ministry of Commerce People’s Republic of China announced final determination
in anti-dumping investigation: starting from April 6, 2014, China would levy
tariffs of 17%, 13% and 6.8% on the pulp produced in the United States,
Canada, and Brazil, respectively. The implementation period would span 5 years
since April 6, 2014. This is good for the sales of dissolving pulp in China
and would hinder the impact of the imported dissolving pulp. Although the
factors including destocking in distribution and weak demand from downstream
market led to the fluctuation of the prices of dissolving pulp in the bottom,
the dissolving pulp industry in China is expected to witness a turning point
in 2014.
The world’s
dissolving pulp industry features quite high concentration and key industrial
players consist of Sappi, Aditya Birla, Lenzing, Sateri, Rayonier, etc. In
2013, the total dissolving pulp capacity of the aforesaid five producers
accounted for roughly 54.5% of global total. In the forthcoming years, the
world’s dissolving pulp capacity will continue to grow and the key increments
will involve the successively expanded capacity of 300kt from Lenzing, the
capacity of 190kt switched for production by Rayonier, the newly built
capacity of 175kt from Thailand’s Double A, and otherwise.
Chinese dissolving
pulp manufacturers are mainly medium and large paper-making enterprises and
chemical fiber enterprises; wherein, the paper-making enterprises is chiefly
composed of Yueyang Forest & Paper, Sun Paper and Zhenlai Xinsheng Paper
(putting into production in 2013), mainly producing wood dissolving pulp and
with their capacities hitting 300 kt/a, 200 kt/a and 100 kt/a respectively;
and chemical fiber enterprises include Jilin Chemical Fiber Group and Yibin
Grace Group Company, producing bamboo dissolving pulp in the main, of which
the 95 kt/a bamboo pulp project of Jilin Chemical Fiber Group is still under
construction and expected to put into production in 2014.
As a large consumer
of viscose fiber around the globe, China’s output of viscose fiber is
anticipated to keep a growth rate of 10% or so in the upcoming years, which
beyond doubt stimulate a rise in the demand for dissolving pulp. After anti-dumping
tariff is levied by China on the imported dissolving pulp in 2014, the output
of home-made dissolving pulp in China is expected to grow steadily, and it
will get to around one million tons in 2016.
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