China: the largest buyer is building its own mills

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China reported 32.5 million tons of pulp imports in 2025, 64.5% more than in 2015. Over a similar period, FAO estimates that China's own wood pulp output grew from 10.2 to 27.3 million tons. This post shows who sells to China, who is building mills inside China, and which dates matter for sellers and lenders.

Published October 27, 2026 · Facts as of October 27, 2026 · 10 min read · Sources listed at the end

Facts as of October 27, 2026. This page states the facts as they stood on that date. Figures, rules and company plans may have changed since publication. We review this guide every six months and update the pages.

32.5 million tonsPulp imports reported by China for 2025, up from 19.8 million tons in 2015 ¹

10.2 to 27.3 million tonsFAO's estimate of China's own wood pulp production, 2015 to 2024 ²

66.0% to 52.7%Share of China's pulp use covered by imports, 2015 and 2024, our calculation from FAO data ²

About 3.4 million tonsWood pulp capacity Nine Dragons Paper says it is building at four sites ³

The 60-second version

What is it?

China is the largest pulp buyer in the world. It is also adding pulp mills of its own. Imports grew from 2015 to 2025. Domestic production grew faster from 2015 to 2024, the latest year in FAO data ^1,2.

Why does it matter?

China accounted for 41% of world market pulp demand in 2025, Suzano reports, citing PPPC ⁷. Sellers, shippers and lenders all depend on how much China buys and when.

How does it work?

Chinese paper makers are adding pulp lines of their own. Nine Dragons Paper and Sun Paper are two named examples ^3,4,5. A PPPC speaker said some announced capacity may be delayed or cancelled, while Suzano expects vertical integration in Asia to keep growing ^6,8.

Myth or fact?

"China is about to stop buying imported pulp."

See the answer

Mostly myth. China's reported imports rose from 19.8 million tons in 2015 to 32.5 million tons in 2025 ¹. Its own production rose faster, so imports covered a smaller share of use: 66.0% in 2015 and 52.7% in 2024 ². A PPPC speaker, as reported by a trade blog, said some announced capacity may be delayed or cancelled ⁶.

In this post

1. How much pulp does China buy, and from whom?
2. Which kind of pulp does China buy most?
3. How fast is China's own pulp production growing?
4. Who is building the new mills?
5. How much more capacity is announced, and will it all start?
6. Where does cash wait in China's pulp trade?
7. What should sellers and lenders watch next?

01How much pulp does China buy, and from whom?

The data show that China reported imports of 32.5 million tons in 2025. In 2015 the figure was 19.8 million tons, so imports grew 64.5% ¹. FAOSTAT gives 30.3 million tons for 2024, which is 41.9% of world imports that year ².

The mix of sellers changed. Brazil supplied 19.9% of China's imports in 2015 and 32.1% in 2025, from 3.9 to 10.4 million tons ¹. Canada fell from 22.8% to 9.9% ¹. Indonesia rose from 2.2 to 5.5 million tons ¹. For the Brazilian side of this trade, see Brazil: can the largest pulp exporter keep growing?. For Indonesia, see Indonesia: Asia's hardwood supplier.

Suzano, a pulp exporter, cites PPPC data that put China at 41% of world market pulp demand in 2025 and 39% in 2024 ⁷. Market pulp is pulp sold outside the company that makes it.

Chart

Where China's imported pulp comes from, 2015 to 2025

• Brazil
• Indonesia
• Chile
• Canada
• United States
• Uruguay
• Rest of world

Million tons. Source: UN Comtrade, as reported by China; partner rows; weights that failed checks are left out. 2025 data may be revised. Origins outside our 10 reporting countries, such as Russia, are in Rest of world.

02Which kind of pulp does China buy most?

Bleached hardwood kraft is the largest grade. China's imports of it rose from 7.9 million tons in 2015 to 16.9 million tons in 2025. In 2025 it was 52.1% of all imports ¹. Bleached softwood kraft rose from 7.3 to 8.6 million tons, up 17.9% ¹.

The customs value per ton was $538 for hardwood and $737 for softwood in 2025, as reported by China ¹. These are yearly averages of all shipments, including freight and insurance. For how list and net prices differ, see One ton of pulp, two prices.

03How fast is China's own pulp production growing?

FAO estimates China's wood pulp production at 10.2 million tons in 2015 and 27.3 million tons in 2024, up 167.6% ². FAO's figure for China's imports rose from 19.8 to 30.3 million tons in the same years ². All FAO figures for China's production are estimates.

The data show that imports covered 66.0% of China's pulp use in 2015 and 52.7% in 2024 ². The imported tons grew, and the domestic tons grew faster.

Other sources give similar numbers. A China Paper Association report, cited by Tissue World, puts domestic wood pulp output at 26.26 million tons in 2024 ⁹. A trade blog reporting a PPPC speaker says domestic output reached about 27 million tons in 2025, and that the domestic share of wood pulp use rose from 35% in 2015 to about 50% in 2025 ⁶. We label both as reported.

Chart

China (mainland): own production against imports, 2000 to 2024

• Own production (FAO estimate)
• Imports

Million tons. Source: FAOSTAT Forestry, item 1875 Wood pulp (downloaded October 2026). All FAO figures for China's production are FAO estimates.

04Who is building the new mills?

Fastmarkets wrote in November 2025 that China's integrated pulp capacity "has doubled in just four years" ¹⁰. Two Chinese paper makers show how this works.

Nine Dragons Paper reports more than 5 million tons a year of wood pulp designed capacity. It is building wood pulp projects at Beihai, Jingzhou, Chongqing and Tianjin, with about 3.4 million tons a year of designed capacity ³. The company gives its own reason: integrated production "efficiently hedged against price volatility risks associated with external purchase of wood pulp" ³. Its results release gives no start dates and no tons per site.

Sun Paper started the first kraft line at its Nanning mill at the end of 2023 ⁵. ANDRITZ announced on August 26, 2026 that Sun Paper ordered a third line, with start-up scheduled for mid-2027 ⁴.

Compare

Chinese pulp builders named in company and supplier sources

Stages follow the evidence in each source ^3,4,5. Dates as of October 27, 2026.

Builder	Site and project	Size stated	Stage
Nine Dragons Paper	Existing wood pulp base 3	Over 5 million tons a year, designed	IN PRODUCTION
Nine Dragons Paper	Beihai, Jingzhou, Chongqing, Tianjin 3	About 3.4 million tons a year, designed, all four sites together	BEING BUILT, no start dates given
Sun Paper	Nanning, first kraft line 5	No size given in the source	IN PRODUCTION since end of 2023
Sun Paper	Nanning, third line 4	1,500 air-dry tons a day softwood or 2,200 hardwood	BEING BUILT, start-up mid-2027

Sun Paper started its first kraft pulp line at Nanning at the end of 2023, TAPPI reports.

05How much more capacity is announced, and will it all start?

Suzano lists confirmed bleached hardwood projects for 2025 to 2029. Five of them are in China and add up to 4.6 million tons ⁸. Suzano is a seller to China, so it has a commercial interest in how this is framed. Its list does not name the builders. Some sites overlap with Nine Dragons' sites, so we do not add the two lists together.

A trade blog reports a PPPC speaker saying that confirmed projects through 2028 would mean a 24% increase in China's pulp capacity. The same speaker said "some announced capacity may be delayed or cancelled given current market conditions" ⁶. Suzano also says vertical integration in Asia is expected to keep growing, despite uncertainty on operating rates and costs ⁸.

No source we found gives the share of these projects that will start on time. The data show only that imports kept rising in 2025 while mills were being built ¹.

Chart

Confirmed bleached hardwood projects in China, 2025 to 2029

Million tons a year. Source: Suzano Day 2025 presentation, December 2025 ⁸. The five sites add up to 4.6 million tons by our arithmetic. Suzano calls these projects confirmed.

06Where does cash wait in China's pulp trade?

Suzano reports that port inventories in China were about 2.7 million tons at the end of June 2026, still mostly softwood ¹¹. Pulp that sits in a port is working capital for someone. Inventory finance is one way lenders fund it.

Payment methods in the China trade have changed over time, and we only have dated examples. In 2004, Carter Holt Harvey said its Chinese sales almost stopped when state banks stopped issuing letters of credit ¹². In 2008, Pulp and Paper Canada reported that a pulp backlog at Vancouver was linked to the slow pace at which Chinese buyers opened letters of credit ¹³. In 2023, Fastmarkets reported that most buyers of Russian pulp were traders paying by telegraphic transfer ¹⁴. Current terms vary by buyer. See letters of credit and cash in the chain for how terms and stock timing work.

07What should sellers and lenders watch next?

Three things decide how much China buys from abroad: how many mills start, how fast they reach full output, and what they cost to run. Suzano notes that wood chip prices could pressure Chinese cash costs ⁸.

The watch list below holds the dated items we found. For futures that traders use to manage price swings in China, see Shanghai pulp futures. For tariffs and rules that affect China trade, see pulp watch.

• Through 2029Suzano's list of confirmed Asian bleached hardwood projects runs to 2029 ⁸.
• Through 2028PPPC says confirmed projects through 2028 add 24% to China's pulp capacity, and some may be delayed or cancelled ⁶.
• Mid-2027Sun Paper's third Nanning pulp line is scheduled to start up ⁴.
• Mar 2027Fastmarkets starts to reset its European gross price indices 40% lower and its North American effective list indices 45% lower ¹⁵. These are list indices, not net prices. See the price post.
• Jun 30, 2026China port inventories closed the quarter at about 2.7 million tons, Suzano reports ¹¹.
• Sep 24, 2025Nine Dragons reports about 3.4 million tons of wood pulp capacity being built and gives no start dates ³.

What this means for traders

• China's imports rose 64.5% from 2015 to 2025, so China remains the largest single market for sellers ^1,2.
• Own production grew faster than imports. Imports covered 52.7% of use in 2024, down from 66.0% in 2015 ².
• Treat announced Chinese capacity as a range, not a date. Check each buyer's own projects and its payment terms before you extend credit.

Questions traders ask

How much pulp does China import?

China reported 32.5 million tons of pulp imports in 2025, up from 19.8 million tons in 2015. FAO gives 30.3 million tons for 2024, or 41.9% of world imports.

Who sells the most pulp to China?

Brazil. It supplied 32.1% of China's reported imports in 2025, up from 19.9% in 2015. Indonesia, Chile and Canada follow. Canada's share fell from 22.8% to 9.9%.

How much pulp does China make itself?

FAO estimates China's wood pulp production at 27.3 million tons in 2024, up from 10.2 million tons in 2015. These are FAO estimates. Imports covered 52.7% of China's pulp use in 2024, down from 66.0% in 2015.

Which Chinese companies are building pulp mills?

Nine Dragons Paper reports about 3.4 million tons a year of designed wood pulp capacity being built at Beihai, Jingzhou, Chongqing and Tianjin. Sun Paper ordered a third pulp line at Nanning, scheduled to start in mid-2027.

Will all the announced Chinese pulp capacity start on time?

No source we found says so. A PPPC speaker said some announced capacity may be delayed or cancelled given current market conditions. Treat each project date as a plan until the mill reports production.

Read next

• Makers and buyersBrazil: can the largest pulp exporter keep growing?
• Makers and buyersIndonesia: Asia's hardwood supplier
• Money and rulesOne ton of pulp, two prices: $1,710 or $722?
• Money and rulesShanghai pulp futures: what they are and who uses them
• Money and rulesCash in the chain: terms, letters of credit and stock at ports
• Inside the millWhy new pulp mills are so big
• Ossiano Trade Finance GuideHow each trade finance instrument works
• GlossaryTrade finance terms in plain English

Selling pulp to Chinese buyers or financing the stock on the way? Ossiano Capital works on trade finance for pulp and paper trades.

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Sources and notes

1. UN Comtrade, imports reported by China, HS 470100, 470200, 470311, 470319, 470321, 470329 and 470500, 2015 to 2025, partner rows with usable weights; 2025 is provisional; downloaded October 2026 and checked by us. https://comtradeplus.un.org/
2. FAOSTAT Forestry, item 1875 Wood pulp, China mainland and World, production and imports, 1961 to 2024; downloaded October 2026. FAO figures for China's production are FAO estimates. Shares are our calculation. https://www.fao.org/faostat/en/#data/FO
3. Nine Dragons Paper (Holdings) Limited (HKEX: 2689), FY2025 results press release, September 24, 2025. https://doc.irasia.com/listco/hk/ndpaper/annual/2025/respress.pdf
4. ANDRITZ, Nanning Sun Paper awards ANDRITZ orders for third pulp line and PM21, August 26, 2026. https://www.andritz.com/newsroom-en/pulp-paper/2026-08-26-nanning-sun-paper-group
5. TAPPI OnDemand, Sun Paper starts up key process equipment supplied by ANDRITZ at Nanning pulp mill, December 11, 2025. https://ondemand.tappi.org/sun-paper-starts-up-key-process-equipment-supplied-by-andritz-at-nanning-pulp-mill/
6. Treefrog Creative, International Pulp Week 2026: China and Asia in Focus, May 12, 2026, reporting Li Meng of the PPPC Beijing office (a trade blog report of a presentation). https://treefrogcreative.ca/international-pulp-week-2026-china-and-asia-in-focus/
7. Suzano S.A., Form 20-F for fiscal year 2025, citing PPPC market statistics (China at 41% of global market pulp demand in 2025; 39% in 2024 per the FY2024 20-F). https://www.sec.gov/Archives/edgar/data/909327/000090932726000045/suz-20251231.htm
8. Suzano S.A., Suzano Day 2025 presentation, December 2025 (confirmed bleached hardwood projects 2025 to 2029; vertical integration in Asia; chip cost comment). https://s201.q4cdn.com/761980458/files/doc_news/2025/12/SuzanoDay/Suzano-Day-2025-Consolidado-V10_PDF-2.pdf
9. Tissue World Magazine, report of the China National Household Paper Industry Association, March 1, 2026 (domestic wood pulp production of 26.26 million tons in 2024, citing the 2024 Annual Report of China's Paper-making Industry). https://www.tissueworldmagazine.com/?p=29284
10. Fastmarkets, Capacity curtailments needed to improve global pulp market conditions in 2026, November 12, 2025. https://www.fastmarkets.com/insights/pulp-capacity-curtailments-global-pulp-market-2026
11. Suzano S.A., Earnings Release 2Q26, August 12, 2026 (China port inventories). https://www.sec.gov/Archives/edgar/data/0000909327/000090932726000064/earningsrelease_2t26xen.htm
12. ICC Documentary Credits World, China uses L/C intervention to cool economy, July 28, 2004. https://library.iccwbo.org/content/tfb/news/dcwn_28July200414538.htm
13. Pulp and Paper Canada, Credit concerns create pulp backlogs, October 16, 2008. https://www.pulpandpapercanada.com/credit-concerns-create-pulp-backlogs-1000085611/
14. Fastmarkets, Renminbi appreciation and volatile futures spice up softwood pulp market in China, January 18, 2023. https://fastmarkets.com/insights/renminbi-appreciation-and-volatile-futures-impact-softwood-pulp-market-in-china
15. Fastmarkets, Final decision on consultation to reset European, North American pulp benchmark prices, July 21, 2026. https://www.fastmarkets.com/insights/final-decision-on-consultation-to-reset-european-north-american-pulp-benchmark-prices/

Trade figures come from UN Comtrade (2015 to 2025, as reported by 10 countries) and FAOSTAT (1961 to 2024), checked and recalculated by us; each chart names whose data it uses. All tons are metric tons. All facts on this page are as of October 27, 2026, the date of publication, and may have changed since. For rules and tariffs, check the pulp watch before you act.

About this post. Prepared for Ossiano Capital. People planned, researched, wrote and checked this post, using AI tools to help with research and checking. You are welcome to quote or reuse it: please credit Ossiano Capital and link to this page.