14 From the General Manager As good as 2022 was for us as wood chip suppliers in South Africa, and the positive messages we conveyed during our zonals this year, I was mindful to add a cautionary note as to what we were starting to see in international pulp markets. Chinese Pulp Price Trends $/tonne In April I reported that the Chinese pulp market was again on the downslide after an incredible high during 2022. At that time, I pointed out a Chinese Hardwood pulp price level of $732 per tonne. Since then, it has collapsed further and for a while was below $500 per tonne. Analysts only expected this to happen over the course of more than a year. The European prices have also not been spared and have crashed in unison with China. There has been a small uptick on price back above $500, but the rapid decline, indicative of the poor Chinese and European economies, lack of paper demand and a surplus of pulp capacity is now seriously taking its toll on Pulp and Paper manufacturers. Danny Knoesen European Pulp Price Trends $/tonne
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