Paper & Packaging Sector (Japan): DATA & NEWS (Jun-Jul): July domestic demand down YoY for containerboard, up for printing & information paper

Research evidence excerpt

J P M O R G A N

Asia Pacific Equity Research

20 August 2026

Paper & Packaging Sector (Japan)

DATA & NEWS (Jun-Jul): July domestic demand down

YoY for containerboard, up for printing & information

paper

July domestic demand turned down to fall YoY for containerboard, but turned up

to growth for printing & information paper. We estimate that containerboard was

affected by a pullback from demand growth in June ahead of price hikes. We also

think demand to before prices were raised pushed up domestic printing &

information paper shipments in July. End-July inventories continued to decline

YoY for both containerboard and printing & information paper. The overall supply/

demand gap improved MoM in July, and we see this as somewhat reassuring for

paper and packaging companies.

Containerboard and corrugated products: Domestic containerboard

demand turns down, but inventory continues to fall MoM: According to

preliminary data from the Japan Paper Association announced on August 20,

domestic containerboard shipments fell 2.5% YoY to 768,000 tons in July.

Assuming imports were unchanged from the previous month, we estimate that

domestic demand shrank by 2.5% YoY (+6.6% in June). Exports rose 23.0%

YoY. Production increased YoY (+3.4%), but inventory continued to decline,

down 10.0% YoY (-13.3% in June). Inventory also fell 5.3% MoM (-5.3% in

June, as well). According to Japan Corrugated Case Association data, June

corrugated board production grew 6.0% YoY while consumption was up 6.6%

YoY. Average shipment prices in June were ¥77.3/kg (-2.8% MoM) for

containerboard (corrugating medium) and ¥78.2/m2 (+1.6% MoM) for

corrugated board. The preliminary Corporate Goods Price Index (CGPI) for

July was flat MoM for corrugating medium, up 1.7% corrugated board, and up

1.2% for corrugated boxes.

Printing & information paper: Domestic demand turns up to growth: July

domestic printing & information paper shipments grew 4.3% YoY to 372,000

tons (-3.2% in June). Assuming imports were flat MoM, we estimate that

domestic demand rose 7.2% YoY (+1.0% in June). Exports rose 8.2% YoY.

Production increased, up 2.1% YoY, but inventory continued to fall, down

9.5% YoY (-8.0% in June).…