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In January 2025, wastepaper prices in China weakened and declined, following a broader downward trend in the domestic market. After New Year's Day, packaging stations actively shipped materials, leading to an increase in wastepaper supply at paper mills. As inventories at mills grew, demand for wastepaper declined, exerting further pressure on prices. With the approach of the Spring Festival holiday, the market experienced a widespread drop in wastepaper prices, reinforcing the continued downward movement.

Corrugated paper production at mills remained stable throughout January, ensuring a steady market supply. The zero tariff on imported corrugated paper, in place through 2025, continued to support import volumes, adding to available supply. However, as the Spring Festival neared, paper mills gradually halted operations for maintenance, which reduced output and provided some stability to the market amid weaker demand.

Following strong demand in the earlier part of the season, corrugated paper prices remained high, leading to a drop in downstream purchasing interest. The production and sales rates of finished paper slowed, and small and medium-sized mills adopted a more cautious sales approach. As downstream mills built up inventory, purchasing activity declined, keeping corrugated paper prices stable while the market remained in a wait-and-see mode.

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By the end of January, pre-holiday restocking had largely concluded, and both upstream and downstream mills had begun Spring Festival shutdowns. The market reflected a weak supply-demand balance, but leading paper mills had announced plans for price adjustments after the holiday, suggesting that corrugated paper prices might see an upward adjustment post-festival.