Grey Back Duplex Board Price Trend and Forecast

Grey Back Duplex Board Price Trend Q1 2025

Global:

According to the Price-Watch, In Q1 2025, the Grey Back Duplex Board prices has been continuing to display mild downward pressure, with prices declining by 1.5% compared with Q4 2024.

The prices have been adjusting to the typical post-holiday slowdown as packaging converters have been reducing purchasing activity while utilizing existing inventories accumulated during the previous quarter.

Demand from major downstream segments including FMCG cartons, pharmaceutical secondary packaging, and processed food boxes has been remaining steady but moderate during the early months of the year.

Feedstock markets, particularly recovered paper, have been maintaining relatively stable price levels, offering minimal cost-side influence on the paperboard sector. Production levels at several mills have been continuing at balanced rates as manufacturers have been prioritizing inventory management amid the slower demand environment.

Export trading activity has been remaining competitive, with Asian suppliers continuing to offer attractive prices to maintain market share. Seasonal consumption trends have been reflecting the typical first-quarter lull following peak retail activity. Overall, the market has been maintaining a relatively stable, yet slightly bearish tone compared with the previous quarter.

India:

According to PriceWatch, In Q1 2025 Grey Back Duplex Board 285-400 GSM LWC Bulk (1.24-1.27), prices has been witnessing a notable recovery marking a 3.5% increase compared with Q4 2024.

Throughout the quarter, export trading activity has been improving as overseas packaging converters have been gradually returning to the market following the year-end inventory drawdown.

Demand from key importing regions including Africa, the Middle East, and Southeast Asia has been strengthening for applications such as FMCG cartons, pharmaceutical packaging, and packaged food boxes.

The upward movement in export prices has been influenced by firmer recovered paper feedstock costs, moderate production adjustments among Indian mills, and improved restocking activity from international buyers.

Seasonal demand patterns during the early part of the year have been supporting gradual procurement recovery as brand owners in importing markets have been preparing for new production cycles. Indian suppliers have been continuing to maintain disciplined operating rates while securing export orders to maintain shipment volumes.

Consequently, overall market sentiment has been improving during the quarter, reflecting stronger demand momentum and healthier trading activity compared with the previous quarter. Over the course of the quarter, on monthly basis prices have been remaining stable in March 2025 with no changes compared with February 2025.

Grey Back Duplex Board Price Trend Q2 2025

Global:

According to the Price-Watch, In Q2 2025, the Grey Back Duplex Board prices has been showing early signs of recovery, with prices increasing by 1% compared with Q1 2025. The prices has been gradually strengthening as packaging converters have been resuming procurement activities following the slower start of the year.

Demand from key downstream industries such as consumer goods packaging, packaged food cartons, and e-commerce retail boxes has been improving moderately as brand owners have been preparing for mid-year promotional campaigns and restocking cycles.

Feedstock markets have been showing slightly firmer trends, with recovered paper costs providing mild cost support for manufacturers. Operating rates across several mills have been remaining balanced as producers have been aiming to maintain supply discipline while meeting gradually improving demand.

Export activity has been showing moderate improvement, particularly in Asian markets where regional trade flows have been supporting steady shipments. Seasonal demand patterns have been contributing to improved packaging consumption during this transitional quarter. Overall, the market has been displaying a cautiously optimistic sentiment, reflecting gradual stabilization compared with the previous quarter.

India:

According to the Price-Watch, In Q2 2025 Grey Back Duplex Board 285-400 GSM LWC Bulk (1.24-1.27), prices has been continuing to strengthen, with prices averaging INR 37,500/MT FOB Mundra, representing a 4% increase compared with Q1 2025.

Throughout the quarter, the prices has been witnessing improved export momentum as downstream packaging converters across several importing regions have been increasing procurement volumes.

Demand has been particularly strong from sectors including consumer goods cartons, packaged food boxes, e-commerce retail packaging, and pharmaceutical secondary packaging.

The continued rise in prices has been influenced by firmer recovered paper costs, improved mill utilization rates, and stronger buying interest from buyers across Africa, the Middle East, and South Asia. Indian exporters have been benefiting from competitive freight advantages and consistent supply availability, allowing them to capture larger export volumes.

Seasonal demand during the mid-year period has been supporting packaging requirements for retail and consumer goods supply chains in various international markets. In addition, converters have been gradually rebuilding inventories after earlier cautious procurement.

As a result, the export market has been maintaining a positive trading tone, with improving demand and stronger export inquiries driving the price increase compared with the previous quarter. Over the course of the quarter, on monthly basis prices have been remaining stable in June 2025 compared with May 2025.

Grey Back Duplex Board Price Trend Q3 2025

In Q3 2025, the Grey Back Duplex Board prices has been demonstrating a modest strengthening trend, recording a 2% increase from the previous quarter. The sector has been experiencing improving demand momentum as packaging converters have been increasing procurement ahead of the upcoming festive and year-end retail season.

Downstream industries such as snack packaging, confectionery cartons, toy boxes, and cosmetics packaging have been expanding production volumes, supporting consumption of duplex board. Feedstock recovered paper prices have been remaining moderately firm, providing some cost support to paperboard producers.

Operating rates across several manufacturing facilities have been continuing at controlled levels as producers have been aiming to maintain balanced inventory conditions while accommodating the rising demand environment.

Export sentiment has been gradually strengthening, particularly across Asian and Middle Eastern markets, where buyers have been increasing inquiries for upcoming retail packaging requirements.

Seasonal demand patterns have been contributing significantly to market improvement as procurement activity has been intensifying in preparation for festivals and holiday sales. Overall, the market has been reflecting a positive, yet controlled growth trend compared with the previous quarter.

India: Grey Back Duplex Board export Prices FOB Mundra, India; Grade- Grey Back Duplex Board 285-400 GSM LWC Bulk (1.24-1.27)

In Q3 2025 Grey Back Duplex Board export prices have been witnessing a moderate strengthening trend, reflecting a 1% increase compared with Q2 2025. Throughout the quarter, export trading conditions have been remaining relatively stable as overseas buyers have been gradually increasing procurement in preparation for the upcoming festive and year-end retail season.

Demand has been emerging from downstream sectors such as snack and confectionery cartons, toy packaging boxes, cosmetics cartons, and retail display packaging, which have been expanding production activity.

The mild upward movement in prices has been influenced by steady recovered paper feedstock costs, controlled operating rates among Indian duplex board mills, and gradual inventory adjustments among international converters.

Export inquiries have been remaining consistent as buyers have been securing packaging materials ahead of peak seasonal consumption. Although purchasing volumes have been improving, procurement strategies have still been remaining somewhat cautious to manage cost fluctuations.

Consequently, the overall export market sentiment has been showing steady improvement, supported by seasonal demand growth and balanced supply conditions compared with the previous quarter. On month on month basis, the prices have been increasing by 3% in September 2025 compared with August 2025.

China: Grey Back Duplex Board export Prices FOB Qingdao, China; Grade- Grey Back Duplex Board 285-400 GSM HWC

In Q3 2025, the Grey Back Duplex Board Prices in China has been witnessing a moderate strengthening trend, with prices increasing by 2% compared with Q2 2025. Throughout the quarter, export trading activity has been gradually improving as overseas buyers from Southeast Asia, the Middle East have been increasing procurement ahead of the upcoming festive and year-end retail production cycle.

Chinese suppliers have been maintaining consistent shipment volumes from major ports such as Qingdao while adjusting export offers slightly upward due to improving demand conditions. Downstream industries including FMCG cartons, packaged food boxes, electronics packaging, cosmetics cartons, and retail display packaging have been supporting the rise in export inquiries as converters have been preparing for seasonal packaging demand.

Feedstock conditions, particularly recovered paper and pulp, have been remaining relatively stable in the domestic Chinese market, providing moderate cost support for duplex board manufacturers. At the same time, operating rates among several Chinese paper mills have been remaining balanced to manage inventories while sustaining export supply.

On a month-on-month basis, August has remained unchanged while September has increased by 3% compared with August 2025 as export orders have improved gradually. Overall, the market has been reflecting a cautiously firm tone supported by improving export demand and steady production levels.

Indonesia: Grey Back Duplex Board Imported Price CIF Jakarta, Indonesia from China; Grade- Grey Back Duplex Board 285-400 GSM

In Q3 2025, the Grey Back Duplex Board Prices in Indonesia has been witnessing a slight softening trend, with prices declining by 0.5% compared with Q2 2025. Throughout the quarter, trading conditions have been reflecting subdued momentum as packaging converters have been maintaining cautious procurement strategies due to sufficient inventories and moderate downstream demand.

Imports from major supplying countries such as China, India have been arriving steadily, ensuring adequate availability in the domestic market. Downstream sectors including FMCG cartons, packaged food boxes, cigarette packaging, personal care cartons, and retail display packaging have been continuing steady production activity, although order volumes have been growing slowly.

Feedstock conditions in exporting countries, particularly recovered paper and pulp, have been remaining relatively stable, which has been limiting significant price volatility in import offers. Seasonal demand expectations ahead of the year-end retail cycle have been emerging gradually, yet converters have been avoiding aggressive restocking.

On a month-on-month basis, September 2025, prices have been increasing by 3% compared with August 2025. Overall, the market has been reflecting a slightly soft tone supported by adequate supply availability and cautious buying activity.

Malaysia: Grey Back Duplex Board Imported Price CIF Kelang, Malaysia from China; Grade- Grey Back Duplex Board 285-400 GSM

In Q3 2025, the Grey Back Duplex Board prices in Malaysia has been witnessing a moderate strengthening trend, with prices increasing by 2% compared with Q2 2025, when the market had remained largely stable.

Throughout the quarter, trading activity has been gradually improving as packaging converters have been increasing procurement ahead of the upcoming festive and year-end retail season across Southeast Asia. Import shipments from key exporting countries such as India and Indonesia have been arriving consistently, while suppliers have been slightly adjusting offers upward due to improved buying interest.

Downstream sectors including FMCG packaging, packaged food cartons, electronics packaging, cosmetics cartons, and retail display packaging have been maintaining steady production activity, which has been supporting the consumption of duplex board.

Feedstock conditions in exporting markets, particularly recovered paper and pulp, have been remaining relatively stable, providing moderate cost support to manufacturers. Seasonal demand associated with pre-holiday retail production has been encouraging converters to gradually replenish inventories.

On a month-on-month basis, September has risen by 3% compared with August 2025. Overall, the market has been reflecting a cautiously firm tone supported by improving downstream demand and steady import supply.

United Kingdom: Grey Back Duplex Board Imported Price CIF Southampton, United Kingdom from India; Grade- Grey Back Duplex Board 285-400 GSM

In Q3 2025, the Grey Back Duplex Board import market in the United Kingdom has been showing a gradual upward movement, with prices increasing by 2% compared with Q2 2025, which had previously experienced a substantial surge in import costs.

Market activity throughout the quarter has been supported by consistent demand from the UK’s packaging industry, particularly across sectors such as packaged foods, FMCG cartons, pharmaceutical packaging, and retail-ready display boxes.

Converters and packaging manufacturers have been continuing to procure material at a steady pace to maintain production schedules during the summer retail cycle. Imports from major suppliers including India, China, and Southeast Asia have been moving regularly into UK ports, while logistics and freight conditions have been remaining relatively stable compared with the previous quarter.

Feedstock markets in exporting regions, especially recovered paper and pulp, have been maintaining balanced pricing trends, which has been offering moderate cost support to finished board prices.

Seasonal activity tied to food packaging, supermarket promotions, and consumer goods distribution has been sustaining consumption levels. On month on month basis, September 2025, prices have been increasing by 11% compared with August 2025. Overall, the market has been demonstrating a moderately firm outlook driven by stable downstream demand and consistent import supply.

USA: Grey Back Duplex Board Imported Price CIF Houston, USA from India; Grade- Grey Back Duplex Board 285-400 GSM LWC Bulk (1.24-1.27)

In Q3 2025, the Grey Back Duplex Board prices in the United States has been gradually strengthening, with prices increasing by 1% compared with Q2 2025. Throughout the quarter, importers and packaging converters have been steadily replenishing stocks to meet ongoing demand from downstream industries such as FMCG cartons, packaged food boxes, and e-commerce shipping cartons.

Imports from major suppliers including India, China, and Southeast Asia have been arriving reliably at Houston, while logistics networks have been continuing to operate smoothly. Feedstock markets in exporting countries, particularly recovered paper and pulp, have been remaining stable, providing moderate support to finished board prices.

Seasonal demand from summer retail and early holiday preparation has been encouraging converters to maintain consistent procurement levels. On a month-on-month basis, September 2025 has been decreasing by 4% compared with August 2025. Overall, the market has been reflecting a moderately firm trend, supported by steady imports, balanced inventories, and stable downstream demand.

United Arab Emirates: Grey Back Duplex Board Imported Price CIF Jabel Ali, United Arab Emirates from India; Grade- Grey Back Duplex Board 285-400 GSM LWC Bulk (1.24-1.27)

In Q3 2025, the Grey Back Duplex Board prices in the United Arab Emirates has been remaining largely stable, with prices declining slightly by 0.1% compared with Q2 2025. Throughout the quarter, importers and packaging converters have been continuing to manage procurement carefully, focusing on maintaining adequate inventories for downstream production without overstocking.

Demand from sectors such as FMCG cartons, food and beverage packaging, cosmetics cartons, and retail display boxes has been continuing at a steady pace, while seasonal demand has been gradually strengthening as businesses have been preparing for upcoming regional festivals and retail promotions.

Shipments from major suppliers, particularly from India, China, and Southeast Asia, have been arriving consistently at Jebel Ali, while feedstock costs in exporting countries, especially recovered paper and pulp, have been remaining stable, providing limited upward pressure on import prices.

On a month-on-month basis, September 2025 has been increasing by 5% compared with August 2025. Overall, the market has been reflecting a stable trend supported by balanced supply, steady downstream demand, and controlled procurement strategies.

Bangladesh: Grey Back Duplex Board Imported Price CIF Chittagong, Bangladesh from China; Grade- Grey Back Duplex Board 285-400 GSM

In Q3 2025, the Grey Back Duplex Board prices in Bangladesh has been showing a strong recovery, with prices rising by 5% compared with Q2 2025. Importers and converters have been increasing purchases as downstream industries, particularly FMCG packaging, pharmaceutical cartons, and food boxes, have been ramping up production after a relatively slow previous quarter.

Shipments from India, China, and Southeast Asia have been continuing to arrive steadily at Chittagong, helping maintain supply stability despite higher demand. Feedstock markets in exporting regions, including recovered paper and pulp, have been remaining steady, supporting manageable cost structures for suppliers. Seasonal demand related to pre-festive and retail stock preparation has been encouraging converters to secure material ahead of anticipated consumption peaks. On a month-on-month basis, September 2025 has been increasing by 6% compared with August 2025. Overall, the market has been reflecting a firm recovery trend driven by renewed downstream activity and consistent import arrivals.

Vietnam: Grey Back Duplex Board Imported Price CIF Haiphong, Vietnam from China; Grade- Grey Back Duplex Board 285-400 GSM

In Q3 2025, the Grey Back Duplex Board prices in Bangladesh has been showing a strong recovery, with prices rising by 5% compared with Q2 2025. Importers and converters have been increasing purchases as downstream industries, particularly FMCG packaging, pharmaceutical cartons, and food boxes, have been ramping up production after a relatively slow previous quarter.

Shipments from India, China, and Southeast Asia have been continuing to arrive steadily at Chittagong, helping maintain supply stability despite higher demand. Feedstock markets in exporting regions, including recovered paper and pulp, have been remaining steady, supporting manageable cost structures for suppliers.

Seasonal demand related to pre-festive and retail stock preparation has been encouraging converters to secure material ahead of anticipated consumption peaks. On a month-on-month basis, September 2025 has been remain stable compared with August 2025. Overall, the market has been reflecting a firm recovery trend driven by renewed downstream activity and consistent import arrivals.

Grey Back Duplex Board Price Trend Q4 2025

In Q4 2025, the Grey Back Duplex Board market has been maintaining price stability, with the quarterly average remaining unchanged compared with Q3 2025. The sector has been experiencing steady demand as packaging converters have been actively supplying materials for the peak holiday retail season.

End-use sectors including food and confectionery packaging, gift boxes, cosmetics cartons, and electronics packaging have been maintaining consistent production activity to support year-end consumer demand. Feedstock markets, particularly recovered paper, have been remaining relatively stable, providing minimal cost fluctuations for producers.

Operating rates across many paper mills have been continuing at balanced levels as manufacturers have been aligning supply with the steady demand environment. Export trading activity has been remaining moderate, with suppliers focusing on fulfilling contractual shipments and maintaining competitive positioning in global markets.

Seasonal consumption patterns associated with holiday retail promotions and festive demand have been supporting steady packaging requirements throughout the quarter. Overall, the market has been sustaining a stable tone, with balanced supply-demand dynamics resulting in unchanged pricing compared with the previous quarter.

India: Grey Back Duplex Board export Prices FOB Mundra, India; Grade- Grey Back Duplex Board 285-400 GSM LWC Bulk (1.24-1.27)

In Q4 2025, Grey Back Duplex Board export prices has been continuing to experience a gradual strengthening trend, marking a 1.5% increase compared with Q3 2025. Throughout the quarter, export trading activity has been benefiting from strong seasonal demand linked to global holiday retail consumption.

Downstream sectors including gift packaging cartons, confectionery boxes, cosmetics packaging, electronics cartons, and food packaging have been maintaining high production levels to support year-end consumer demand across several international markets.

The continued rise in prices has been supported by stable to slightly firm recovered paper feedstock costs, steady mill operating rates, and consistent export inquiries from major importing regions. Indian exporters have been maintaining competitive supply availability while securing long-term orders from packaging converters.

Seasonal procurement cycles associated with festive retail promotions have been sustaining steady export shipments throughout the quarter. Overall, the market has been reflecting a balanced yet positive trading environment, with improving demand and steady supply conditions contributing to the price increase compared with the previous quarter. On a monthly basis, prices has been decreasing by 1% in December 2025 compared to November 2025.

China: Grey Back Duplex Board export Prices FOB Qingdao, China; Grade- Grey Back Duplex Board 285-400 GSM HWC

In Q4 2025, the Grey Back Duplex Board prices in China has been maintaining a stable trend, with prices remaining unchanged compared with Q3 2025. Throughout the quarter, export trading conditions have been reflecting balanced supply and demand as shipments from Chinese producers have been moving steadily through FOB Qingdao while overseas buyers have been maintaining measured procurement strategies.

Demand from downstream sectors such as FMCG cartons, food and confectionery packaging, electronics cartons, cosmetics packaging, and gift packaging has been remaining stable due to the seasonal rise in global retail and consumer goods demand during the year-end holiday period.

However, the absence of a significant price increase has been influenced by sufficient supply availability and competitive export offers from regional suppliers in Asia. Operating rates across several paper mills have been continuing at balanced levels to avoid excess inventory accumulation while maintaining steady export shipments.

On a month-on-month basis, December has declined by nearly 2% compared with November 2025 as procurement activity has slowed toward the end of the year. Overall, the market has been reflecting a stable export environment supported by balanced demand and adequate supply conditions.

Indonesia: Grey Back Duplex Board Imported Price CIF Jakarta, Indonesia from China; Grade- Grey Back Duplex Board 285-400 GSM

In Q4 2025, the Grey Back Duplex Board prices in Indonesia has been maintaining a largely stable trend, with prices increasing marginally by 0.1% compared with Q3 2025. Throughout the quarter, the market has been experiencing balanced trading conditions as import shipments from China and India have been continuing to arrive consistently, ensuring stable supply availability across the domestic packaging industry.

Downstream demand from sectors such as FMCG cartons, food and confectionery packaging, electronics packaging, cigarette cartons, and cosmetics packaging has been remaining steady as manufacturers have been producing goods to meet seasonal retail consumption during the year-end holiday period.

Packaging converters have been continuing to follow measured procurement strategies, purchasing mainly to fulfill immediate production requirements rather than building significant inventories. On a month-on-month basis, In December 2025, prices have been declining by 1% compared with November 2025. Overall, the market has been reflecting a stable to neutral sentiment supported by consistent import supply and steady downstream packaging demand.

Malaysia: Grey Back Duplex Board Imported Price CIF Kelang, Malaysia from China; Grade- Grey Back Duplex Board 285-400 GSM

In Q4 2025, the Grey Back Duplex Board prices in Malaysia has been maintaining a largely stable trend, with prices increasing slightly by 0.2% compared with Q3 2025. Throughout the quarter, market conditions have been reflecting balanced supply and demand dynamics as import shipments from major suppliers, particularly India and China, have been arriving consistently and ensuring sufficient availability in the domestic market.

Downstream demand from industries such as FMCG cartons, food and confectionery packaging, cosmetics cartons, electronics packaging, and gift packaging has been remaining stable due to the seasonal increase in retail and consumer goods consumption during the year-end holiday period.

Packaging converters have been continuing to follow cautious procurement strategies, focusing primarily on meeting immediate production requirements rather than building large inventories. Feedstock markets in exporting countries, particularly recovered paper and pulp, have been remaining stable, resulting in minimal production cost pressure on suppliers.

On a month-on-month basis, December has declined by around 2% compared with November as procurement activity has slowed toward the end of the holiday season. Overall, the market has been reflecting a stable to slightly firm environment supported by consistent supply flows and steady downstream packaging demand.

United Kingdom: Grey Back Duplex Board Imported Price CIF Southampton, United Kingdom from India; Grade- Grey Back Duplex Board 285-400 GSM

In Q4 2025, the Grey Back Duplex Board prices in the United Kingdom has been experiencing a pronounced price escalation, with prices rising by 11.1% compared with Q3 2025. This upward movement has been largely driven by heightened procurement from packaging converters and brand owners preparing for peak seasonal consumption during the year-end retail period.

Demand from industries such as food and confectionery packaging, cosmetics cartons, electronics packaging, and gift boxes has been intensifying as retailers have been ramping up product distribution across supermarkets and e-commerce channels.

Import flows from Asia have been continuing however, stronger export offers, tightening global supply availability, and increased logistics expenses have been contributing to higher landed prices in the UK market. Feedstock dynamics in exporting countries, particularly related to recovered paper and pulp markets, have been remaining firm, which has been pushing production costs slightly higher.

Seasonal demand associated with holiday retail promotions and packaging requirements has been playing a key role in supporting this price surge. On monthly basis, December 2025 prices have been declining by 5% compared with November 2025. Overall, the market has been reflecting strong bullish momentum influenced by peak seasonal demand and elevated import costs.

USA: Grey Back Duplex Board Imported Price CIF Houston, USA from India; Grade- Grey Back Duplex Board 285-400 GSM LWC Bulk (1.24-1.27)

In Q4 2025, the Grey Back Duplex Board prices in the United States has been experiencing a notable decline, with prices decreasing by 5.5 percent compared with Q3 2025. Throughout the quarter, importers and converters have been moderating purchases as inventories built up in previous months have been sufficient to cover production needs.

Downstream sectors such as food packaging, pharmaceutical cartons, and e-commerce shipping boxes have been continuing production, but procurement activity has been slowing as seasonal consumption has been moderating after the peak holiday period. Import shipments from Asia have been arriving consistently, while competitive offers and stable feedstock costs, especially recovered paper, have been applying downward pressure on prices.

On a month-on-month basis, December 2025 has been declining by 3% compared with November 2025. Overall, the market has been reflecting a softer and more cautious sentiment, driven by adequate supply, controlled inventories, and moderated downstream demand.

United Arab Emirates: Grey Back Duplex Board Imported Price CIF Jabel Ali, United Arab Emirates from India; Grade- Grey Back Duplex Board 285-400 GSM LWC Bulk (1.24-1.27)

In Q4 2025, the Grey Back Duplex Board prices in the United Arab Emirates has been strengthening, with prices increasing by 3.5% compared with Q3 2025. Throughout the quarter, importers and converters have been gradually expanding purchases to meet rising seasonal demand linked to the year-end retail period and festive packaging requirements.

Downstream sectors including FMCG cartons, food packaging, gift and confectionery boxes, and cosmetics cartons have been maintaining active production schedules, which has been supporting import activity.

Import shipments from India, China, and Southeast Asia have been continuing to arrive reliably at Jebel Ali, while feedstock costs such as recovered paper and pulp have been remaining stable, contributing to steady supply conditions.

Seasonal demand for holiday promotions and retail packaging has been encouraging converters to adjust procurement gradually. On a month-on-month basis, December 2025 has been declining by 4% compared with November 2025. Overall, the market has been reflecting a slightly firm trend driven by rising seasonal consumption and consistent import availability.

Bangladesh: Grey Back Duplex Board Imported Price CIF Chittagong, Bangladesh from China; Grade- Grey Back Duplex Board 285-400 GSM

In Q4 2025, the Grey Back Duplex Board prices in Bangladesh has been softening, with prices decreasing by 3.5% compared with Q3 2025. During the quarter, importers and converters have been moderating procurement as downstream demand from FMCG, food packaging, and retail sectors has been easing after the pre-festive surge.

Supply shipments from India, China, and Southeast Asia have been arriving reliably at Chittagong, but buyers have been cautious in purchasing to avoid excess inventory. Feedstock prices in exporting countries, particularly recovered paper and pulp, have been remaining stable, limiting sudden cost fluctuations.

Seasonal activity from retail and consumer goods packaging has been stabilizing, reducing urgency in import orders. On a month-on-month basis, December 2025 has been declining by 3% compared with November 2025. Overall, the market has been reflecting a softening trend influenced by controlled buying behaviour and steady but moderated downstream demand.

Vietnam: Grey Back Duplex Board Imported Price CIF Haiphong, Vietnam from China; Grade- Grey Back Duplex Board 285-400 GSM

In Q4 2025, the Grey Back Duplex Board prices in Vietnam has been experiencing a moderate softening trend, with prices decreasing by 3.5% compared with Q3 2025. During the quarter, importers and converters have been reducing fresh purchases as downstream demand from FMCG, food packaging, cosmetics, and retail display sectors has been slowing after the pre-festive stock buildup.

Shipments from India, China, and Southeast Asia have been arriving steadily at Haiphong, but buyers have been prioritizing short-term inventory coverage rather than large orders. Feedstock costs in exporting countries, particularly recovered paper and pulp, have been remaining stable, limiting major fluctuations in import offers.

Seasonal consumption has been adjusting after early festive preparation, and converters have been focusing on optimizing production without overstocking. On a month-on-month basis, December 2025 has been declining by 2% compared with November 2025. Overall, the market has been reflecting a softer and cautious trend, driven by moderated downstream demand and controlled procurement activity.