Ms. Wang firstly introduces the macro economic environment. The global economy is in a business cycle. Demand in Europe and the US recovers more than expected. Commodity prices have resumed their rapid upward trend, with crude oil, iron ore, copper and some agricultural commodities hitting recent highs.

 Secondly, Ms. Wang elaborates the fundamentals and points out that liquidity drives pulp price soaring. The inventory to shipment ratio of global commodity pulp suppliers continues to decrease. China's port inventories maintain a downward trend. Stockpiles at European ports continue to fall.

 Thirdly, Ms. Wang analyzes whether the market expectation of near strong far weak is accurate from the standpoint of supply, demand and price.

 Lastly, Ms. Wang forecasts that as the epidemic is not over, the economic uncertainty will exacerbate major price fluctuations. In 2021, the global pulp supply and demand continues to be tight and pulp prices will maintain high. With global liquidity tightening, pulp prices will fluctuate at a high level.