Christian Chavassieu from Celco presented a report on "DWP Market Update," providing an in-depth analysis of the global dissolving pulp market trend from 2025 to 2026. Currently, the supply-demand gap in the global dissolving pulp market continues to narrow, with notable structural differentiation. While production capacity is being steadily released, the overall operating rate remains at a relatively high level. Demand for dissolving pulp for textile applications continues to show resilient growth at a steady pace, while performance in the specialty pulp segment is mixed: demand for ether-grade pulp has declined, whereas demand for acetate-grade pulp has picked up slightly. On the supply side, China remains the world's largest importing market for dissolving pulp, while global demand for ether-grade pulp (outside China) is generally declining. Eucalyptus pulp from Latin America dominates global exports, with Brazil and Indonesia as core suppliers, and new capacity additions in the future are relatively limited. Chinese cotton pulp, driven by cost competitiveness, continues to increase its export share, while US cotton pulp exports have fallen significantly due to capacity closures. On the price front, the average global price of dissolving pulp edged down slightly in 2025, with textile-grade pulp prices under pressure, while some specialty pulp prices moved higher. The price spread between domestic dissolving pulp and downstream viscose staple fiber has widened further, allowing some recovery in downstream profits. Meanwhile, fluctuations in ocean freight, wood chip, and energy costs will also introduce considerable uncertainty into the future price trend of market pulp.