Marcio Farid+55(11)3371-4580 |marcio.farid@gs.com Goldman Sachs do Brasil CTVM S.A. Henrique Marques+55(11)3371-0778 |henrique.marques@gs.com Goldman Sachs do Brasil CTVM S.A. Emerson Vieira+55(11)3372-0256 |emerson.vieira@gs.com Goldman Sachs do Brasil CTVM S.A. Imports And Potential Impact on Kraft Pulp 21 September 2026 | 6:39AM BRT China’s paper industry has long run a structural virgin-fiber deficit, as historically China has lacked the forest base/pulping capacity and due to the export nature of its economy (directly and indirectly exporting the paper it produces, also limiting its ability to recycle enough paper domestically). Starting in 2017 and finalized in 2021, with the full implementation of the “National Sword” policy, China banned solid-waste imports (OCC), including unsorted waste paper, on environmental grounds. Domestic paper producers started importing semi-finished, finished and recycled pulp to offset the OCC gap (in addition to increasing virgin fiber content, spe