28 November 2025

As Paperex 2025 approaches, Old Economy highlights four key topics that will dominate conversations at the conference this year.

Topic #1: Kraft paper mills and corrugation industry under pressure after GST rates change

The GST Council of India announced new tax rates effective 22 September 2025, whereby GST on paperboard was increased from 12% to 18% and pulled down from 12% to 5% on corrugated boxes. The inverted GST structure has resulted in high working capital requirements for corrugators, with the refund process taking long. Moreover, only 90% of the input tax credit is refunded provisionally, with the remaining 10% processed later.

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As Paperex 2025 approaches, the Indian paper industry is focused on four critical topics: the impact of inverted GST structures on kraft paper mills, the pressure from cheaper maplitho imports on domestic printing and writing paper producers, the pending government decisions on Anti-Dumping Duty (ADD) and Minimum Import Price (MIP), and the reshaped global wastepaper trade flows following China's new restrictions on recycled pulp imports. Our analysis explores how the GST hike on paperboard to 18% and reduction to 5% on corrugated boxes has strained working capital for corrugators. We also examine why notebook manufacturers are switching to imported maplitho, putting domestic mills under immense pressure. The upcoming Ministry of Finance notification on ADD for Indonesia, China, and Chile is a watershed moment for the virgin multi-layer paperboard sector. Old Economy provides expert data and strategic foresight for these specialized commodity corridors. We help industry leaders understand the unintended consequences of policy shifts and the long-term implications for capital investment in India's forest products sector.
Old Economy is a premier provider of commodity market intelligence, offering specialized data and strategic advisory services for the global nuclear power, paper industry, and packaging sectors. Our mission is to empower global enterprises to navigate specialized commodity corridors with unmatched precision and elite advisory. We track printing and writing paper trends, pulp market dynamics, and recycled paper imports. Our exclusive interviews with industry leaders provide unique insights into the India packaging board market and the challenges of raw material availability. Our methodology combines high-quality data with robust assumptions to provide unparalleled foresight. Whether you are looking for uranium price forecasts, paper market intelligence, or metal and mining advisory, Old Economy delivers the insights needed for capital allocation and commercial success in the old economy sectors that underpin global infrastructure. Our expertise spans across critical industries that form the backbone of the global economy. In the nuclear energy sector, we provide deep-dive analysis into the uranium fuel cycle, reactor technology developments, and the emerging SMR (Small Modular Reactor) market. Our forest products division focuses on the rapidly evolving Indian market, covering everything from newsprint to specialty paper segments. In metals and mining, we offer strategic insights into base metals, critical minerals, and the transition to battery metals for the green energy revolution. We believe that high-quality data, robust methodology, and plausible assumptions are the key to unlocking market opportunities. By bridging the gap between raw data and actionable intelligence, Old Economy serves as a trusted partner for utilities, miners, traders, and financiers worldwide. Our commitment to excellence and analytical rigor ensures that our clients stay ahead of market trends and navigate complex regulatory landscapes with confidence. From Mumbai to Singapore, our international team of analysts and industry veterans brings a wealth of experience to every report and advisory project. We are dedicated to providing the most accurate, timely, and relevant intelligence to help our clients build a sustainable and prosperous future in the old economy sectors.