The World's Largest Pulp Producer: Considering Exporting Products to China in RMB

May 19, 2023

Suzano SA, the world's largest producer of hardwood pulp, is considering selling its products to China in RMB, further indicating that the US dollar is gradually losing its dominant position in the commodity market.

Walter Schalka, chief executive of Suzano SA, said in a previous interview that RMB was becoming increasingly important and some customers in China were also willing to trade in RMB.

Currently, the US dollar still dominates global trade settlement, the speed of switching to RMB in various commodity contracts from oil to nickel is accelerating.

Schalka said he believes that the US dollar will become less important in the future, but he also pointed out that the renminbi still needs further transformation. He believes that the tense geopolitical relationship between China and the United States is the main concern of the company, as it may suppress demand and prices of pulp for a long time.

According to public information, Suzano SA is the world's largest producer of hardwood pulp, headquartered in Brazil, with a share of approximately 15% in the global hardwood pulp market in 2020. China is the largest commodity buyer and also accounts for 43% of Suzano's pulp sales.


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