2 2019 投资咨询业务资格:证监许可【2012】31号 贵金属数据日报 用值 | | | | | 国贸期货研究院 | | | 投资咨询号: Z0013700 | | 2026/2/10 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | | 从业资格号:F3023916 | | | | 内外盘金 | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2602 | AG2602 | AU (T+D) | AG (T+D) | | 银15点价 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格跟踪 | 2026/2/9 | 5027. 67 | 81.98 | 5050. 40 | 81. 57 | 1128. 78 | 20175.00 | 1123.00 | 19750.00 | | (本表数 | | | | | | | | | ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - The sentiment in the commodity market has declined. PX maintains fundamental resilience during its high - level correction. Due to the geopolitical risks in Iran, there are still risks in crude oil prices. The downstream PTA industry remains strong. China's PTA production in January is expected to reach a new high, with no plans for Spring Festival production cuts. There are no new PTA production capacities throughout the year, and existing facilities will operate at full capacity to meet the growing polyester demand, providing a solid demand foundation for PX. The PX supply side remains tight. The TDP plant in South Korea has increased its load, and a PX plant in the Middle East is scheduled to shut down before February, resulting in limited global effective capacity release. The PX - mixed xylene toluene spread remains at around $150. In terms of profit structure, although the PX - naphtha spread has fallen to $335/ton, it is still at a healthy level. Domestic PTA maintains high - level operation, domestic demand has declined, and the production cuts of polyester factories have a limited negative impact on PTA. Bottle chip profits are expanding, while short - fiber profits are declining [2] Group 3: Summary by Indicators Price Indicators - PTA spot price increased from 5085 to 5115, a change of 30 [2] - MEG inner - market price increased from 3630 to 3635, a change of 5 [2] - PTA closing price increased from 5166 to 5192, a change of 26 [2] - MEG closing price decreased from 3743 to 3739, a change of - 4 [2] - 1.4D direct - spinning polyester staple fiber price increased from 6535 to 6575, a change of 40 [2] - Short - fiber basis increased from 39 to 41, a change of 2 [2] - 3 - 4 spread remained unchanged at - 80 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5300 [2] - The price difference between 1.4D direct - spinning and imitation large - chemical fiber increased from 1235 to 1275, a change of 40 [2] - East China water bottle chip price decreased from 6247 to 6233, a change of - 14 [2] - Hot - filling polyester bottle chip price decreased from 6247 to 6233, a change of - 14 [2] - Carbonated - grade polyester bottle chip price decreased from 6347 to 6333, a change of - 14 [2] - Outer - market water bottle chip price remained unchanged at 835 [2] - T32S pure polyester yarn price remained unchanged at 10700 [2] - T32S pure polyester yarn processing fee decreased from 4165 to 4125, a change of - 40 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16800 [2] - Cotton 328 price increased from 15615 to 15630, a change of 15 [2] - Polyester - cotton yarn profit decreased from 1565 to 1533, a change of - 32 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7290 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 526 to 499, a change of - 27 [2] - Primary low - melting - point staple fiber price remained unchanged at 7895 [2] Market Conditions - Short - fiber: The short - fiber main futures rose 38 to 6606. In the spot market, the prices of polyester staple fiber production factories were on the strong side, the prices of traders increased slightly, downstream purchases were sporadic, and on - site transactions were limited. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6420 - 6700 (cash on delivery, tax - included, self - pick - up), 6540 - 6820 in the North China market (cash on delivery, tax - included, delivered), and 6500 - 6750 in the Fujian market (cash on delivery, tax - included, delivered) [2] - Bottle chip: The commodity atmosphere was warm. Some polyester bottle chip factories raised their quotes by 10 - 50, and some remained stable. The market center rose slightly. As the Spring Festival approached, logistics decreased, and long - distance logistics costs increased. Small and medium - sized terminal enterprises gradually withdrew from the market, and the festival atmosphere in the market became stronger. It was reported that the transactions of 2 - 3 month supplies were at 6110 - 6300. In terms of basis, the futures contract 2604 had a premium of 70 - 100, and there was sporadic replenishment for rigid demand [2] Operating Rate and Sales - to - Production Ratio - Direct - spinning staple fiber load (weekly) decreased from 88.84% to 86.77%, a change of 2.07% [3] - Polyester staple fiber sales - to - production ratio decreased from 52.00% to 38.00%, a change of - 14.00% [3] - Polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, a change of 0.32% [3] - Regenerated cotton - type load index (weekly) decreased from 54.81% to 55.44%, a change of - 0.63% [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The pulp supply side has recent disturbances, but the demand side shows weakness, lacking a clear trading logic, and is expected to fluctuate weakly [6] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices (Yuan/ton) on Feb 9, 2026**: SP2601 at 5414, -0.66% day-on-day, -0.48% week-on-week; SP2609 at 5248, -0.57% day-on-day, -1.09% week-on-week; SP2605 at 5200, -0.65% day-on-day, -1.25% week-on-week [5] - **Spot Prices (Yuan/ton) on Feb 9, 2026**: Coniferous pulp Silver Star at 5250, -0.94% day-on-day, -1.32% week-on-week; Coniferous pulp Russian Needle at 5050, -0.98% day-on-day, -1.94% week-on-week; Hardwood pulp Goldfish at 4580, 0.00% day-on-day, -0.43% week-on-week [5] - **Foreign Offer Prices (USD/ton)**: Chilean Silver Star at 710, 1.43% month-on-month; Chilean Star at 590, 3.51% month-on-month; Chilean Venus at 620, 0.00% month-on-month [5] - **Import Costs (Yuan/ton)**: Chilean Silver Star at 5802, 1.42% month-on-month; Chilean Star at 4830, 3.47% month-on-month; Chilean Venus at 5073, 0.00% month-on-month [5] Pulp Fundamental Data Supply - **Import Volume (10,000 tons)**: In Dec 2025, coniferous pulp at 77.8, 7.31% month-on-month compared to Nov 2025; hardwood pulp at 135.2, -23.40% month-on-month compared to Nov 2025 [5] - **Shipments to China (1000 tons)**: In Nov 2025, at 178, 3.00% month-on-month [5] - **Domestic Production (10,000 tons)**: Hardwood pulp and chemimechanical pulp production data from Jan 8, 2025, to Feb 5, 2026, are provided [5] Inventory - **Pulp Port Inventory (10,000 tons)**: As of Feb 5, 2026, at 218.2, 0.6% month-on-month increase, with five consecutive weeks of inventory accumulation [5] - **Futures Delivery Warehouse Inventory (10,000 tons)**: As of Feb 5, 2026, at 14.2 [5] Demand - **Finished Paper Production (10,000 tons)**: Production data of offset paper, coated paper, tissue paper, and white cardboard from Dec 18, 2025, to Feb 5, 2026, are provided, with a slight increase in production this week [5] Summary - The pulp market continues to show an inventory accumulation trend this period, with port sample inventory accumulating for five consecutive weeks [5] Strategy - The pulp market is expected to fluctuate weakly due to supply disturbances and weak demand [6]

国贸期货研究院 贵金属与新能源研究中心 白素娜 投资咨询号: Z0013700 从业资格号:F3023916 2026/2/10 投资咨询业务资格:证监许可【2012】31号 铂把数据日报 世界500强投资企业 国贸期货股份有限公司 成为一流的衍生品综合服务商 ITG国贸期货 (含稅) 广锂-伦敦兜 -1. 37 37.82% -1. 00 广贸-NYMEX贸, 0. 80 -866. 29% -6. 14 指标名称 现值 前值 变化 nd a lot no 200 220 22 25 20 2010 广期所铂/贸比价 铂贸比价 1. 2326 1. 2440 0. 0113 年存:NYMEX:铂金(金衡品司) 伦敦现货铂/贸比价 1. 2102 1. 2048 0. 0054 8000000 库存:NYMEX:留金(金衡备司) 指标名称 现值 涨跌幅 前值 库存(金 600000 NYMEX:铂金库存 190874 190874 0. 00% 衡盎司) NYMEX:钟令库存 662619 -2. 44% 646441 4000000 指标名称 现值 前值 派族临 NYMEX:总持仓:铂 -7.37% 735 ...

| | 锂云母 | 2875 | | ■ 电碳-工碳价差 元/吨 | 一 电池级碳酸锂-平均价 一 工业级碳酸锂-平均价 TT / H4 | | --- | --- | --- | --- | --- | --- | | | (Li20:1.5%-2.0%) (3 | | | | | | | 锂云母 (Li20:2.0%-2.5%) | 4375 | | | 碳酸锂注册仓单(吨) | | | 磷锂铝石 (Li20:6%-7%) | 13000 | | | | | | 磷锂铝石 (Li20:7%-8%) | 13900 | | | | | | 正极材料 | 平均价 | 涨跌 | | | | | 磷酸铁锂(动力型) | 50015 | 245 | | | | | 三元材料811(多晶/动力型) | 199200 | 200 | | | | | 三元材料523 (単晶/动力型) | 173800 | 300 | | | | 125 | 三元材料613(单晶/动力型) | 175800 | 300 | | | | | 名称 | 现值 | 变化值 | | | | | 电碳-工碳 | 3500 | FO | | | | ...

国贸期货 农产品研究中心 2026-02-09 谢威 从业资格证号：F03087820 投资咨询证号：Z0019508 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 生猪：近月需求旺季不旺，远月产能去化支撑 投资咨询业务资格：证监许可【2012】31号 【生猪周报（LH)】 近月需求旺季不旺，远月产能去化支撑 | 影响因素 | 驱动 | 主要逻辑 | | | --- | --- | --- | --- | | 供给 | 中性 | 10月能繁母猪存栏量降至3990.0万头，减少45.0万头；11月样本企业能繁母猪存栏量下降至666.6万头；企业及散户出栏增加，二育介入导致库存累积，供应 压力持续。 | | | 需求 | 偏空 | 冬至备货需求释放，终端消费小幅回暖，下游屠宰企业订单增加，屠企开工率提升，但存在透支及后续需求真空预期。 | | | 库存 | 偏多 | 屠企和冻品库容率均处于同期低位。 | | | 基差/价差 | 中性 | 全国外三元现货均价约12720元/吨，LH2605合约收盘价11620元/吨 ...

投资咨询业务资格：证监许可【2012】31号 【油脂周报（P&Y&OI)】 临近长假，油脂观望为主 国贸期货 农产品研究中心 2026-02-09 陈凡生 从业资格号：F03117830 投资咨询号：Z0022681 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 油脂：临近长假，油脂观望为主 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 中性 | （1）马来棕榈油持续减产，印尼3月提高关税或限制出口；（2）虽然此前预期2-3月有大豆青黄不接的可能，但在增购美豆800万吨以及拍卖储备大豆 | | | | 的预期下，短期大豆偏紧的预期可能落空；（3）大豆油厂春节期间普遍停机半个月左右；（4）上周菜籽有小部分开机，但压榨量很小，仍然缺籽。 | | 需求 | 国内篇空；产 | （1）印度和中国节前备货节奏进入尾声，后续预计有需求的回落；（2）美国生柴整体配额预计维持此前草案的水平或更低，但取消了对进口投料的惩 | | | 地有利多 | 罚，更利好加拿大菜系产品需求，关 ...

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The Fed Chair nomination ignited the risk - aversion sentiment, causing the non - ferrous metals sector to rise first and then fall. Different non - ferrous metals have different market trends and influencing factors, and overall, the market shows a complex and changeable situation. [1][2] 3. Summary According to the Table of Contents 3.1 Non - ferrous Metal Price Monitoring - The report monitors the closing prices of various non - ferrous metals, including the US dollar index, exchange rate CNH, and prices of industrial silicon, lithium carbonate, copper, aluminum, zinc, etc. It shows their daily, weekly, and annual percentage changes. For example, the US dollar index is at 97.6 with a daily decline of 0.36%, a weekly increase of 0.51%, and an annual decrease of 0.67%. [7] 3.2 Copper (CU) - **Logic and Strategy**: Macro factors are bullish, with positive signals from Sino - US relations, US economic data, and strategic mineral reserve plans. The raw material end is also bullish due to tight copper ore supply. The smelting end is neutral with different profit situations for spot and long - term contract smelters. The demand end is neutral as the downstream is in the pre - Spring Festival stocking period. The inventory is bearish as the global visible copper inventory increases. The investment view is oscillating upward, with a trading strategy of going long on dips. [9] - **Main Data**: The closing price of Shanghai copper is 100100 yuan/ton, a 3.5% decrease from last week. The spot premium of flat - copper in China has narrowed, and the LME copper spot premium has widened. The copper ore port inventory has decreased, and the spot processing fee has continued to decline. The refined copper output has increased, and the import loss has slightly widened. [10][24][35] 3.3 Zinc (ZN) - **Logic and Strategy**: Macro factors lead to an oscillating market, with factors like Fed expectations, geopolitics, and AI earnings affecting the market. The raw material end is slightly bullish as the processing fee stabilizes, and supply concerns ease. The smelting end is neutral with production contraction and losses. The demand end is bearish due to weak seasonal demand. The inventory is neutral with an increase in social inventory and a slight decrease in LME inventory. The investment view is oscillating, and the trading strategy is to wait and see. [94] - **Main Data**: The closing price of Shanghai zinc is 24450 yuan/ton, a 5.36% decrease from last week. The domestic market has turned to a discount, and the processing fee has bottomed out and stabilized. The production of zinc ingots has decreased, and the downstream start - up rate has declined. [95][96] 3.4 Nickel - Stainless Steel (NI·SS) - **Nickel**: Macro factors are slightly bullish, with improved US consumer confidence and concerns about Fed policy easing. The raw material end is slightly bullish due to firm nickel ore premiums and reduced imports. The smelting end is neutral with changes in production and prices of pure nickel, nickel iron, and MHP. The demand end is neutral with weakening stainless steel demand and high - level new energy production and sales. The inventory is slightly bearish as the global nickel inventory has increased. The investment view is wide - range oscillating, and the trading strategy is to go long on dips. [203] - **Stainless Steel**: Macro and raw material factors are similar to those of nickel. The supply end is neutral with a significant decline in production scheduling. The demand and inventory situation is slightly bearish with an increase in inventory and weakening demand. The basis is neutral. The investment view is oscillating, and the trading strategy is to wait and see, with enterprises looking for opportunities to sell on rallies. [204] - **Main Data**: The closing price of LME nickel is 17235 US dollars/ton, a 1.82% decrease from last week. The closing price of Shanghai nickel is 131840 yuan/ton, a 5.83% decrease from last week. The closing price of stainless steel is 13670 yuan/ton, a 3.32% decrease from last week. The nickel ore port inventory has decreased, and the stainless steel social inventory has increased. [205]

1. Report Industry Investment Rating - The investment outlook for the corn industry is "oscillating," with short - term expectations for the corn futures market to maintain a narrow - range oscillation. After the Spring Festival, it is expected to remain range - bound, with attention to factors such as the pressure of ground - stored grain sales, policy grain release policies, import policies, and the growth of new - season wheat [5]. 2. Report's Core View - The current corn purchase and sales are nearing the end, and the futures market is in a narrow - range oscillation. The supply side is bullish, the demand side is neutral - bearish, inventory is neutral - bearish, basis/spread is bullish, profit is neutral - bullish, and valuation is neutral. Overall, the market is expected to oscillate in the short - term and after the Spring Festival [5]. 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: Bullish. The current grain - selling progress at the grass - roots level has exceeded 60%, faster than the same period last year. There may be some selling pressure around the Spring Festival, but this year's grain quality is relatively dry, and the inventories of mid - and downstream enterprises are low, so the expected impact of selling pressure is limited. The planting cost in the 25/26 season decreased, with increased production in the Northeast and Northwest and decreased production in North China, and the country as a whole is expected to have a bumper harvest. The expected rent cost for corn planting in the 26/27 season is rising (for example, in Heilongjiang, it is expected to rise by 200 yuan per mu) [5]. - **Demand**: Neutral - bearish. The self - breeding and self - raising pig farming profit has turned positive, the pig inventory and weight are at a high level, and the capacity reduction is not obvious yet. The egg - poultry farming profit has recovered, and the speed of culling laying hens has slowed down. The short - term feed demand for corn is still supported. Under the expectation of capacity adjustment and policy control, the long - term feed demand is expected to shrink. Feed enterprises' inventories have increased month - on - month, and pre - festival stocking is basically over. Deep - processing enterprises' inventories have increased significantly, and pre - festival stocking is basically over. Traders have not built large - scale strategic inventories and have a certain demand for replenishing stocks [5]. - **Inventory**: Neutral - bearish. The domestic trade corn inventories at the north and south ports have increased month - on - month and are still at a low level. Feed enterprises' inventories have increased month - on - month, and deep - processing corn inventories have increased month - on - month [5]. - **Basis/Spread**: Bullish. The basis is at a relatively high level [5]. - **Profit**: Neutral - bullish. The self - breeding and self - raising profit of pigs has returned to positive, the meat - poultry farming has a small profit, and the egg - poultry farming profit has recovered. The deep - processing starch and alcohol processing profits are in the red [5]. - **Valuation**: Neutral. Considering the basis, the valuation of the corn futures market is moderately low [5]. - **Investment View**: Oscillating. Pre - festival stocking is nearing the end, and the corn futures market is expected to maintain a narrow - range oscillation in the short - term. After the Spring Festival, attention should be paid to the selling pressure of ground - stored grain, but this year's grain in the Northeast is relatively dry, and supported by the rigid demand for replenishing stocks of mid - and downstream enterprises, the expected selling pressure is limited. In addition, attention should be paid to post - festival policy grain release policies, import policy changes, and the growth of new - season wheat [5]. - **Trading Strategy**: For single - side trading, expect range - bound movement; for arbitrage, adopt a wait - and - see approach [5]. 3.2 Futures and Spot Market Review - The report presents multiple charts, including the basis trend of the main corn futures contract, the average prices in different markets (such as Jinzhou Port, Heilongjiang, Shandong, and Shekou Port), the open interest trends of different corn futures contracts (01, 03, 05, 09), and the spreads between different contracts (C03 - C05, C05 - C09) [7][8][13]. 3.3 Domestic Corn Supply - Demand Fundamental Data - **Grain - Selling Progress**: Charts show the grain - selling progress in Northeast and North China [23]. - **Port and Processing Data**: Include the arrival volume of corn at northern ports, the remaining number of vehicles for deep - processing in Shandong, the price difference between Shekou Port and Jinzhou Port, the shipping volume of corn from the four northern ports, etc. [25][28]. - **Import Data**: The import of grains in January and February decreased, and the import profit of US corn was at a high level. Charts show the monthly import volumes of sorghum, corn, and barley in China, as well as the theoretical import profit of US Gulf corn [33][34]. - **Inventory Data**: The corn inventories at the north and south ports are at a low level. Data on the inventories of feed enterprises, deep - processing enterprises, and different ports (such as Guangdong Port) are presented, as well as the inventory days of feed enterprises and the monthly feed production volume [40][47][49]. - **Livestock and Poultry Farming Data**: Include the self - breeding and self - raising profit of pigs, the profit of purchasing and fattening pigs, the average price and weight of commercial pig slaughter, the breeding profit of white - feather broilers, the in - production inventory of parent - stock chickens, the egg - chicken farming profit, the age of culled laying hens, etc. [51][59][65]. - **Deep - Processing Data**: Deep - processing corn consumption has declined, and deep - processing corn inventories have increased significantly. The processing profit of starch is in the red, and starch inventories are being depleted. The开机 rate of alcohol has declined, and the processing profit is at a low level. There are also data on the开机 rate and profit of related downstream industries such as beverages, paper - making [68][73][97]. 3.4 Foreign Corn Supply - Demand Fundamental Data - **January Report**: The corn stock - to - consumption ratios of major exporting countries in the 2025/26 season have been raised. The report shows the corn stock - to - consumption ratios of the US and other major exporting countries [116]. - **Export Data**: US corn export sales have performed well, and the report presents the export sales volume, cumulative export sales volume, and export sales volume to China of US corn [123].

Report Industry Investment Rating - The report views pulp futures as oscillating with a downward bias, lacking positive narratives [1] Core Viewpoints - The main trading logic of pulp futures is the regression to the value of warehouse receipts in the absence of new positive factors. The "strong hardwood, weak softwood" pattern persists. The supply - tight situation of hardwood pulp has eased slightly, but there are still tight expectations. The demand side lacks positive drivers. After the "strong supply - side expectation" is falsified, the futures mainly return to the "weak reality", and the current futures price may gradually regress to the actual delivery value of futures warehouse receipts [3] Summary by Directory Part One: Main Views and Strategy Overview - **Supply and Inventory**: The supply - tight situation of hardwood pulp has eased, and port inventories have risen for five consecutive weeks, but the "strong hardwood, weak softwood" pattern remains. In January 2026, the shipment of hardwood pulp from three South American countries to China was 1.075 million tons, a 12% month - on - month and 20% year - on - year decrease. In February 2026, Arauco's softwood pulp offer was $710/ton (unchanged), and the hardwood pulp Star offer was $600/ton, up $10/ton [3] - **Demand**: The prices of the four major wood - pulp papers did not change significantly this week. Most factories' pre - holiday stocking is coming to an end. In January 2026, the output of the four major wood - pulp papers in China was 4.1 million tons, a 1.6% month - on - month decrease and 28.3% year - on - year increase, mainly due to Chenming Paper's resumption of production. Seasonally, paper mills are likely to issue price - increase letters after the festival, but the implementation may be poor, and the demand side lacks positive drivers [3] - **Summary and Strategy**: After the "strong supply - side expectation" is falsified by the flat offer of the new round of softwood pulp, the futures mainly return to the "weak reality", and the current futures price may gradually regress to the actual delivery value of futures warehouse receipts [3] Part Two: Review of Futures and Spot Market - **Futures Market**: Pulp futures continued to be weak this week. Hardwood pulp prices were stable at 4,550 yuan/ton, and the softwood pulp basis weakened slightly. With port inventories rising for five consecutive weeks, pulp futures lack positive drivers and the macro sentiment has weakened, so they are expected to remain weak next week [9] - **Spot Market**: The price of softwood pulp Silver Star was 5,230 yuan/ton, a week - on - week decrease of 70 yuan/ton and a month - on - month decrease of 230 yuan/ton. The price of softwood pulp Ussuri was 5,020 yuan/ton, a week - on - week decrease of 80 yuan/ton and a month - on - month decrease of 230 yuan/ton. The price of hardwood pulp Goldfish was 4,550 yuan/ton, unchanged week - on - week and a month - on - month decrease of 180 yuan/ton [16] - **Foreign Offers**: In February, the foreign offer of softwood pulp was flat, while the price of hardwood pulp increased. Arauco's softwood pulp offer in February was $710/ton (unchanged); the hardwood pulp Star offer was $600/ton, up $10/ton; and the natural pulp Venus offer was $620/ton (unchanged) [19] - **Open Interest**: As of February 9, 2025, the total open interest of pulp futures contracts was 385,128 lots, a 3% increase from last week; the open interest of the main pulp futures contract was 287,362 lots, a 4% increase from last week [21] Part Three: Pulp Supply - Demand Fundamental Data - **Imports**: In December, the import volume of hardwood chips increased significantly. In January 2026, the total pulp import volume was 3.246 million tons, a 23.99% increase. The softwood pulp import volume was 725,000 tons, a 4.92% increase, and the hardwood pulp import volume was 1.765 million tons, a 33.88% increase [5] - **Inventory**: Pulp port inventories have risen for five consecutive weeks. Overseas pulp mill inventory days were basically stable in November 2025. The inventory days of bleached softwood pulp were 49 days, and that of bleached hardwood pulp were 45 days [31][37] - **Downstream Demand**: As of February 6, 2026, the prices of the four major wood - pulp papers were stable, and their gross profit margins increased slightly week - on - week. In January 2026, the output of some paper products decreased slightly month - on - month, while the inventory of some paper products increased month - on - month. For example, the double - offset paper inventory was 1.915 million tons, a 0.78% month - on - month decrease and a 15.72% year - on - year increase [40][47][55] - **Overseas Market**: In December 2025, European pulp demand decreased, with softwood pulp demand at 198,600 tons (a 7.1% month - on - month and 8.3% year - on - year decrease) and hardwood pulp demand at 476,000 tons (a 11.59% month - on - month decrease and a 2.55% year - on - year increase). European pulp inventories started to accumulate again, with softwood pulp inventory at 222,800 tons (a 6.93% month - on - month and 0.71% year - on - year increase) and hardwood pulp inventory at 493,800 tons (a 9.59% month - on - month and 15.53% year - on - year increase) [77] - **Spreads**: As of February 7, 2026, the softwood pulp basis weakened slightly, with the Shandong Silver Star basis at - 4 yuan/ton, a 4 - yuan/ton decrease from last week; the Shandong Goldfish basis was - 684 yuan/ton, a 66 - yuan/ton increase from last week. The 5 - 9 spread was flat at - 44 yuan/ton, unchanged from last week [83]