Core Insights - The global pulp market is experiencing changes in supply, inventory, and pricing dynamics, with a notable increase in import volumes and a decrease in inventory levels [1] Supply and Import Dynamics - In January 2024, the shipment volume of chemical pulp from the world's 20 major producing countries increased by 6.2% year-on-year, with softwood pulp rising by 5.2% and hardwood pulp by 6.9% [1] - Domestic pulp imports totaled 6.39 million tons in January-February 2024, reflecting a year-on-year increase of 6.1% [1] Inventory Levels - As of March 21, 2025, the weekly pulp inventory in major regions and ports was 2.046 million tons, a decrease of 99,000 tons from the previous week [1] - Domestic futures inventory stood at 374,904 tons, down by 19,083 tons week-on-week [1] - In Europe, the inventory of bleached softwood pulp was 247,700 tons in January 2025, with a month-on-month decrease of 1,900 tons and a year-on-year increase of 13,900 tons [1] Pricing Trends - Arauco announced price increases for softwood pulp by $10/ton to $825/ton and hardwood pulp by $20/ton to $610/ton in March 2025 [1] - Current spot prices for softwood pulp in Shandong are at 6,530 RMB/ton, while hardwood pulp is priced at 4,680 RMB/ton [1] - The pulp basis is at 694 RMB, down by 18 from the previous week, indicating a stabilization at lower levels [1] Market Outlook - The downstream paper industry maintains high production levels, but companies are facing weakened operational conditions and declining profitability [1] - Future market conditions are expected to be influenced by macroeconomic policies, with potential price stabilization opportunities due to overseas price support and positive macro expectations [1] - Monitoring of market consumption and macroeconomic risks is essential for future assessments [1]
纸浆：供应进口有变化 库存去化价格稳
Sou Hu Cai Jing·2025-03-24 06:22