Group 1 - The core viewpoint indicates that the pulp futures market is under pressure due to a seasonal demand slump, with processing profits for paper mills not showing significant improvement [3] - As of August 21, 2025, the inventory of pulp at major Chinese ports reached 2.132 million tons, reflecting a week-on-week increase of 33,000 tons, or 1.6% [2] - The main contract for pulp futures closed at 5,108 CNY/ton, with a weekly decline of 3.33% [1] Group 2 - Institutions suggest that the sentiment is dominated by expectations of supply contraction, as major international pulp producers like Suzano and Bracell have announced production cuts [3] - The external pricing for wood pulp has remained stable, with needle pulp priced at 720 USD/ton and bleached pulp at 590 USD/ton, indicating no significant changes since June [2] - Despite marginal improvements in demand, the sustainability of this trend is uncertain, as paper mills continue to face high inventory levels and low profit margins [3]
需求边际改善但持续性存疑 纸浆期货承压运行
Jin Tou Wang·2025-08-24 23:40