浆市跟涨意愿不明显 纸浆期货延续低位震荡调整

Group 1 - The core viewpoint indicates that the inventory of pulp at major ports in China is relatively stable, with a slight decrease of 0.4 million tons, reflecting a narrow range of inventory reduction [1] - As of August 2025, the total pulp imports amounted to 2.653 million tons, showing a month-on-month decrease of 7.8% and a year-on-year decrease of 5.6%, while cumulative imports reached 24.108 million tons, representing a year-on-year increase of 5.0% [2] - The Shanghai Futures Exchange reported a decrease in pulp warehouse futures receipts by 186 tons, while the pulp factory warehouse futures receipts remained unchanged [2] Group 2 - According to Jianxin Futures, the short-term supply of pulp is relatively abundant, with downstream paper mills increasing production but primarily purchasing at low prices due to cost pressures, leading to continued low-level fluctuations [3] - Guoxin Futures noted that due to ongoing cost pressures, market participants are reluctant to raise prices, and the profitability of downstream paper enterprises remains poor, resulting in limited acceptance of high prices and a focus on low-cost procurement [4] - There is a recommendation to observe the stabilization of demand, with a suggestion to remain cautious in trading activities [4]