纸浆市场：10月23日仓单有变化，9月进口增10%

Core Viewpoint - The domestic white cardboard price has increased, influenced by various factors in the pulp market, with a notable rise in prices and changes in inventory levels [1] Group 1: Price Trends - As of October 23, the average price of domestic white cardboard reached 4054 yuan/ton, marking a 1.38% increase since the end of September [1] - The pulp futures warehouse receipts on the Shanghai Futures Exchange totaled 220,002 tons, a decrease of 267 tons compared to the previous period [1] Group 2: Supply and Demand Dynamics - The pulp supply remains relatively loose, with domestic port inventories being higher year-on-year, despite an 11% month-on-month and 10% year-on-year increase in pulp imports, totaling 2.95 million tons in September 2025 [1] - Eldorado Brasil Celulose is undergoing maintenance from October 20 to 31, which may slightly alleviate supply pressure [1] Group 3: Market Sentiment and Recommendations - The downstream paper operating rates are fluctuating, and the spot market is experiencing moderate volume, with a lack of strong seasonal support for orders [1] - The market sentiment is pessimistic, with expectations of continued short-term price increases, although there are constraints on prices moving higher [1]