纸浆数据日报-20250418

Report Industry Investment Rating - The report gives a "SALE" rating [1] Core Viewpoints - The paper pulp market is expected to experience weak and volatile trends in the short term [1] Summary by Relevant Catalogs Paper Pulp Price Data - Futures Prices: On April 17, 2025, SP2505 was 5384 with a -0.52% daily and 0.64% weekly change; SP2507 was 5332 with -0.45% daily and -0.34% weekly change; SP2509 was 5320 with -0.56% daily and -1.44% weekly change [1] - Spot Prices: Coniferous pulp Silver Star was 6400 with no daily or weekly change; Russian Needle was 5450 with no daily and 0.93% weekly change; Broadleaf pulp Golden was 4450 with -1.11% daily and weekly change [1] - Outer - Disk Quotes: Chilean Silver Star was 825 dollars with no change; Brazilian Goldfish was 630 dollars with a 3.28% increase; Chilean Venus was 690 dollars with no change [1] - Import Costs: Chilean Silver Star was 6734 with no change; the import cost of a certain type was 5154 with a 3.25% increase [1] Paper Pulp Fundamental Data - Supply - Import Volume: In February 2025, coniferous pulp imports were 79.8 tons (10.74% monthly increase), and broadleaf pulp imports were 160.6 tons (4.50% monthly increase) [1] - Supply - Domestic Output: On April 17, 2025, broadleaf pulp output was 17.56 tons, and chemimechanical pulp output was 20.41 tons [1] - Inventory - Port Inventory: On April 17, 2025, paper pulp port inventory was 206.9 tons, and delivery warehouse inventory was 35.20 tons [1] - Demand - Finished Paper Output: On April 17, 2025, double - offset paper output was 19.60 tons, coated paper was 7.70 tons, tissue paper was 29.60 tons, and white cardboard was 30.80 tons [1] Paper Pulp Valuation Data - Basis: On April 17, 2025, the Russian Needle basis was 118 with a 0.862 quantile level, and the Silver Star basis was 1068 [1] - Import Profit: On April 17, 2025, the import profit of broadleaf pulp Goldfish was -704 with a 0.135 quantile level [1] Market Analysis - Demand Side: Downstream finished paper prices are weak, production declines, and some specifications see price drops [1] - Supply Side: In March, broadleaf pulp exports from major South American exporting countries increased significantly month - on - month, and outer - disk quotes are firm [1] - Inventory Side: Paper pulp port inventory continues to accumulate and remains at a high level [1] - Valuation: Current paper pulp futures prices are lower than Russian Needle spot prices, indicating low valuation [1]