纸浆数据日报-20250423

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The pulp market is expected to be weakly volatile in the short term. The supply side shows a significant month - on - month increase in the export of broadleaf pulp from major South American exporting countries in March, with firm foreign market quotes but poor acceptance from paper mills. The demand side sees a decline in the prices of major wood - pulp paper products this week, while inventory and production remain stable. The inventory side shows continuous accumulation of pulp port inventory, which remains at a high level overall. Currently, the main pulp futures contract is at a discount to the Russian needle pulp price, indicating low futures valuation [1]. 3. Summary by Relevant Catalogs 3.1 Pulp Price Data 3.1.1 Futures Prices - On April 22, 2025, SP2505 was priced at 5440, down 0.69% week - on - week and up 0.41% week - on - week compared to Japan; SP2507 was 5350, down 0.85% week - on - week and 1.22% week - on - week compared to Japan; SP2509 was 5309, down 0.82% week - on - week and 2.50% week - on - week compared to Japan [1]. 3.1.2 Spot Prices - On April 22, 2025, the spot price of coniferous pulp Silver Star was 6350, unchanged week - on - week and down 0.78% week - on - week compared to Japan; Russian Needle was 5450, unchanged; Broadleaf pulp Goldfish was 4400, unchanged week - on - week and down 2.22% week - on - week compared to Japan [1]. 3.1.3 Outer - Market Quotes and Import Costs - Outer - market quotes: On April 22, 2025, the outer - market quote of Chilean Silver Star was 825 dollars, unchanged; Brazilian Goldfish was 630 dollars, up 3.28% month - on - month. Import costs: Brazilian Goldfish was 5154, up 3.25% month - on - month [1]. 3.2 Pulp Fundamental Data 3.2.1 Supply - In March 2025, the import volume of coniferous pulp was 79.8 tons, unchanged month - on - month; the import volume of broadleaf pulp was 147 tons, down 8.47% month - on - month. The pulp shipment volume to China in February 2025 was 1502 tons, down 2.66% month - on - month [1]. 3.2.2 Inventory - Pulp port inventory has been continuously accumulating and remains at a high level. For example, on April 10, 2025, it was 206.9 tons [1]. 3.2.3 Demand - This week, the prices of major wood - pulp paper products decreased, while inventory and production remained stable. For example, the production volume of double - offset paper, coated paper, tissue paper, and white cardboard showed certain fluctuations but overall remained relatively stable [1]. 3.3 Pulp Valuation Data - On April 22, 2025, the Russian Needle basis was 100 with a quantile level of 0.846; the Silver Star basis was 1000. The import profit of coniferous pulp Silver Star was - 384 with a quantile level of 0.129; the import profit of broadleaf pulp Goldfish was - 754 with a quantile level of 0.124 [1].