纸浆数据日报-20250428

Report Industry Investment Rating - No information provided 2. Core View of the Report - The supply side shows that the export of hardwood pulp from major South American exporting countries increased significantly in March, and the sharp decline in the external market weakened the cost support [1]. - The demand side indicates that the prices and production of major wood - pulp paper decreased this week, and paper mills made rigid - demand purchases of pulp [1]. - The inventory side reveals that the pulp port inventory continued to accumulate and remained at a high level overall [1]. - In terms of valuation, the current main pulp futures contract is still at a discount to the Russian needle price, and the futures valuation is low [1]. - The short - term strategy is expected to be in a low - level oscillation [1]. 3. Summary by Relevant Catalogs 3.1 Pulp Price Data 3.1.1 Futures Prices - On April 25, 2025, SP2505 was 5474, down 0.18% week - on - week and up 1.00% compared to the previous week; SP2507 was 5376, down 0.22% week - on - week and up 0.26% compared to the previous week; SP2509 was 5322, down 0.34% week - on - week and up 0.11% compared to the previous week [1]. 3.1.2 Spot Prices - On April 25, 2025, the price of coniferous pulp Silver Star was 6350, unchanged week - on - week; the price of Russian needle coniferous pulp was 5450, unchanged week - on - week; the price of broad - leaf pulp Goldfish was 4350, down 1.14% week - on - week [1]. 3.1.3 Outer - Market Quotes - In April 2025, the outer - market quote of Chilean Silver Star was 770 dollars, down 6.67% month - on - month; the outer - market quote of Brazilian Goldfish was 630 dollars, up 3.28% month - on - month; the outer - market quote of Chilean Venus was 690 dollars, unchanged month - on - month [1]. 3.1.4 Import Costs - In April 2025, the import cost of Chilean Silver Star was 6289, down 6.62% month - on - month; the import cost of Brazilian Goldfish was 5154, up 3.25% month - on - month; the import cost of Chilean Venus was 5640, unchanged 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 broad - leaf pulp was 147 tons, down 8.47% month - on - month [1]. - The shipment volume of pulp to China in February 2025 was 1502 tons, down 2.66% month - on - month [1]. - On April 24, 2025, the domestic production of broad - leaf pulp was 18.17 tons; the production of chemimechanical pulp was 20.29 tons [1]. 3.2.2 Inventory - On April 24, 2025, the pulp port inventory was 210.6 tons; the delivery warehouse inventory was 32.10 tons [1]. - The inventory of offset paper was 19.10 tons; the inventory of coated paper was 7.80 tons; the inventory of tissue paper was 29.30 tons; the inventory of white cardboard was 30.70 tons [1]. 3.2.3 Demand - On April 24, 2025, the production of offset paper was 19.10 tons; the production of coated paper was 7.80 tons; the production of tissue paper was 29.30 tons; the production of white cardboard was 30.70 tons [1]. 3.3 Pulp Valuation Data - On April 25, 2025, the Russian needle basis was 74 with a quantile level of 0.832; the Silver Star basis was 974 with a quantile level of 0.988 [1]. - On April 25, 2025, the import profit of coniferous pulp Silver Star was 61 with a quantile level of 0.724; the import profit of broad - leaf pulp Goldfish was - 804 with a quantile level of 0.111 [1].