纸浆数据日报-20250507

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The pulp market is bearish overall due to weakened cost support from lower pulp foreign quotes and weak terminal demand. A short - term bearish view is recommended, or a 7 - 9 reverse spread strategy can be considered [1]. 3) Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On May 6, 2025, SP2505 was 5064, down 1.02% day - on - day and 7.66% week - on - week; SP2507 was 5038, down 1.64% day - on - day and 6.53% week - on - week; SP2509 was 5000, down 1.30% day - on - day and 6.37% week - on - week [1]. - Spot Prices: Coniferous pulp Silver Star was 6200, unchanged day - on - day and down 2.36% week - on - week; Russian Needle was 5200, unchanged day - on - day and down 4.59% week - on - week; Broadleaf pulp Goldfish was 4150, unchanged day - on - day and down 4.60% week - on - week [1]. - Foreign Quotes: Chilean Silver Star was 770 dollars, down 6.67% month - on - month; Brazilian Goldfish was 630 dollars, up 3.28% month - on - month; Chilean Venus was 690 dollars, unchanged month - on - month [1]. - Import Costs: Chilean Silver Star was 6289, down 6.62% month - on - month; Brazilian Goldfish was 5154, up 3.25% month - on - month; Chilean Venus was 5640, unchanged month - on - month [1]. Pulp Fundamental Data - Supply: In March 2025, coniferous pulp imports were 79.8 tons, unchanged month - on - month, and broadleaf pulp imports were 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]. - Inventory: As of April 24, 2025, the pulp port inventory was 210.6 tons, up 1.8% from the previous period; the delivery warehouse inventory was 32.10 tons [1]. - Demand: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard decreased slightly [1]. Pulp Valuation Data - Basis: On May 6, 2025, the Russian Needle basis was 164 with a quantile level of 0.881; the Silver Star basis was 1164 with a quantile level of 0.999 [1]. - Import Profit: The import profit of coniferous pulp Silver Star was - 89 with a quantile level of 0.471; that of broadleaf pulp Goldfish was - 1004 with a quantile level of 0.057 [1].