永安期货纸浆早报-20250519

Group 1: Report Overview - Report title: Pulp Morning Report [1] - Report date: May 19, 2025 [1] - Research team: Energy and Chemicals Team of the Research Center [1] Group 2: SP Main Contract Closing Price - Closing price on May 16, 2025: 5356.00 [2] - Closing prices from May 12 - 16, 2025: 5256.00, 5276.00, 5378.00, 5386.00, 5356.00 respectively [2] - Fluctuations compared to the previous day: -0.55700%, 0.14875%, 1.93328%, 0.38052%, 1.78156% respectively [2] - Discounted US dollar prices: 636.25, 639.77, 651.66, 652.20, 649.37 respectively [2] - Shandong Yinxing basis: 984, 1024, 922, 914, 944 respectively [2] - Jiangsu, Zhejiang, and Shanghai Yinxing basis: 969, 999, 922, 914, 944 respectively [2] Group 3: Import Profit - Calculated with 13% VAT and previous day's exchange rate of 7.20 [3] - Import profit for Canadian Golden Lion: -104.24 [3] - Import profit for Canadian Lion: -841.52 [3] - Import profit for Chilean Yinxing: -482.20 [3] Group 4: National and Shandong Regional Price Averages - National average prices from May 12 - 16, 2025: no change in prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp [3] - Shandong regional average prices from May 12 - 16, 2025: no change in prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp [3] Group 5: Paper Product Index and Profit Margin - Cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged from May 13 - 16, 2025 [3] - Profit margins of double - offset paper on May 13 - 16, 2025: 9.1410%, 9.1410%, 7.3767%, 7.3767% [3] - Profit margins of double - copper paper on May 13 - 16, 2025: 24.4068%, 24.4068%, 24.4068%, 24.4068% [3] - Profit margins of white card paper on May 13 - 16, 2025: -11.3810%, -12.7229%, -12.7229%, -12.7229% [3] - Profit margins of living paper on May 13 - 16, 2025: 9.6198%, 9.3064%, 9.2143%, 9.2511% [3] Group 6: Pulp Price Spreads - Spreads between softwood and hardwood pulp from May 12 - 16, 2025: 2090, 2080, 2080, 2080, 2080 [3] - Spreads between softwood and natural pulp from May 12 - 16, 2025: 840, 900, 900, 900, 900 [3] - Spreads between softwood and chemimechanical pulp from May 12 - 16, 2025: 2365, 2425, 2425, 2425, 2425 [3] - Spreads between softwood pulp and waste paper from May 12 - 16, 2025: 4664, 4724, 4724, 4724, 4724 [3]