纸浆数据日报-20250519

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - After the macro - positive factors are realized, pulp is expected to fluctuate [1] Group 3: Summary According to Related Catalogs Pulp Price Data - Futures prices: On May 16, 2025, SP2601 was 5282, down 0.64% week - on - week and up 2.40%; SP2507 was 5356, down 0.56% week - on - week and up 3.72%; SP2509 was 5280, down 0.71% week - on - week and up 3.57% [1] - Spot prices: Coniferous pulp Silver Star was 6300, unchanged week - on - week and up 1.61%; Knitted needle was 5450, unchanged week - on - week and up 4.81%; Hardwood pulp Goldfish was 4250, unchanged week - on - week and up 3.66% [1] - Outer - disk 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 - Import volume: In March 2025, coniferous pulp import was 79.8 tons, unchanged month - on - month; hardwood pulp import was 147 tons, down 8.47% month - on - month. The pulp shipment volume to China was 1502 tons, down 2.66% month - on - month [1] - Domestic production: On May 15, 2025, hardwood pulp production was 20.7 tons; chemimechanical pulp production was 20.1 tons [1] Inventory - Pulp port inventory: On May 15, 2025, it was 219.8 tons, up 16.3 tons from the previous period, a month - on - month increase of 8.0% [1] - Delivery warehouse inventory: On May 15, 2025, it was 27.00 tons [1] Demand - Finished paper production: On May 15, 2025, offset paper production was 20.00 tons; coated paper production was 7.70 tons; tissue paper production was 27.70 tons; white cardboard production was 27.90 tons [1] Pulp Valuation Data - Basis: On May 16, 2025, Russian needle basis was 94, with a quantile level of 0.842; Silver Star basis was 944, with a quantile level of 0.981 [1] - Import profit: On May 16, 2025, coniferous pulp Silver Star import profit was 11, with a quantile level of 0.642; hardwood pulp Goldfish import profit was - 904, with a quantile level of 0.092 [1] Summary of Supply, Demand and Inventory - Supply: Pulp outer - disk prices dropped significantly. Chilean Arauco adjusted the April 2025 wood pulp outer - disk prices, weakening cost support [1] - Demand: The prices of major wood - pulp papers continued to fall. After the Sino - US trade war eased, the positive effects were not reflected in finished paper production. Downstream paper mills maintained rigid - demand purchases [1] - Inventory: As of May 15, 2025, the inventory in China's mainstream pulp ports was 219.8 tons, increasing by 16.3 tons from the previous period, a month - on - month increase of 8.0%. The inventory changed from a de - stocking trend to a stocking trend [1]