建信期货纸浆日报-20250521

Report Information - Report Name: Pulp Daily Report [1] - Date: May 21, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core Viewpoint - The fundamental pattern of pulp remains weak, and it may continue to fluctuate and adjust in a low - level range in the future [7] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5,320 yuan/ton and a closing price of 5,322 yuan/ton, rising 0.04% overall. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,400 - 6,750 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6,300 yuan/ton [7] - In May, there were many rumors about the import wood pulp FOB prices, but the official offers were not clear, and the market was still in the negotiation stage with strong wait - and - see sentiment [7] - According to PPPC data, the shipment volume of softwood pulp from 20 major pulp - producing countries in the world increased by 11.7% year - on - year in March, and the cumulative increase from January to March was 4.1% year - on - year. In April, China's pulp import volume was 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2% [7] - As of May 15, the weekly pulp inventory in major regions and ports increased by 11.45% month - on - month. Only the inventory in Baoding decreased compared to the previous week, while the inventory in other major ports increased, and the overall shipment speed did not improve significantly [7] - The downstream is currently in the off - season of consumption, and the enthusiasm for raw material procurement is insufficient [7] 2. Industry News - On May 8, the launch meeting of the digital factory project of Guangdong Oubi Personal Care Products Co., Ltd. was held. The project will focus on building an MOM digital operation platform, constructing a digital lean management system covering the entire chain, and creating a new benchmark for intelligent manufacturing in the personal care products industry. The application of the MOM system will reconstruct Oubi's production model, enabling intelligent decision - making on equipment collaboration, process optimization, and resource scheduling through real - time data collection and analysis, and significantly improving production flexibility and response speed [8] 3. Data Overview - Multiple data charts are provided, including cross - period spreads, spot prices of imported bleached softwood pulp, pulp futures prices, basis, inventory data of domestic and European ports, and prices and spreads of various paper products, with data sources mainly from Wind and Zhuochuang Information [13][21][27]