建信期货纸浆日报-20250527

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Pulp futures contract 09 closed at 5300 yuan/ton, down 0.53% from the previous settlement price. The new round of imported pulp offers are mainly lower, the port destocking speed is still slow, downstream paper mills have issued price increase notices to boost market confidence, but the raw material procurement mentality of paper mills is cautious, and the pulp may maintain a low - level range - bound adjustment in the future [7]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5328 yuan/ton and a closing price of 5300 yuan/ton, a decline of 0.53%. The intended transaction price range of softwood pulp in Shandong wood pulp market was 5400 - 6750 yuan/ton, with the low - end price stable compared to the previous trading day. The price of Shandong Silver Star was 6300 yuan/ton. Arauco in Chile announced May offers: Silver Star at 740 US dollars/ton and Venus at 620 US dollars/ton, still lower than the previous offers. The shipment volume of softwood pulp from 20 major pulp - producing countries in the world in March increased by 11.7% year - on - year, and the cumulative increase from January to March was 4.1%. China's pulp imports in April were 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2%. As of May 22, 2025, the weekly pulp inventory in major regions and ports was 2.2164 million tons, a month - on - month increase of 0.98%. The downstream market has a clear demand for improved profitability, but the follow - up of terminal orders is limited, and the raw material procurement mentality is cautious [7]. 3.2. Industry News - On May 22, Shandong JinCailun Paper's PM18 was successfully started up. The new equipment will optimize the product structure and improve product quality. Hunan Zhengding Environmental Technology Co., Ltd. provided a complete set of air hood ventilation system and workshop ceiling air supply system for this project, which is technologically advanced and incorporates energy - saving and emission - reduction concepts [8]. 3.3. Data Overview - No specific data summary content provided other than indicating data sources such as Wind and Jianxin Futures Research and Development Department [10][12][13]