纸浆数据日报-20250527

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The current weak demand pattern for pulp remains unchanged, but the near - month contracts are strongly supported by low warehouse receipts [1] Group 3: Summary by Related Catalogs Pulp Price Data - Futures Prices: On May 26, 2025, SP2601 was 5300, down 0.30% day - on - day and 0.34% week - on - week; SP2507 was 5402, down 1.13% day - on - day and up 0.22% week - on - week; SP2509 was 5300, down 0.71% day - on - day and 0.19% week - on - week [1] - Spot Prices: On May 26, 2025, the spot price of coniferous pulp Silver Star was 6250, unchanged day - on - day and down 0.79% week - on - week; Russian Needle was 5450, unchanged; broadleaf pulp Goldfish was 4200, unchanged day - on - day and down 1.18% week - on - week [1] - External Quotes and Import Costs: The external quote of Chilean Silver Star in May 2025 was 740 dollars/ton, down 3.90% month - on - month; the import cost was 6046, down 3.87% month - on - month. Chilean Star's external quote was 560 dollars/ton, down 11.11% month - on - month; the import cost was 4587, down 11.00% month - on - month. Chilean Venus's external quote was 620 dollars/ton, down 4.62% month - on - month; the import cost was 5073, down 4.57% month - on - month [1] Pulp Fundamental Data - Supply: In April 2025, the import volume of coniferous pulp was 75.8 tons, down 5.01% month - on - month; the import volume of broadleaf pulp was 119.9 tons, down 18.44% month - on - month. The shipment volume of pulp to China in March 2025 was 1813 tons, up 20.70% month - on - month [1] - Inventory: As of May 22, 2025, the port inventory of pulp was 215.7 tons, down 1.9% from the previous period. The delivery warehouse inventory was 26.10 tons [1] - Demand: The output of finished paper: double - offset paper was 20.03 tons; coated paper was 7.60 tons; tissue paper was 27.60 tons; white cardboard was 28.30 tons. The output of white cardboard increased slightly, while the output of other paper types was stable [1] Pulp Valuation Data - On May 26, 2025, the basis of Russian Needle was 0.805, and the import profit was 48; the basis of Silver Star was 0.972, and the import profit was 848. The import profit of broadleaf pulp Goldfish was - 387 [1] Supply and Demand Summary - Supply: Chilean Arauco announced the May 2025 wood pulp external quotes: coniferous pulp Silver Star at 740 dollars/ton, down 30 dollars/ton; broadleaf pulp Star had no supply in May and June, with partial supply recovery expected in July; natural pulp Venus at 620 dollars/ton, down 30 dollars/ton [1] - Demand: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases [1] - Inventory: As of May 22, 2025, the inventory of China's main pulp ports showed a downward trend [1]