建信期货纸浆日报-20250528

Report Summary 1. Report Date - The report is dated May 28, 2025 [2] 2. Industry Investment Rating - No investment rating information is provided in the report 3. Core View - New round of imported pulp offers are mainly decreasing, port de - stocking is still slow. Downstream paper mills have issued price - increase notices, boosting market confidence, but their raw material procurement is cautious. Pulp is likely to maintain low - level range - bound adjustment in the future [8] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Market Review: The pre - settlement price of the pulp futures 09 contract was 5306 yuan/ton, and the closing price was 5184 yuan/ton, a decline of 2.30%. The intended transaction price range of softwood pulp in the Shandong market was 5400 - 6750 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing offer was 6300 yuan/ton [7] - Supply and Demand Analysis: Chile's Arauco announced May offers, with Yinxing at 740 dollars/ton and Jinxing at 620 dollars/ton, lower than the previous offers. In March, the shipment volume of softwood pulp from 20 major pulp - producing countries increased by 11.7% year - on - year, and the cumulative increase from January to March was 4.1% year - on - year. In April, China's pulp imports 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 terminal orders are limited, and raw material procurement is cautious [8] 4.2 Industry News - On May 23, Shandong Jiefeng Machinery Manufacturing Co., Ltd. announced the launch of the "Intelligent Pulping and Papermaking Production Line Test Workshop" and "Intelligent Manufacturing Digital Production Workshop" construction projects. The projects are planned to start in August 2025 and be put into production in March 2026. Aiming to enhance efficiency, reduce energy consumption, and consolidate the company's leading position in the domestic pulping and papermaking machinery field, the new workshops focus on full - process intelligence, improving product design and processing accuracy, and promoting green production [9]