建信期货纸浆日报-20250530

Report Information - Report Name: Pulp Daily Report [1] - Date: May 30, 2025 [2] Industry Investment Rating - No relevant information provided Core View - The pulp market has macro disturbances as the US International Trade Court blocked the April 2 tariff decision and the Trump administration appealed. New import pulp offers are mostly down, port inventory reduction is slow, and the implementation of price increase notices by downstream paper mills is generally ineffective. After the macro pressure weakens, pulp tries to fill the gap, but lacks fundamental support, so it may maintain low - level range - bound adjustment [8] Summary by Directory 1. Market Review and Operation Suggestions - Market Review: The previous settlement price of the pulp futures 09 contract was 5,194 yuan/ton, and the closing price was 5,356 yuan/ton, a rise of 3.12%. The intended transaction price range of softwood pulp in the Shandong market was 5,400 - 6,750 yuan/ton, with the low - end price stable compared to the previous day's closing price. The Shandong Yinxing offer was 6,300 yuan/ton [7] - Supply and Demand Situation: The Trump administration's appeal against the court's tariff decision creates macro uncertainties. Chile's Arauco's May offers for Yinxing and Jinxing are down. In April, the world's top 20 pulp - producing countries' softwood pulp shipments decreased by 7.2% year - on - year, but the cumulative figure from January to April increased by 1.4% year - on - year. China's pulp imports in April were 2.89 million tons, down 11.1% month - on - month and 10.2% year - on - year. As of May 29, 2025, the weekly pulp inventory in major regions and ports decreased by 2.2% month - on - month. Downstream market demand improvement is limited, and raw material procurement is cautious [8] 2. Industry News - Zhanjiang Zhongzhi Paper Co., Ltd. plans to significantly adjust the scale of its high - end packaging new materials project. The new plan includes a 400,000 - ton/year chemimechanical pulp production line, a 400,000 - ton/year chemical pulp production line, and two special paper production lines with a total annual output of 190,000 tons. The project will also build solid waste comprehensive utilization facilities to improve resource utilization efficiency and achieve green development, marking a shift from traditional white cardboard to high - value - added special paper [9] 3. Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, warehouse receipt volumes, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper, offset paper, white cardboard, and white board paper, and the US dollar - RMB exchange rate [15][17][25][27][29]