纸浆数据日报-20250603

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The pulp futures market has intense capital games, and it is recommended to stay on the sidelines with an empty position [1]. 3. Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On May 30, 2025, SP2601 was 5308, down 0.86% week - on - week and 0.15% compared to the previous period; SP2507 was 5414, down 1.42% week - on - week and 0.92% compared to the previous period; SP2509 was 5294, down 1.16% week - on - week and 0.82% compared to the previous period [1]. - Spot Prices: On May 30, 2025, the price of coniferous pulp Silver Star was 6200, unchanged week - on - week and down 0.80% compared to the previous period; Russian coniferous pulp was 5400, unchanged week - on - week and down 0.92% compared to the previous period; broad - leaf pulp Goldfish was 4150, unchanged week - on - week and down 1.19% compared to the previous period [1]. - Outer - disk Quotes: In May 2025, the outer - disk quote of Chilean Silver Star was 740 dollars/ton, down 3.90% from the previous period; Chilean Star was 560 dollars/ton, down 11.11% from the previous period; Chilean Venus was 620 dollars/ton, down 4.62% from the previous period [1]. - Import Costs: The import cost of Chilean Silver Star was 6046, down 3.87% from the previous period; Chilean Star was 4587, down 11.00% from the previous period; Chilean Venus was 5073, down 4.57% from the previous period [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 broad - leaf pulp was 119.9 tons, down 18.44% month - on - month. The pulp shipment volume to China in March 2025 was 1813, up 20.70% from February [1]. - Inventory: As of May 29, 2025, the pulp port inventory was 216.1 tons, up 0.4 tons from the previous period, a 0.2% increase. The delivery warehouse inventory was 25.20 tons [1]. - Demand: The production of finished paper showed that the production of white cardboard increased slightly, while the production of other paper types was stable. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor [1]. Pulp Valuation Data - Basis: On May 30, 2025, the Russian coniferous pulp basis was - 14, with a quantile level of 0.671; the Silver Star basis was 786, with a quantile level of 0.959 [1]. - Import Profit: On May 30, 2025, the import profit of coniferous pulp Silver Star was 154, with a quantile level of 0.808; the import profit of broad - leaf pulp Goldfish was - 437, with a quantile level of 0.218 [1]. Summary - Supply End: Chilean Arauco announced the May 2025 wood pulp outer - disk prices. The shipment volume of coniferous pulp to China in April 2025 decreased year - on - year, while that of broad - leaf pulp increased year - on - year [1]. - Demand End: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases [1]. - Inventory End: As of May 29, 2025, the pulp inventory showed a slight accumulation trend [1]. - Position: On the day, the pulp futures 2507 contract increased positions significantly and rose, and the warehouse receipts decreased. The 07 contract was about to limit positions, and the long - short game on the delivery logic was intense [1].