Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp lacks clear driving factors in the short term and is expected to fluctuate at a low level [1] Group 3: Summary of Key Information Pulp Price Data - On June 5, 2025, among futures prices, SP2601 was 5242 with a daily decrease of 0.15% and a weekly increase of 0.15%; SP2507 was 5280 with a daily decrease of 0.34% and a weekly decrease of 0.86%; SP2509 was 5228 with a daily decrease of 0.15% and a weekly increase of 0.27%. Among spot prices, the price of coniferous pulp Silver Star was 6150 with no daily change and no weekly change; the price of knitting needle pulp was 5320 with no daily change and no weekly change; the price of broadleaf pulp Goldfish was 4120 with no daily change and a weekly increase of 0.49%. The outer - disk quotations of Chilean Silver Star, Chilean Star, and Chilean Venus remained unchanged compared to the previous period, and the import costs also remained unchanged [1] Pulp Fundamental Data - Supply: In April 2025, the import volume of coniferous pulp was 75.8 tons, a month - on - month decrease of 5.01%; the import volume of broadleaf pulp was 119.9 tons, a month - on - month decrease of 18.44%. The pulp shipment volume to China in March 2025 was 1813 tons, a month - on - month increase of 20.70%. The domestic production of broadleaf pulp and chemimechanical pulp showed certain fluctuations from late April to late May 2025 [1] - Inventory: As of May 29, 2025, the pulp port inventory was 216.1 tons, a slight increase compared to the previous period. The delivery warehouse inventory, double - offset paper inventory, coated paper inventory, and inventory of other products also showed different degrees of change [1] - Demand: The production volume of major finished papers such as double - offset paper, coated paper, tissue paper, and white cardboard also showed certain fluctuations from late April to late May 2025. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor [1] Pulp Valuation Data - On June 5, 2025, the basis of Russian needles was 40 with a quantile level of 0.788; the basis of Silver Star was 870 with a quantile level of 0.975. The import profit of coniferous pulp Silver Star was 104 with a quantile level of 0.78; the import profit of broadleaf pulp Goldfish was - 467 with a quantile level of 0.206 [1] Supply and Demand Situation - Supply: Chile's Arauco company announced the June 2025 wood pulp outer - disk prices. The price of coniferous pulp Silver Star remained unchanged, broadleaf pulp had no supply in June and limited supply in July, and the price of natural pulp Venus remained unchanged. In April 2025, the shipment volume of M20 coniferous pulp to China decreased year - on - year, while the shipment volume of broadleaf pulp to China increased year - on - year [1] - Demand: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid - demand purchases. The production volume of white cardboard increased slightly, and the production volume of other paper types remained stable [1] Inventory Situation - As of May 29, 2025, the sample inventory of China's mainstream pulp ports was 216.1 tons, a slight increase compared to the previous period, showing a trend of slight inventory accumulation [1]
纸浆数据日报-20250606
Guo Mao Qi Huo·2025-06-06 07:25