纸浆周报：偏弱震荡，关注主力合约移仓换月-20250606

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The pulp futures market is in a weak and volatile state. The pulp market continues the dynamic game, with low price operation and weak price - rising momentum. It is recommended to wait and see for the time being [35] Group 3: Summary by Directory 1. This Week's Market Review - This week, the main contract of pulp futures shifted positions. The SP2509 contract was weakly operated, with a weekly decline of 1.32% [7] 2. Fundamental Analysis - Pulp Market Price: As of June 5, the weekly average price of imported softwood pulp was 5989 yuan/ton, down 0.50% from last week; the weekly average price of imported hardwood pulp was 4158 yuan/ton, down 0.83% from last week; the weekly average price of imported natural pulp was 5312 yuan/ton, down 0.58% from last week; the weekly average price of imported chemimechanical pulp was 3838 yuan/ton, down 0.10% from last week [12] - April Pulp Import Volume: In April 2025, China imported 289.3 tons of pulp, with an import amount of 1825.2 million US dollars and an average unit price of 630.90 US dollars/ton. The cumulative import volume and amount from January to April increased by 1% and 0.5% respectively compared with the same period last year. In April, the import volume of softwood pulp was 75.75 tons, a month - on - month decrease of 5.03% and a year - on - year decrease of 7.57%; the import volume of hardwood pulp was 119.93 tons, a month - on - month decrease of 18.41% and a year - on - year decrease of 11.70% [16] - Port Inventory Situation: As of June 5, 2025, the weekly pulp inventory in major Chinese regions and ports was 213.29 tons, a 1.6% decrease from last week, and the decline rate narrowed by 0.60 percentage points [19][35] - April European Inventory: In April 2025, the total inventory in European ports decreased by 12.81% month - on - month and increased by 13.61% compared with April 2024. The inventory in UK and German ports increased by 38.60% and 15.72% respectively month - on - month, while the inventory in ports of the Netherlands/Belgium/France/Switzerland, Italy and Spain decreased by 18.88%, 20.57% and 2.67% respectively month - on - month [22] - Consumption Situation: Waste pulp consumption accounts for 63% of the total pulp consumption in China; wood pulp consumption accounts for 31%, and imported wood pulp consumption accounts for 21%; non - wood pulp consumption accounts for 6%. The operating rates of downstream pulp types are diverging. The operating load rates of double - copper paper and white cardboard increased month - on - month, while those of double - offset paper and household paper decreased month - on - month. Paper mills' enthusiasm for purchasing raw materials is insufficient, and the pulp market sales rhythm is slow [28] 3. Future Outlook - The pulp inventory in major Chinese regions and ports decreased, and the decline rate narrowed. The operating rates of downstream pulp types are diverging. Paper mills' enthusiasm for purchasing raw materials is insufficient, and the pulp market continues the dynamic game. The domestic hardwood pulp market price is running at a low level, and the spot price of imported wood pulp in some regions is adjusted according to the market, with weak price - rising momentum. The pulp market continues the pattern of rebound and decline, and it is recommended to wait and see for the time being [35]