纸浆数据日报-20250609

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The pulp market lacks clear driving factors in the short - term and is expected to fluctuate at a low level [1]. 3. Summary by Related Content Pulp Price Data - Futures Prices: On June 6, 2025, SP2601 was 5240, down 0.04% day - on - day and 2.13% week - on - week; SP2507 was 5280, unchanged day - on - day and down 3.86% week - on - week; SP2509 was 5224, down 0.08% day - on - day and 2.46% week - on - week [1]. - Spot Prices: Coniferous pulp Silver Star was 6150, unchanged day - on - day and down 0.81% week - on - week; Russian Needle was 5350, up 0.56% day - on - day and down 0.93% week - on - week; Broadleaf pulp Goldfish was 4120, unchanged day - on - day and down 0.72% week - on - week [1]. - Outer - disk Quotes and Import Costs: Outer - disk quotes of Chilean Silver Star, Star, and Venus were unchanged month - on - month, and their import costs were also unchanged [1]. Pulp Fundamental Data - Supply: In April 2025, coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; broadleaf pulp imports were 119.9 tons, down 18.44% month - on - month. The pulp shipments to China in March 2025 were 1813 thousand tons, up 20.70% month - on - month. Domestic production of broadleaf pulp and chemimechanical pulp showed some fluctuations. Pulp port inventories and delivery - warehouse inventories also changed over different periods [1]. - Demand: Among the main finished paper production, white cardboard production 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. Downstream paper mills made purchases based on rigid demand [1]. Pulp Valuation Data - Basis: On June 6, 2025, the Russian Needle basis was 70 with a quantile level of 0.828, and the Silver Star basis was 870 with a quantile level of 0.975 [1]. - Import Profit: The import profit of coniferous pulp Silver Star was 104 with a quantile level of 0.78, and that of broadleaf pulp Goldfish was - 467 with a quantile level of 0.207 [1]. Supply - demand - inventory Situation - Supply: Chilean Arauco announced its June 2025 wood - pulp outer - disk prices. The coniferous pulp Silver Star was at 740 dollars/ton (face value) unchanged, and there was no broadleaf pulp supply in June, with partial recovery expected in July (limited quantity). The native pulp Venus was at 620 dollars/ton (face value) unchanged. According to the PPPG report, in April 2025, the shipments of M20 coniferous pulp to China decreased 2.9% year - on - year, while broadleaf pulp shipments increased 26.7% year - on - year [1]. - Demand: See the above demand - related content. - Inventory: As of May 29, 2025, the sample inventory of China's mainstream pulp ports was 216.1 tons, an increase of 0.4 tons from the previous period, a 0.2% month - on - month increase. The inventory showed a slight accumulation trend with little overall change in this cycle [1].