建信期货纸浆日报-20250610

Group 1: Report Information - The report is a daily paper pulp report dated June 10, 2025 [1][2] Group 2: Investment Rating - No investment rating information is provided in the report Group 3: Core View - The paper pulp market shows that the new round of imported pulp quotes remains stable, the port de - stocking speed is still slow, the implementation effect of downstream price increase letters is average, and the shutdown of a 690,000 - ton coniferous pulp mill in Finland due to poor orders boosts the market trend, with the pulp rebounding in a wide range [8] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: The pre - settlement price of the 09 contract of pulp futures was 5,226 yuan/ton, and the closing price was 5,290 yuan/ton, a rise of 1.22%. For SP2601, the increase was 0.91%, and for SP2605, it was 0.19% [7] - Spot Market: The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5,280 - 6,750 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 6,150 - 6,170 yuan/ton [7] - Supply - related Data: Chile's Arauco announced its June quotes, with Yinxing at 740 US dollars/ton and Jinxing at 620 US dollars/ton, unchanged from the previous period. The shipment volume of coniferous pulp from 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4%. China's pulp imports in May were 3.02 million tons, a month - on - month increase of 4.3% and a year - on - year increase of 6.9%. As of June 5, 2025, the weekly pulp inventory in major regions and ports decreased by 2.6% month - on - month [8] - Downstream Market: The downstream market has a clear demand for improved profitability, but the follow - up of terminal orders is limited, and the raw material procurement mentality is cautious [8] 2. Industry News - On June 9, in Xingning, Meizhou, Guangdong, 33 key industrial projects were signed, started, and completed in the first half of 2025, with a total planned investment of 7.087 billion yuan. After reaching production capacity, the expected annual output value is 8.857 billion yuan, and the annual tax is 376 million yuan. Among them, there are 3 packaging projects with different planned investments, trial - production times, expected annual output values, and annual taxes [9] 3. Data Overview - The report provides multiple data charts, including cross - period spreads, import floating needle pulp spot prices, pulp futures prices, pulp spot - futures spreads, needle - broadleaf spreads, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and spreads of white cardboard and whiteboard paper, copperplate paper and offset paper, and the US dollar - RMB exchange rate [14][15][17][26][28][30]