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纸浆数据日报-20250610
Guo Mao Qi Huo·2025-06-10 03:26

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - Pulp lacks clear driving factors in the short - term and is expected to fluctuate in the range of 5,200 - 5,500 yuan/ton [1]. 3. Summary by Relevant Catalogs Pulp Price Data - On June 9, 2025, the day - on - day change of SP2601 was 1.07%, SP2507 was 0.00%, and SP2509 was 1.26%. The week - on - week change of SP2507 was - 0.34%, and SP2509 was - 0.08% [1]. - The spot price of coniferous pulp Silver Star was 6,150 yuan/ton with a week - on - week change of - 0.81%, and the futures price of SP2601 was 5,296 yuan/ton [1]. - The outer - disk quotes of Chilean Silver Star, Star, and Venus were 740, 560, and 620 US dollars respectively, with no change month - on - month [1]. Pulp Fundamental Data - In April 2025, the import volume of coniferous pulp was 75.8 tons, a month - on - month decrease of 5.01%, and the import volume of broad - leaf pulp was 119.9 tons, a month - on - month decrease of 18.44% [1]. - The pulp shipment volume to China in April 2025 was 1,353 tons, a month - on - month decrease of 30.80% [1]. - As of May 29, 2025, the pulp port inventory was 216.1 tons, a week - on - week increase of 0.2%, showing a slight inventory accumulation trend [1]. Pulp Valuation Data - On June 9, 2025, the Russian needle basis was 70 with a quantile level of 0.975, and the Silver Star basis was 870 [1]. - The import profit of coniferous pulp Silver Star was 104 with a quantile level of 0.78, and the import profit of broad - leaf pulp Goldfish was - 467 with a quantile level of 0.207 [1]. Supply, Demand, and Inventory - Supply: Chilean Arauco announced the June 2025 wood pulp outer - disk prices. Coniferous pulp Silver Star was 740 US dollars/ton (face price), unchanged; broad - leaf pulp had no supply in June, and partial supply was expected to resume in July (limited quantity); the price of natural pulp Venus was 620 US dollars/ton (face price), unchanged [1]. - Demand: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor; downstream paper mills made rigid - demand purchases, with a slight increase in white cardboard production and stable production of other paper types [1]. - Inventory: As of May 29, 2025, the mainstream port sample inventory of Chinese pulp was 216.1 tons, a 0.4 - ton increase from the previous period, a 0.2% week - on - week increase, showing a slight inventory accumulation trend [1].