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建信期货纸浆日报-20250611
ND PAPERND PAPER(HK:02689) Jian Xin Qi Huo·2025-06-11 01:21
  1. Report Information - Report Type: Pulp Daily Report [1] - Date: June 11, 2025 [2] 2. Industry Investment Rating - No information provided. 3. Core Viewpoints - The new round of imported pulp quotes remained stable, the port destocking speed was still slow, the implementation effect of downstream price increase letters was average, and the shutdown of the 690,000 - ton per - annum softwood pulp mill Joutseno in Finland due to poor orders boosted the market trend, leading to a wide - range rebound in pulp prices [8]. 4. Summary by Section 4.1 Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 - contract of pulp futures was 5,256 yuan/ton, and the closing price was 5,284 yuan/ton, a rise of 0.53%. The 01 - contract and 05 - contract also showed different price changes [7]. - Spot Market: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,280 - 6,750 yuan/ton, and the low - end price remained stable compared with the previous trading day. The quotation of Shandong Yinxing was 6,150 - 6,170 yuan/ton [7]. - Supply and Demand: Chilean 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 softwood pulp from 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative year - on - year 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. The downstream market had a clear demand for improving profitability, but the follow - up of terminal orders was limited, and the raw material procurement mentality was cautious [8]. 4.2 Industry News - Jiulong Paper is promoting a forest - pulp - paper integration project in Beihai, Guangxi. The first production line is planned to be put into operation in June 2025, and the other two production lines will be put into operation in stages in September and December. The project aims to achieve full production in 2025, with a total investment of 35 billion yuan, covering an area of 5,120 mu. After the project is put into operation, the annual output value is expected to reach 70 billion yuan, and the annual tax will increase by 3 billion yuan. The pulp production capacity is expected to reach 14.4 million tons [9]. 4.3 Data Overview - The report presents multiple data charts, including pulp futures price, spot price, price difference, inventory, and other data, with data sources mainly from Wind, Zhuochuang Information, and the Research and Development Department of Jianxin Futures [7][11][20]