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纸浆数据日报-20250612
Guo Mao Qi Huo·2025-06-12 05:09
  1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The 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 Related Catalogs 3.1 Pulp Price Data Futures Prices - On June 11, 2025, SP2601 was 5,270 yuan, down 0.23% week - on - week and up 0.38% week - on - week; SP2507 was 5,346 yuan, down 0.56% week - on - week and up 0.91% week - on - week; SP2509 was 5,260 yuan, down 0.45% week - on - week and up 0.46% week - on - week [1]. Spot Prices - On June 11, 2025, the spot price of coniferous pulp Silver Star was 6,150 yuan, unchanged week - on - week; Russian coniferous pulp was 5,350 yuan, unchanged week - on - week and up 0.56% week - on - week; broadleaf pulp Goldfish was 4,120 yuan, unchanged week - on - week [1]. Outer - disk Quotes and Import Costs - Outer - disk quotes (in dollars) on June 11, 2025: Chilean Silver Star was 740 dollars, unchanged month - on - month; Chilean Star was 560 dollars, unchanged month - on - month; Chilean Venus was 620 dollars, unchanged month - on - month. Import costs: Chilean Silver Star was 6,046 yuan, unchanged month - on - month; Chilean Star was 4,587 yuan, unchanged month - on - month; Chilean Venus was 5,073 yuan, unchanged month - on - month [1]. 3.2 Pulp Fundamental Data Supply - In April 2025, the import volume of coniferous pulp was 75.8 tons, down 5.01% month - on - month; the import volume of broadleaf pulp was 119.9 tons, down 18.44% month - on - month. The pulp shipment volume to China was 1,353 tons in April 2025, down 30.80% from 1,955 tons in March 2025. The domestic production of broadleaf pulp and chemimechanical pulp showed certain fluctuations from April 17 to June 5, 2025 [1]. Inventory - As of May 29, 2025, the pulp port inventory was 216.1 tons, up 0.2% from the previous period; the delivery warehouse inventory was 25.2 tons, unchanged from the previous period. The inventory of finished paper such as offset paper, coated paper, tissue paper, and white cardboard also showed certain fluctuations during different periods [1]. Demand - The output of finished paper such as offset paper, coated paper, tissue paper, and white cardboard showed certain fluctuations from April 17 to June 5, 2025. Among them, the output of white cardboard increased slightly, and the output of other paper types was stable [1]. 3.3 Pulp Valuation Data - On June 11, 2025, the Russian coniferous pulp basis was 4, with a quantile level of 0.72; the Silver Star basis was 804, with a quantile level of 0.959. The import profit of coniferous pulp Silver Star was 104, with a quantile level of 0.78; the import profit of broadleaf pulp Goldfish was - 467, with a quantile level of 0.207 [1]. 3.4 Summary Supply End - Chile's Arauco Company announced the June 2025 wood pulp outer - disk price: coniferous pulp Silver Star was 740 dollars/ton (face price), unchanged; there was no supply of broadleaf pulp in June, and partial supply was expected to resume in July (with limited quantity); natural pulp Venus was 620 dollars/ton (face price), unchanged. According to the PPPG report, in April 2025, the shipment volume of M20 coniferous pulp to China decreased by 2.9% year - on - year, and the shipment volume of broadleaf pulp to China increased by 26.7% year - on - year [1]. Demand End - Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases. Among the main finished paper outputs, the output of white cardboard increased slightly, and the output of other paper types was stable [1]. Inventory End - As of May 29, 2025, the inventory of China's mainstream pulp ports was 216.1 tons, an increase of 0.4 tons from the previous period, a 0.2% increase month - on - month. The overall inventory quantity changed little, showing a slight inventory accumulation trend [1].