建信期货纸浆日报-20250617

Report Information - Report Name: Pulp Daily Report [1] - Date: June 17, 2025 [2] Industry Investment Rating - Not provided Core Viewpoint - Pulp prices are oscillating in a wide range at a low level due to the loose supply in domestic and foreign pulp markets, slow de - stocking at ports, continuous optimization of raw material cost structure by downstream paper mills, and intensified competition between domestic and imported pulp [7] Summary by Section 1. Market Review and Operation Suggestions - The previous settlement price of the 09 - contract of pulp futures was 5,204 yuan/ton, and the closing price was 5,232 yuan/ton, with an overall decline of 0.99%. 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 dropped by 70 compared with the closing price of the previous working day. The quotation of Shandong Arauco Silver Star was 6,120 - 6,150 yuan/ton [7] - Arauco of Chile announced its June prices: Silver Star at 740 US dollars/ton and Venus at 620 US dollars/ton, remaining the same as the previous quotation [7] - According to PPPC data, the shipment volume of softwood pulp from 20 major pulp - producing countries in the world decreased by 7.2% year - on - year in April, and the cumulative volume from January to April increased by 1.4% year - on - year. China's pulp imports in May were 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - As of June 12, 2025, the weekly pulp inventory in major regions and ports increased by 2.1% month - on - month. The inventory in major ports was stable or slightly increased compared with last week, only the inventory in Tianjin Port decreased compared with last week, and the overall shipment speed was moderate. Downstream paper mills mainly consumed their previous raw material inventories, and their short - term enthusiasm for pulp procurement was insufficient [7] 2. Industry News - On June 6, relevant technical personnel from the World Bank Office of the Fujian Forestry Bureau and the Fast - growing and High - yielding Forest Office of the Sanming Forestry Bureau visited Qingshan Paper Industry to guide the construction planning of the national reserve forest project. They believed that Qingshan Paper Industry's promotion of the national reserve forest construction project was a way to ensure raw material supply, achieve green government - enterprise linkage, and seek new opportunities for the development of the national reserve forest. Qingshan Paper Industry, as a state - owned leading enterprise, has the unique advantage of "integration of primary, secondary, and tertiary industries", adheres to the principle of "scientific planning and industrial synergy", and is committed to becoming a model for the efficient use of forestry resources in Fujian Province [8] 3. Data Overview - The report provides various data charts including pulp futures prices, spot prices, spreads, inventory, and paper product prices, with data sources from Wind, Zhuochuang Information, and the Research and Development Department of CCB Futures [7][24][27]