纸浆数据日报-20250618

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp lacks clear driving factors in the short term, and a 7 - 9 reverse spread strategy is recommended [1] Group 3: Summary by Related Catalog Price Data - On June 17, 2025, compared with the previous week, the HMA was down 1.02%, the silver star of softwood pulp was down 0.82%, and the SP2601 was down 0.15%. Compared with the previous day, the SP2601 was down 1.63%. The futures price of SP2507 increased by 0.42% week - on - week and decreased by 1.95% month - on - month. The spot price of softwood pulp silver star was 740, with no change month - on - month. The import cost of Chilean silver star was 4587 dollars, with no change [1] Fundamental Data Supply - In April 2025, the import volume of softwood pulp was 79.8 tons, a month - on - month decrease of 5.01%; the import volume of hardwood pulp was 119.9 tons, a month - on - month decrease of 18.44%. The pulp shipment volume to China was 1955, a month - on - month decrease of 30.80%. The domestic production of hardwood pulp and chemimechanical pulp fluctuated slightly. The Arauco company in Chile announced the June 2025 wood pulp FOB prices: softwood pulp silver star at 740 dollars/ton (list price), unchanged; no supply of hardwood pulp in June, with partial supply expected to resume in July (limited quantity); natural pulp Venus at 620 dollars/ton (list price), unchanged [1] Demand - Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made purchases based on rigid demand, and the output of major finished papers remained stable [1] Inventory - As of June 12, 2025, the inventory of China's mainstream pulp ports was 218.5 tons, a 2.8 - ton increase from the previous period, a 1.3% month - on - month increase. The inventory showed a slight accumulation trend. The delivery warehouse inventory also fluctuated [1] Valuation Data - On June 17, 2025, the quantile level of the silver star of softwood pulp was 0.726, and the quantile level of the Russian softwood pulp basis was 0.619. The basis of silver star was 808, and the import profit of hardwood pulp goldfish was - 487 [1]