建信期货纸浆日报-20250619

1. Report Information - Report Title: Pulp Daily Report [1] - Date: June 19, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 contract was 5,210 yuan/ton, and the closing price was 5,228 yuan/ton, a 0.35% increase [7]. - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5,280 - 6,750 yuan/ton, with the low - end price down 70 yuan from the previous trading day. The quotation of Shandong Yinxing was 6,120 - 6,150 yuan/ton [7]. - Arauco's June Quotes: Silver Star was quoted at 740 US dollars/ton, and Venus at 620 US dollars/ton, unchanged from the previous period [7]. - Supply: In April, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries decreased by 7.2% year - on - year, and the cumulative volume from January to April increased by 1.4% year - on - year. In May, China's pulp imports were 3.02 million tons, a 4.3% increase from the previous month and a 6.9% increase year - on - year [7]. - Inventory: 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 with a slight increase, except for Tianjin Port. The overall shipment speed was moderate [7]. - Market Outlook: The new round of imported pulp quotes remained stable. The domestic and international pulp markets had a loose supply, the port de - stocking speed was still slow, downstream paper mills continued to optimize the raw material cost structure, and the competition between domestic and imported pulp intensified. Pulp prices fluctuated widely in a low - level range [7]. 3. Industry News - On June 6, relevant personnel from the Fujian Forestry Bureau and 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 project could ensure raw material supply and achieve green government - enterprise linkage. Qingshan Paper Industry, as a state - owned leading enterprise, has the unique advantage of "integration of primary, secondary, and tertiary industries" and adheres to the principle of "scientific planning and industrial collaboration" [8].