Report Summary 1) Report Industry Investment Rating No relevant information provided. 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]. 3) Summary by Related Catalogs Price Data - Futures Prices: On June 18, 2025, SP2601 was 5234 with a daily increase of 0.11% and a weekly decrease of 0.68%; SP2507 was 5240 with a daily increase of 0.38% and a weekly decrease of 1.98%; SP2509 was 5228 with a daily increase of 0.27% and a weekly decrease of 0.61% [1]. - Spot Prices: Coniferous pulp Silver Star was 6050 with no daily change and a weekly decrease of 1.63%; Knitted Coniferous was 5250 with no daily change and a weekly decrease of 1.87%; Broad - leaf pulp Goldfish was 4100 with no daily change and a weekly decrease of 0.49% [1]. - Outer - disk Quotes and Import Costs: Chilean Silver Star outer - disk quote was 740 dollars with no change, and its import cost was 6046 with no change; Chilean Star outer - disk quote was 560 dollars with no change, and its import cost was 4587 with no change; Chilean Venus outer - disk quote was 620 dollars with no change, and its import cost was 5073 with no change [1]. Fundamental Data - Supply: In April 2025, the pulp shipment volume to China was 1353, a year - on - year decrease of 30.80%. Broad - leaf pulp supply was 119.9, a year - on - year decrease of 18.44%. Chilean Arauco's June 2025 outer - disk quotes: coniferous pulp Silver Star was 740 dollars/ton (face value) with no change, broad - leaf pulp had no supply in June and partial supply recovery in July (limited quantity), and natural pulp Venus was 620 dollars/ton (face value) with no change. In April 2025, the shipment volume of M20 coniferous pulp to China decreased by 2.9% year - on - year, and that of broad - leaf pulp increased by 26.7% year - on - year [1]. - Inventory: As of June 12, 2025, the delivery warehouse inventory was 25.50 tons, and the pulp port inventory was 218.5 tons, showing a slight inventory accumulation trend [1]. - Demand: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid - demand purchases, and the output of major finished papers remained stable [1]. Valuation Data - On June 18, 2025, the basis of Silver Star was 810 with a quantile level of 0.958, the basis of broad - leaf pulp Goldfish was - 487 with a quantile level of 0.204, and the basis of Russian coniferous pulp was 10 with a quantile level of 0.729 [1].
纸浆数据日报-20250619
Guo Mao Qi Huo·2025-06-19 04:19