Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp futures main contract completed the rollover, with SP2509 falling significantly by 1.5% this week. In June, the paper industry is in the traditional off - season, downstream paper mills' profit improvement is poor, the enthusiasm for purchasing raw materials is insufficient, and the pulp market sales rhythm is slow, continuing the dynamic game. It is recommended to wait and see for now [7][33] Group 3: Summary by Relevant Catalogs 1. This Week's Market Review - The pulp futures main contract completed the rollover, and SP2509 dropped by 1.5% on a weekly basis [7] 2. Fundamental Analysis 2.1 Pulp Market Prices - As of June 19, the weekly average price of imported softwood pulp was 5946 yuan/ton, down 0.72% from last week, turning from stable to falling; the weekly average price of imported hardwood pulp was 4141 yuan/ton, down 0.48% from last week, turning from rising to falling; the weekly average price of imported unbleached pulp was 5187 yuan/ton, down 1.61% from last week, with the decline expanding by 0.86 percentage points compared to the previous period; the weekly average price of imported chemimechanical pulp was 3783 yuan/ton, down 0.92% from last week, with the decline expanding by 0.40 percentage points compared to the previous period [12] 2.2 April Pulp Import Volume - In April 2025, China imported 289.3 tons of pulp, with an import value of 1825.2 million US dollars and an average unit price of 630.90 US dollars/ton. The cumulative import volume and value from January to April increased by 1% and 0.5% respectively compared to the same period last year. In April, the import volume of softwood pulp was 75.75 tons, a month - on - month decrease of 5.03% and a year - on - year decrease of 7.57%; the import volume of hardwood pulp was 119.93 tons, a month - on - month decrease of 18.41% and a year - on - year decrease of 11.70% [16] 2.3 Port Inventory - As of June 19, 2025, the weekly pulp inventory in major Chinese regions and ports was 220.36 tons, a month - on - month increase of 1.22%, with the growth rate narrowing by 0.85 percentage points compared to last week [18][33] 2.4 May European Chemical Pulp Inventory - In May 2025, European chemical pulp consumption was 85.20 tons, a year - on - year increase of 0.32%; the European chemical pulp inventory was 68.10 tons, a year - on - year increase of 2.50%. The inventory days were 25 days, the same as the same period last year [21][33] 2.5 Consumption - Waste pulp consumption is the main consumption method of pulp in China, accounting for 63% of the total pulp consumption; wood pulp consumption accounts for 31% of the total pulp consumption, and imported wood pulp consumption accounts for 21% of the total pulp consumption; non - wood pulp consumption accounts for 6% of the total pulp consumption. The operating load rate of double - copper paper increased by 1.53 percentage points from last week; the operating load rate of offset paper increased by 2.93 percentage points this week; the operating load rate of white cardboard decreased by 2.16 percentage points this week; the operating load rate of tissue paper increased by 2.93 percentage points this week [26] 3. Future Outlook - As of June 19, the weekly pulp inventory in major Chinese regions and ports was 220.36 tons, a month - on - month increase of 1.22%, with the growth rate narrowing by 0.85 percentage points compared to last week. Arauco of Chile announced a new round of wood pulp export quotes. In May, European chemical pulp consumption increased by 0.32% year - on - year, and the inventory increased by 2.50% year - on - year. June is the traditional off - season for the paper industry, downstream paper mills' profit improvement is poor, the enthusiasm for purchasing raw materials is insufficient, and the pulp market sales rhythm is slow, continuing the dynamic game. It is recommended to wait and see for now [33]
纸浆周报：主力合约移仓换月，盘面大幅下跌-20250622
Guo Xin Qi Huo·2025-06-22 03:21