Report Industry Investment Rating - Not provided in the report Core Viewpoints - The supply of pulp shows a complex situation. The Arauco company in Chile has a stable price for coniferous pulp in June, and the supply of broad - leaf pulp is expected to partially resume in July. The shipment volume of pulp to China has decreased year - on - year in April 2025. The demand side is weak as the output of major finished papers has declined this week, and the low price of finished papers provides weak support for pulp. The inventory has shown a narrow - range accumulation trend as of June 19, 2025. The strategy is to conduct an 11 - 1 reverse spread after the suspension of Burundi needle warehousing [1] Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On June 20, 2025, SP2601 was 5166, down 1.90% day - on - day and 0.69% week - on - week; SP2507 was 5124, down 2.40% day - on - day and 3.10% week - on - week; SP2509 was 5120, down 2.55% day - on - day and 1.50% week - on - week [1] - Spot Prices: Coniferous pulp Silver Star was 6050, unchanged day - on - day and down 0.82% week - on - week; Knitted coniferous pulp was 5250, unchanged day - on - day and down 0.94% week - on - week; Broad - leaf pulp Goldfish was 4100, unchanged both day - on - day and week - on - week [1] - Outer - disk Quotes and Import Costs: Outer - disk quotes of Chilean Silver Star, Chilean Star, and Chilean Venus were all unchanged month - on - month. Import costs of these pulps were also unchanged month - on - month [1] Pulp Fundamental Data Supply - Import Volume: In April 2025, the import volume of coniferous pulp was 75.8 tons, down 5.01% month - on - month; the import volume of broad - leaf pulp was 119.9 tons, down 18.44% month - on - month. The pulp shipment volume to China was 1353 tons, down 30.80% month - on - month [1] - Domestic Output: The domestic output of broad - leaf pulp and chemimechanical pulp fluctuated from May 8 to June 19, 2025 [1] Inventory - Pulp Port Inventory: As of June 19, 2025, it was 220.8 tons, up 2.3 tons from the previous period, a 1.1% increase [1] - Delivery Warehouse Inventory: As of June 19, 2025, it was 23.53 tons, showing a downward trend compared to previous periods [1] Demand - Finished Paper Output: From May 8 to June 19, 2025, the output of double - offset paper, coated paper, tissue paper, and white cardboard all showed fluctuations, and the output of major finished papers decreased this week [1] Pulp Valuation Data - Basis: On June 20, 2025, the Russian needle basis was 130 with a quantile level of 0.87; the Silver Star basis was 930 with a quantile level of 0.98 [1] - Import Profit: On June 20, 2025, the import profit of coniferous pulp Silver Star had a quantile level of 0.62; the import profit of broad - leaf pulp Goldfish was - 487 with a quantile level of 0.205 [1]
纸浆数据日报-20250623
Guo Mao Qi Huo·2025-06-23 05:24