建信期货纸浆日报-20250627

Report Information - Report Title: Pulp Daily Report [1] - Date: June 27, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - No information provided Core Viewpoints - The pulp market is facing a situation where the supply is relatively loose, and the improvement of the pulp fundamentals is limited. Although the suspension of the warehousing of Russian spruce pulp has begun this week, the current port inventory reduction speed is slow. The paper mills' raw material procurement mentality remains cautious, mainly replenishing stocks with low - level rigid demand [8] Summary by Section 1. Market Review and Operation Suggestions - Market Review: The previous settlement price of the 09 - contract of pulp futures was 5080 yuan/ton, and the closing price was 5066 yuan/ton, a decline of 0.28%. The intended transaction price range of softwood pulp in the Shandong market was 5220 - 6750 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Silver Star was 6100 yuan/ton [7] - Supply - related Data: Chile's Arauco announced its June prices, with Silver Star at $740/ton and Venus at $620/ton, the same as the previous quotation. According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4%. According to UTIPULP data, the European wood pulp inventory in May decreased by 2.4% month - on - month and increased by 2.5% year - on - year; the consumption increased by 7.9% month - on - month and 0.3% year - on - year. In May, China's total pulp imports were 3.02 million tons, an increase of 4.3% month - on - month and 6.9% year - on - year. As of June 19, 2025, the weekly pulp inventory in major regions and ports increased by 0.7% month - on - month, and the inventory in major ports increased compared to the previous week, with the overall shipment speed being gentle [8] 2. Industry News - On June 24, Rizhao Asia Symbol was investigated for the progress of its enterprise project construction. The enterprise is required to accelerate technological transformation and industrial chain extension, focus on the "pulp - paper - fiber integration", and continue to deepen the entire industrial chain from raw materials to finished products to better drive local economic development [9] 3. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of white cardboard and whiteboard paper, prices and price differences of coated paper and offset paper, and the US dollar - RMB exchange rate [15][17][19]