Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Views - In the off - season of demand and high inventory situation, pulp is regarded as bearish [1] Group 3: Summary by Related Catalogs Pulp Price Data - Futures Prices: On June 30, 2025, SP2601 was 5254, down 0.79% day - on - day and 4.02% week - on - week; SP2507 was 5060, unchanged day - on - day and week - on - week; SP2509 was 5064, down 0.63% day - on - day and 4.05% week - on - week [1] - Spot Prices: On June 30, 2025, the price of coniferous pulp Silver Star was 5900, down 0.84% day - on - day and 2.48% week - on - week; Russian coniferous pulp was 5120, unchanged day - on - day and down 3.40% week - on - week; broad - leaf pulp Goldfish was 4020, down 0.74% day - on - day and 1.95% week - on - week [1] - Outer - disk Quotes: In June 2025, the outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1] - Import Costs: The import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1] Pulp Fundamental Data - Supply: In May 2025, the import volume of coniferous pulp was 72.2 tons, down 4.75% month - on - month; broad - leaf pulp was 129.3 tons, up 7.84% month - on - month. The pulp shipment volume to China was 1353, down 30.80% month - on - month. In June 2025, the domestic production of broad - leaf pulp and chemimechanical pulp fluctuated slightly [1] - Inventory: As of June 26, 2025, the inventory of pulp ports was 216.3 tons, and the inventory of delivery warehouses was 24.60 tons. The inventory of finished paper such as offset paper, coated paper, tissue paper, and white cardboard also fluctuated [1] - Demand: The production of major finished papers decreased this week, and the prices of finished papers remained low, providing weak support for pulp [1] Pulp Valuation Data - Basis: On June 30, 2025, the basis of Russian coniferous pulp was 56, with a quantile level of 0.812; the basis of Silver Star was 836, with a quantile level of 0.962 [1] - Import Profit: On June 30, 2025, the import profit of coniferous pulp Silver Star was 16, with a quantile level of 0.65; the import profit of broad - leaf pulp Goldfish was - 567, with a quantile level of 0.186 [1] Summary - Supply: On June 20, 2025, Arauco lowered the order price of radiata pine (coniferous pulp) in June by 20 dollars/ton to 720 dollars/ton, and the shipment volume to China increased by 3.3% month - on - month. The supply increased while the price decreased [1] - Demand: The production of major finished papers decreased this week, and the prices of finished papers remained low, providing weak support for pulp [1] - Inventory: As of June 26, 2025, the inventory of mainstream pulp ports in China was 216.3 tons, a decrease of 4.5 tons from the previous period, a 2.0% decrease, showing a de - stocking trend [1] - Strategy: In the off - season of demand and high inventory situation, pulp is regarded as bearish [1]
纸浆数据日报-20250701
Guo Mao Qi Huo·2025-07-01 05:48