建信期货纸浆日报-20250704

Group 1: Report Information - Report Type: Pulp Daily Report [1] - Date: July 4, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 contract was 5,048 yuan/ton, and the closing price was 5,094 yuan/ton, a rise of 0.91% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5,220 - 6,750 yuan/ton, with the low - end price unchanged from the previous trading day. The price of Shandong Yinxing was 6,100 yuan/ton [7] - Chilean Arauco's June Quotes: Yinxing was 740 US dollars/ton, and Jinxing was 620 US dollars/ton, the same as the previous quote [7] - Supply - side Data: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6% year - on - year. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. China's pulp import volume in May was 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - Inventory Status: As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, with only the inventory in Qingdao Port decreasing compared to the previous week. The overall shipping speed was stable [7] - Downstream Market: The market orders of downstream paper mills had no obvious improvement, and the prices of finished paper remained stable. The port de - stocking speed was slow, the supply of imported wood pulp market was relatively loose, and the price was oscillating in the low - end range [7] Group 3: Industry News - On July 3, the 650,000 - ton/year bleached chemical pulp production line of Nine Dragons Paper Co., Ltd. in Jianli Bailuo Industrial Park, Jingzhou was successfully put into operation, marking a key breakthrough in the 20.5 - billion - yuan forest - pulp - paper integration project. The supporting 1.2 - million - ton/year white cardboard production line plans to be installed and debugged in the fourth quarter of 2025. After the project is fully completed, a complete industrial chain from pulping to packaging and printing will be formed in Jingzhou [8]