Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - In the off - season of demand and with high inventory, pulp prices are expected to fluctuate at a low level [1] Group 3: Summary by Relevant Catalogs Pulp Price Data - On July 4, 2025, the futures prices of SP2601, SP2507, and SP2509 decreased by 0.49%, 0.51%, and 0.51% respectively compared to the previous day, and SP2507 and SP2509 decreased by 0.98% and 0.55% respectively compared to the previous week. The spot prices of coniferous pulp Silver Star, Russian Needle, and broad - leaf pulp Goldfish were 5900, 5120, and 4020 respectively, with week - on - week changes of 0.00%, 0.00%, and - 0.74% [1] - The foreign - market quotes of Chilean Silver Star, Chilean Star, and Chilean Venus were 720, 560, and 620 dollars respectively, with monthly changes of - 2.70%, 0.00%, and 0.00%. The import costs were 5884, 4587, and 5073 yuan respectively, with monthly changes of - 2.68%, 0.00%, and 0.00% [1] Pulp Fundamental Data - In May 2025, the import volume of coniferous pulp was 72.2 million tons, a month - on - month decrease of 4.75%, and the import volume of broad - leaf pulp was 129.3 million tons, a month - on - month increase of 7.84%. The pulp shipment volume to China in April 2025 was 1353 million tons, a month - on - month decrease of 30.80% [1] - On July 3, 2025, the domestic production of broad - leaf pulp was 20.5 million tons, and that of chemimechanical pulp was 20.1 million tons. The pulp port inventory was 221.3 million tons, and the delivery - warehouse inventory was 24.60 million tons. The production of main finished paper products such as double - offset paper, coated paper, tissue paper, and white cardboard showed different trends [1] Pulp Valuation Data - On July 4, 2025, the basis of Russian Needle was 52, with a quantile level of 0.959; the basis of Silver Star was 832. The import profit of coniferous pulp Silver Star was 16, with a quantile level of 0.649; the import profit of broad - leaf pulp Goldfish was - 567, with a quantile level of 0.187 [1] Supply, Demand, and Inventory - Supply: On June 20, Arauco lowered the order price of radiata pine (coniferous pulp) in June by 20 dollars/ton to 720 dollars/ton. The shipment volume to China in May increased by 3.3% month - on - month. The supply increased while the price decreased [1] - Demand: The production of main finished paper products increased slightly this week, but the prices of finished paper products remained low, providing weak support for pulp [1] - Inventory: As of July 3, 2025, the inventory of China's mainstream pulp ports was 221.3 million tons, an increase of 5.0 million tons from the previous period, a month - on - month increase of 2.3%, showing a trend of inventory accumulation [1]
纸浆数据日报-20250707
Guo Mao Qi Huo·2025-07-07 05:44