Report Information - Report Title: Pulp Daily Report [1] - Date: July 10, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core View - The pulp futures 09 contract closed at 5106 yuan/ton, up 0.67%. The port de - stocking speed is slow, the supply of the imported wood pulp market is relatively loose, and with the domestic new capacity coming into operation, it will fluctuate in a low - level range [7]. Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: The previous settlement price of pulp futures 09 contract was 5072 yuan/ton, and the closing price was 5106 yuan/ton, a rise of 0.67% [7]. - Spot Market: The intended transaction price range of softwood pulp in Shandong was 5070 - 6700 yuan/ton, with the low - end price stable compared to the previous trading day. The price of Chilean Arauco's Silver Star in Shandong was 5920 - 5950 yuan/ton. The net price of Uruguay's eucalyptus pulp Star was 500 US dollars/ton [7]. - Supply 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%. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. In May, China's pulp imports were 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year. As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, only the inventory in Qingdao Port decreased [7]. - Downstream Situation: The overall market orders of downstream paper mills have not improved significantly, and the prices of finished paper are stable. The port de - stocking speed is slow, and the supply of the imported wood pulp market is relatively loose, along with the domestic new capacity coming into operation [7]. 2. Industry News - New Capacity in the Living Paper Industry: From January to June 2025, about 744,000 t/a of modern production capacity was newly put into operation in the industry, a slight increase compared to the same period in 2024 [8]. - Special Paper Projects: The 3.6 - million - ton special paper project of Xianhua with a total investment of 3.6 billion yuan is expected to make the company the largest special paper production base in northern China. The 45,000 - ton electronic carrier tape paper project of Xianhua with a total investment of 1 billion yuan has been completed and is in the commissioning stage [8]. 3. Data Overview - Graphs: The report presents various graphs including those related to import pulp prices, futures prices, price spreads, inventory, and exchange rates, with data sources from Wind,卓创资讯, and the research and development department of Jianxin Futures [7][25][27]
建信期货纸浆日报-20250710
Jian Xin Qi Huo·2025-07-10 02:18