建信期货纸浆日报-20250718

Report Overview - Report Title: Pulp Daily Report - Date: July 18, 2025 - Industry: Pulp 1. Investment Rating - No investment rating provided in the report 2. Core View - The absolute price of pulp is at a relatively low level. The downside space due to weak fundamentals is limited, and a new round of price increase depends on the improvement of terminal demand and the restoration of industry profits. In the short term, pulp prices will maintain a wide - range shock at a low level [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Market Review: The pre - settlement price of the pulp futures 09 contract was 5234 yuan/ton, and the closing price was 5264 yuan/ton, with an overall increase of 0.46%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5070 - 6700 yuan/ton, and the low - end price remained stable compared with the previous trading day's closing price. The quoted price of Shandong Yinxing was 5920 - 5950 yuan/ton [7] - Supply - side Information: Chile's Arauco announced the July quotation. Yinxing's transactions were completed with no new offers, and the net price of Uruguay's broad - leaf pulp New Star was 500 US dollars/ton. According to PPPC data, the shipment volume of coniferous pulp from the world's 20 major pulp - producing countries in May decreased by 8.2% year - on - year, and the cumulative year - on - year decrease from January to April was 0.6%. According to Europulp data, the total inventory of wood pulp in European ports in June increased by 2.4% month - on - month and 6.6% year - on - year; the consumption of wood pulp in Europe decreased by 9.9% month - on - month and 10.6% year - on - year. In June, China's total pulp imports were 3 million and 30 thousand tons, an increase of 0.5% month - on - month and 16.3% year - on - year. As of July 10, 2025, the weekly pulp inventory in major regions and ports increased by 0.45% month - on - month, and only the inventory at Gaolan Port decreased compared with the previous week, with a stable overall shipment speed [8] - Demand - side Information: Downstream terminal orders were insufficient, and the overall price of base paper was stable with individual declines [8] 3.2 Industry News - On July 11, the second - phase chemical mechanical pulp project's No. 2 line of Liansheng Pulp and Paper Co., Ltd. was successfully put into operation. It took only 4 hours and 8 minutes to connect the entire system from feeding. After 20 hours of system optimization after startup, the quality of the main pulp reached the pulp - using requirements of the paper machine production line. The chemical mechanical pulp of the No. 2 line has been used in the PM1 white cardboard production line of Zhangpu Base. The successful commissioning of the No. 2 line marks a major progress in the annual production of 3.9 million tons of forest - pulp - paper integration in Zhangpu Base and further strengthens Liansheng's raw material self - supply flexibility [9] 3.3 Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price spreads, needle - broadleaf price spreads, inter - delivery spreads, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and spreads of white cardboard and whiteboard paper, prices and spreads of coated paper and offset paper, and the US dollar - RMB exchange rate [15][17][19][26][28][30]