建信期货纸浆日报-20250722

Industry Information - Report Type: Pulp Daily Report [1] - Date: July 22, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Report Highlights 1. Market Review and Operational Suggestions - The previous settlement price of the pulp futures 09 contract was 5,292 yuan/ton, and the closing price was 5,334 yuan/ton, a rise of 0.79%. The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton [7]. - Chile's Arauco announced its July offer. Yinxing had no new offers as all transactions were completed, and the net price of Uruguay's hardwood pulp, New Star, was $500/ton [7]. - According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in May was 1.69 million tons, a 4.4% increase month - on - month and an 8.2% decrease year - on - year [7]. - According to UTIPULP data, the European wood pulp inventory in June increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year [7]. - China's total pulp imports in June were 3.03 million tons, a 0.4% increase month - on - month and a 16.1% increase year - on - year [7]. - As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, changing from an increase to a decrease [7]. - Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, pulp fluctuated and rose slightly in the short term, driven by the commodity market atmosphere [7] 2. Industry News - The 18,000 - ton cardboard and 16,000 - ton carton project of Dongsheng Paper Products Co., Ltd. in Guitou Town, Ruyuan County, Shaoguan City, Guangdong Province, successfully completed its trial production. The company is a Hong Kong - funded enterprise and the only corrugated cardboard manufacturer in Shaoguan [8]. - The project won the "Representative Project of Guangdong - Hong Kong Social Investment and Development" at the 2025 Hong Kong - Macau Spring Reception. With a total investment of 150 million yuan, covering 56 mu and a planned construction area of 37,000 square meters, it is expected to be put into production this year, with an annual production capacity of about 30,000 tons of corrugated cardboard, an expected annual output value of about 160 million yuan, and about 100 job opportunities [8] 3. Data Overview The report includes various data charts related to pulp, such as pulp futures prices, import prices, inventory levels in different regions (including Europe and China), and prices of related paper products, with data sources from Wind, PPPC, UTIPULP, and other institutions [7][27][29]