建信期货纸浆日报-20250723

Report Summary 1. Report Information - Report Type: Pulp Daily Report [1] - Date: July 23, 2025 [2] 2. Market Review and Operation Suggestions - Futures Market: The previous settlement price of the pulp futures 09 contract was 5,328 yuan/ton, and the closing price was 5,368 yuan/ton, a rise of 0.75%. [7] - Spot Market: The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton. The low - end price remained stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton. [7] - International Quotes: Chile's Arauco announced its July quotes. The Yinxing had no new offers as the previous deals were completed. The net price of Uruguay's hardwood pulp, New Star, was $500/ton. [7] - Production and Shipment: In May, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries was 1.69 million tons, up 4.4% month - on - month and down 8.2% year - on - year. [7] - Inventory and Consumption: In June, the European wood pulp inventory 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. China's pulp imports in June were 3.03 million tons, up 0.4% month - on - month and 16.1% year - on - year. As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, turning from an increase to a decrease. [7] - Market Trend: Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, the pulp market fluctuated and rose slightly in the short term, driven by the commodity market atmosphere. [7] 3. Industry News - On July 22, the annual 150,000 - ton special paper project of Sichuan Hefeng Paper of Taisheng Group was successfully put into operation. The project uses bamboo pulp as the main raw material, focusing on producing 40 - 100 - gram low - gram - weight food packaging paper. After the two paper machines in Sichuan reach full production, they are expected to have a significant impact on the special paper market in the southwest region, with some production capacity sold to the central and eastern coastal areas. [8] 4. Data Overview - The report presents multiple data charts, including the total warehouse receipts, domestic main port pulp inventory, European main port wood pulp inventory, and prices and spreads of various paper products [25][27][29]