纸浆数据日报-20250723

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp futures are expected to rise under the influence of macro - positive factors and low valuation [4] Group 3: Summary by Related Catalogs Pulp Price Data - Futures Prices: On July 22, 2025, SP2601 was 5502, up 0.40% day - on - day and 1.63% week - on - week; SP2605 was 5440, down 0.40% day - on - day and 1.80% week - on - week; SP2509 was 5368, up 0.64% day - on - day and 2.01% week - on - week [1] - Spot Prices: Coniferous pulp Silver Star was 5920, unchanged day - on - day and week - on - week; Russian Needle was 5300, unchanged; Broadleaf pulp Goldfish was 4100, unchanged day - on - day and up 1.23% week - on - week [1] - Outer - disk Quotes: Chilean Silver Star's outer - disk quote was 740 dollars, down 2.70% month - on - month; Chilean Star was 560 dollars, down 10.71% month - on - month; Chilean Venus was 620 dollars, unchanged [1] - Import Costs: Chilean Silver Star's import cost was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged [1] Pulp Fundamental Data - Supply: In June 2025, coniferous pulp imports were 67.8 tons, down 6.09% month - on - month compared to May. The shipment volume of pulp to China in May was 140 tons, up 3.30% month - on - month compared to April. Domestic production of broadleaf pulp and chemimechanical pulp also had certain changes [1] - Inventory: As of July 17, 2025, the sample inventory of China's mainstream pulp ports was 218.1 tons, up 0.2 tons from the previous period, a 0.1% increase, showing a slight inventory accumulation trend [4] - Demand: This week, the output of major finished paper increased slightly, but the prices of finished paper remained low, providing weak support for pulp [3] Pulp Valuation Data - Basis: On July 22, 2025, the Russian Needle basis was - 68, with a quantile level of 0.47; the Silver Star basis was 552, with a quantile level of 0.867 [3] - Import Profit: The import profit of coniferous pulp Silver Star was 50, with a quantile level of 0.685; the quantile level of broadleaf pulp Goldfish was 0.627 [3]