建信期货纸浆日报-20250725

Report Information - Industry: Pulp [1] - Date: July 25, 2025 [2] Core Viewpoint - The fundamentals of pulp have limited changes. In the short term, driven by the commodity market atmosphere and the upcoming shutdown maintenance of UPM Pulp Mill in August, pulp prices have oscillated and risen slightly. The off - season atmosphere persists this week, and the production and sales pressure of downstream base paper manufacturers remains high [7]. Summary by Section 1. Market Review and Operation Suggestions - Pulp futures contract 09: The previous settlement price was 5,424 yuan/ton, and the closing price was 5,456 yuan/ton, a rise of 0.59% [7]. - Shandong wood pulp market: The intended transaction price range of softwood pulp was 5,300 - 6,700 yuan/ton. The low - end price remained stable compared to the previous trading day. The quotation of Shandong Yinxing was 5,950 yuan/ton [7]. - Chile Arauco's July quotation: The Yinxing has been sold out with no new offers. The net price of Uruguay hardwood pulp New Star was 500 US dollars/ton [7]. - Production and consumption data: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries in the world was 1.69 million tons, a month - on - month increase of 4.4% and a year - on - year decrease of 8.2%. In June, the wood pulp inventory in Europe increased by 2.4% month - on - month and 6.6% year - on - year, while consumption decreased by 9.9% month - on - month and 10.6% year - on - year. China's total pulp imports in June were 3.03 million tons, a month - on - month increase of 0.4% and a year - on - year increase of 16.1% [7]. - Inventory data: As of July 24, 2025, the weekly pulp inventory in major regions and ports decreased by 0.39% month - on - month, and the overall shipment speed was stable [7]. 2. Industry News - On July 22, the No. 2 white cardboard machine of Liansheng Pulp and Paper Co., Ltd. was successfully started. It took less than 10 months from the installation of the first dryer on October 18, 2024, to the commissioning and startup, setting a new record for the fastest construction of similar projects [8]. 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of white cardboard, white board paper, coated paper, and offset paper, as well as the US dollar - RMB exchange rate [14][16][18][25][27][29]