永安期货纸浆早报-20250728

1. Report Information - Report Name: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: July 28, 2025 [2] 2. SP Main Contract Closing Price - Closing price on July 25, 2025: 5520.00 - The closing prices, converted US dollar prices, daily price changes, and basis differences in Shandong and Jiangsu-Zhejiang-Shanghai regions from July 21 to July 25 are presented in a table [3] 3. Import Profit Calculation - Calculated with 13% VAT, the import profits of Canadian Golden Lion, Canadian Lion, and Chilean Silver Star are 60.36, -259.53, and 46.49 respectively, based on port US dollar prices and Shandong region RMB prices [4] 4. Price Averages and Indexes - From July 21 to July 25, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp, as well as the average prices in Shandong region, remained unchanged - The cultural paper, packaging paper, and living paper indexes also showed no changes during this period - The profit margins of double-offset paper, double-coated paper, white cardboard, and living paper had different degrees of change, with the living paper profit margin changing by -0.1337 [4] 5. Price Spreads - From July 21 to July 25, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper remained unchanged [4]