纸浆数据日报-20250728

Report Industry Investment Rating - Not provided Core Viewpoints - The pulp futures are currently greatly affected by the macro - environment, and the commodity sentiment is expected to be volatile this week. It is recommended to observe cautiously [2] Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On July 25, 2025, SP2601 was 5572, up 0.47% day - on - day and 2.39% week - on - week; SP2605 was 5450, up 0.22% day - on - day and down 0.59% week - on - week; SP2509 was 5520, up 1.17% day - on - day and 4.31% week - on - week [1] - Spot Prices: On July 25, 2025, the spot price of coniferous pulp Silver Star was 5920, unchanged day - on - day and week - on - week; Russian Needle was 5500, up 1.48% day - on - day and 3.77% week - on - week; broadleaf pulp Goldfish was 4150, unchanged day - on - day and up 1.22% week - on - week [1] - Outer - disk Quotes and Import Costs: The outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Chilean Star was 500 dollars, down 10.71% month - on - month; Chilean Venus was 620 dollars, unchanged month - on - month. The import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1] Pulp Fundamental Data - Import Volume: In June 2025, the import volume of coniferous pulp was 67.8 tons, down 6.09% month - on - month; the import volume of broadleaf pulp was 143.5 tons, up 10.98% month - on - month [1] - Domestic Output: The domestic output of broadleaf pulp on July 24, 2025, was 21 tons; the domestic output of chemimechanical pulp was 21.5 tons [1] - Inventory: As of July 24, 2025, the inventory of China's mainstream pulp ports was 214.3 tons, a decrease of 3.8 tons from the previous period, a 1.7% decline [1] - Finished Paper Output: This week, the output of major finished papers decreased slightly, with double - offset paper at 19.60 tons, copper - plate paper at 7.90 tons, tissue paper at 27.90 tons, and white cardboard at 31.10 tons [1] Pulp Valuation Data - Basis: On July 25, 2025, the basis of Russian Needle was - 20, with a quantile level of 0.646; the basis of Silver Star was 400, with a quantile level of 0.793 [1] - Import Profit: On July 25, 2025, the import profit of coniferous pulp Silver Star was 36, with a quantile level of 0.685; that of broadleaf pulp Goldfish was 49, with a quantile level of 0.69 [1] Supply - demand - inventory Analysis - Supply: The Arauco company in Chile announced the new outer - disk quotes for July wood pulp. The supply side showed an increase in volume and a decrease in price, with the W20's shipment volume to China in May up 3.3% month - on - month [1] - Demand: This week, the output of major finished papers decreased slightly, and the prices of finished papers remained low, providing weak support for pulp [1] - Inventory: As of July 24, 2025, the inventory of China's mainstream pulp ports showed a slight de - stocking trend [1] Strategy - It is recommended to observe pulp futures cautiously due to their high sensitivity to the macro - environment and the expected volatile commodity sentiment this week [2]