永安期货纸浆早报-20250729

Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on July 29, 2025 [2] SP Main Contract Closing Price - On July 28, 2025, the SP main contract closing price was 5360.00. Compared with the previous day, it decreased by 2.89855%. The exchange - rate - converted dollar price was 652.65. The Shandong Yinxing basis was 590, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 640 [3] Import Profits - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion (CFR) was 60.36, and that of Lion (CFR) was - 259.53. For Chilean pulp, the import profit of Yinxing (CFR letter of credit 90 days) was 46.49 [4] Pulp and Paper Prices and Margins - From July 22 to July 28, 2025, the national average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp remained unchanged. The same was true for the Shandong regional average prices [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper (living index) remained unchanged from July 23 to July 28, 2025 [4] - From July 23 to July 28, 2025, the double - offset profit margin decreased by 1.3952, while the double - copper profit margin remained unchanged. The white - card profit margin remained unchanged, and the living paper profit margin increased by 0.0573 [4] Pulp Price Spreads - From July 22 to July 28, 2025, the coniferous - broadleaf price spread varied from 1815 to 1860, the coniferous - natural price spread remained at 550, the coniferous - chemical mechanical price spread remained at 2185, and the coniferous - waste paper price spread remained at 4374 [4]