建信期货纸浆日报-20250731

Report Information - Report Name: Pulp Daily Report [1] - Date: July 31, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Report Summary 1. Market Review and Operation Suggestions - Pulp futures contract 09 closed at 5374 yuan/ton, down 0.89% from the previous settlement price of 5422 yuan/ton [7] - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5300 - 6700 yuan/ton, with the low - end price unchanged from the previous trading day. The quotation of Shandong Yinxing was 5930 - 5950 yuan/ton [7] - Chile's Arauco announced its July quotation. Yinxing had no new offers as all transactions were completed. The net price of Uruguay hardwood pulp Xinmingxing was 500 US dollars/ton [7] - In May, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries was 1.69 million tons, up 4.4% month - on - month and down 8.2% year - on - year [7] - In June, the inventory of wood pulp in Europe increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year [7] - In June, China's total pulp imports were 3.03 million tons, up 0.4% month - on - month and 16.1% year - on - year [7] - 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] - Affected by the off - season atmosphere this week, the production and sales pressure of downstream paper manufacturers remained high. In the short term, pulp prices declined under pressure due to the influence of the commodity market atmosphere [7] 2. Industry News - From January to June 2025, the total profit of industrial enterprises above designated size in China was 3.4365 trillion yuan, a year - on - year decrease of 1.8%. From January to June, the operating income of the paper and paper products industry was 681.21 billion yuan, a year - on - year decrease of 2.3%; the operating cost was 601.73 billion yuan, a year - on - year decrease of 2.1%; the total profit was 17.57 billion yuan, a year - on - year decrease of 21.4% [8] - Shandong Yinhe Ruixue Paper Co., Ltd. plans to eliminate its existing 102,000 - ton wheat straw chemical pulp production facilities in the first, second, and third - phase continuous cooking, washing, screening, and bleaching workshops, as well as the supporting alkali recovery workshop and white mud refined calcium carbonate workshop [8] 3. Data Overview - The report includes various data charts, such as the spot price of imported bleached softwood pulp in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [7][25][27]