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建信期货纸浆日报-20250801
Jian Xin Qi Huo·2025-08-01 02:13

Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The pulp futures 09 contract decreased by 2.50%, and the downstream paper manufacturers are under pressure in production and sales due to the off - season atmosphere. The pulp price is under pressure and declines affected by the commodity market atmosphere [7][8]. Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: The pre - settlement price of the pulp futures 09 contract was 5366 yuan/ton, and the closing price was 5232 yuan/ton, a decline of 2.50%. The 01 contract decreased by 1.95%, and the 05 contract decreased by 1.01% [7]. - Spot Market: The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5230 - 6700 yuan/ton, with the low - end price down 50 yuan/ton from the previous trading day. The price of Shandong Yinxing was 5900 yuan/ton [7]. - Supply and Demand Data: In May, the shipment volume of coniferous pulp from 20 major pulp - producing countries in the world increased by 4.4% month - on - month and decreased by 8.2% year - on - year. 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. In June, China's pulp import volume increased by 0.4% month - on - month and 16.1% year - on - year. As of July 31, 2025, the weekly pulp inventory in major regions and ports decreased by 3.08% month - on - month [8]. 2. Industry News - European Port Inventory: In June 2025, the total inventory in European ports increased by 1.87% month - on - month and 27.23% year - on - year. Most European countries saw a month - on - month increase in port inventory [9]. - Profit of Paper Industry: From January to June 2025, the operating income of the papermaking and paper products industry was 6812.1 billion yuan, a year - on - year decrease of 2.3%; the operating cost was 6017.3 billion yuan, a year - on - year decrease of 2.1%; and the total profit was 175.7 billion yuan, a year - on - year decrease of 21.4% [9]. 3. Data Overview - The report provides multiple data charts including import bleached softwood pulp spot price, pulp futures price, pulp basis, price difference between softwood and hardwood pulp, inter - delivery spread, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, paper prices and their spreads, and USD - CNY exchange rate, with data sources from Wind, Zhuochuang Information, and the research and development department of Jianxin Futures [15][17][19][26][28][30].