Yongan Futures(SH:600927) Yong An Qi Huo·2025-08-12 02:38Report Summary 1. Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: August 12, 2025 [2] 2. SP Main Contract Closing Price - On August 11, 2025, the SP main contract closing price was 5246.00. The price showed fluctuations in the previous days, with a 1.62728% increase from the previous day. The exchange - rate - converted US dollar price was 637.80. The Shandong Yinxing basis was 604, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 654 [3] 3. Import Profit Calculation - Based on a 13% VAT calculation, for products from Canada, the import profit of Jinshi was 51.55, while that of Xiongshi was - 392.78. For products from Chile, the import profit of Yinxing was - 61.65. The exchange rate on the previous day was 7.18 [4] 4. Price and Profit Margin of Pulp and Paper Products - Pulp prices remained stable from August 5 to August 11, 2025, with no changes in the national average and Shandong regional average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp. Paper prices were also stable during this period, including cultural paper, packaging paper, and tissue paper. However, the profit margins of various papers showed some declines. For example, the double - offset profit margin decreased by 0.0482, the double - copper profit margin decreased by 0.0421, the white card profit margin decreased by 0.0366, and the tissue profit margin decreased by 0.2292 [4] 5. Price Spreads - The price spreads between different types of pulp showed certain changes. For example, the softwood - hardwood price spread remained at 1700 from August 5 to August 11, 2025, while the softwood - natural price spread, softwood - chemimechanical price spread, and softwood - waste paper price spread had some fluctuations [4]