Report Information - Report Name: Pulp Daily Report - Date: August 13, 2025 - Industry: Pulp [1][2] Investment Rating - Not provided Core View - The fundamentals of the pulp industry have slightly improved compared to the previous period. If the industry profit is further repaired in the future, pulp still has room to rebound and rise, but the overall space is limited due to the lack of supply - side support [8] Section Summaries 1. Market Review and Operation Suggestions - Market Review: Pulp futures contract 09 had a previous settlement price of 5,192 yuan/ton and a closing price of 5,216 yuan/ton, rising 0.46%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5,150 - 6,700 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The price of Shandong Yinxing was 5,850 yuan/ton [7] - Industry Situation: The new import wood pulp outer plate has not been announced, and market wait - and - see sentiment persists. Suzano will reduce its commodity pulp production by 3.50% from August 6th for the next year. In May, the shipment volume of coniferous pulp from 20 major pulp - producing countries in the world was 1.69 million tons, a month - on - month increase of 4.4% and a year - on - year decrease of 8.2%. In July, China's total pulp imports were 2.877 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 23.7%. As of August 8, 2025, the weekly pulp inventory in major regions and ports decreased by 4.67% month - on - month, and the inventory in major ports decreased compared to the previous week. The profit improvement space of downstream paper enterprises is limited, and they mainly replenish inventory on a need - to - buy and low - price basis [7][8] 2. Industry News - Broadleaf Pulp: Suzano, the world's largest broadleaf pulp producer, will reduce its commodity pulp production by about 3.5% in the next 12 - month operating cycle, which means a reduction of about 400,000 - 500,000 tons, equivalent to about 1% of the global demand for 40 million tons of broadleaf pulp. Bracell also announced a production adjustment [9] - Coniferous Pulp: Active production cuts have affected 2 - 4% of the coniferous pulp supply. Fenbao temporarily closed its 690,000 - ton/year Joutseno factory, reducing the global supply of 26 million tons of coniferous wood by 2 - 3%. UPM extended the maintenance work of its 700,000 - ton/year Kaukas factory in the third quarter [9]
建信期货纸浆日报-20250813
Jian Xin Qi Huo·2025-08-13 02:12