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纸浆早报-20250815
Yong An Qi Huo·2025-08-15 09:13

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Content Summaries by Relevant Aspects SP Main Contract Price - The closing price of the SP main contract on August 14, 2025, was 5318.00, with a daily increase of 0.30177%. The closing prices on previous days were 5302.00 (Aug 13), 5264.00 (Aug 12), 5246.00 (Aug 11), and 5162.00 (Aug 08) [3]. - The converted US - dollar prices on these days were 647.46 (Aug 14), 645.26 (Aug 13), 639.19 (Aug 12), 637.80 (Aug 11), and 627.38 (Aug 08) [3]. - The basis for Shandong Yinxing on these days were 542 (Aug 14), 558 (Aug 13), 586 (Aug 12), 604 (Aug 11), and 673 (Aug 08), and for Jiangsu, Zhejiang, and Shanghai Yinxing were 582 (Aug 14), 598 (Aug 13), 636 (Aug 12), 654 (Aug 11), and 738 (Aug 08) [3]. Pulp Import Price and Profit - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 US dollars, with an import profit of 60.36 yuan in Shandong; the CFR price of Lion was 730 US dollars, with an import loss of 359.53 yuan in Shandong. For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 720 US dollars, with an import loss of 43.51 yuan in Shandong [4]. Pulp and Paper Product Prices and Margins - From August 8 to August 14, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged, as did the average prices in Shandong [4]. - The indices of cultural paper (double - offset, double - copper), packaging paper (white card), and living paper remained unchanged from August 11 to August 14, 2025 [4]. - The estimated profit margins of double - offset paper decreased from 6.3015% on August 11 to 4.8347% on August 14; double - copper paper decreased from 24.1238% to 22.6500%; white card paper remained at a loss of around - 12%; and living paper decreased from 7.7189% to 6.7640% [4]. Pulp Price Spreads - From August 8 to August 14, 2025, the price spreads between softwood and hardwood pulp decreased from 1700 to 1660; between softwood and natural pulp increased from 435 to 460; between softwood and chemimechanical pulp increased from 2010 to 2035; and between softwood pulp and waste paper increased from 4259 to 4284 [4].