建信期货纸浆日报-20250819

Group 1: General Information - Report title: Pulp Daily Report [1] - Date: August 19, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp futures 01 contract: The previous settlement price was 5,498 yuan/ton, the closing price was 5,476 yuan/ton, a decline of 0.40% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 5,200 - 6,700 yuan/ton, with the low - end price up 50 yuan/ton from the previous trading day. The Shandong Yinxing offer was 5,850 yuan/ton [7] - Imported hardwood pulp: The new round of foreign offers were raised by 20 US dollars/ton, no change for softwood pulp [7] - June chemical pulp shipments: The shipments of 20 major pulp - producing countries increased by 4.7% year - on - year, with softwood pulp down 2.4% and hardwood pulp up 10.1% [7] - July pulp imports: The total pulp imports in China were 2.877 million tons, a 5.1% decrease from the previous month and a 23.7% increase year - on - year [7] - August 14 inventory: The weekly pulp inventory in major regions and ports increased by 4.96% month - on - month, with inventory at Qingdao and Changshu ports rising [7] - Market situation: Still in the off - season, paper mills' processing profits have not improved significantly. The pulp rebound is under pressure [7] Group 3: Industry News - On August 18, the CSRC approved the registration of offset printing paper futures and options on the SHFE. China is the world's largest producer and consumer of offset printing paper, with a market size of nearly 50 billion yuan. The new financial derivatives will help improve pricing efficiency and guide production planning [8]