永安期货纸浆早报-20250819

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - No relevant content found 3. Summary by Related Catalogs 3.1 SP Main Contract Closing Price - On August 18, 2025, the SP main contract closing price was 5252.00, with a -1.01772% change from the previous day. The corresponding dollar price was 638.77. The Shandong Yinxing basis was 598, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 633 [3]. 3.2 Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion was 51.55, while that of Lion was -392.78. For Chilean Silver Star pulp, the import profit was -61.65 [4]. 3.3 Pulp and Paper Price Trends - From August 12 - 18, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged. The same was true for the Shandong regional average prices. The prices of cultural paper, packaging paper, and tissue paper also showed no change during this period [4]. 3.4 Pulp and Paper Profit Margins - From August 13 - 18, 2025, the estimated profit margins of offset paper, copper - coated paper, and white cardboard had no change, while the estimated profit margin of tissue paper increased by 0.0382 [4]. 3.5 Pulp Price Spreads - From August 12 - 18, 2025, the spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp showed little change [4].