建信期货纸浆日报-20250821

Group 1: General Information - Report title: Pulp Daily Report [1] - Date: August 21, 2025 [2] - Research team: Energy and Chemical Research Team [4] - Researchers: Liu Youran (Pulp), Li Jie (Crude Oil and Asphalt), Ren Junchi (PTA, MEG), Peng Haozhou (Industrial Silicon and Polysilicon), Peng Jinglin (Polyolefins), Li Jin (Methanol), Feng Zeren (Glass and Soda Ash) [4] Group 2: Market Review and Operation Suggestions Market Review - Pulp futures contract 01: The previous settlement price was 5,442 yuan/ton, and the closing price was 5,380 yuan/ton, a decline of 1.14% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 5,100 - 6,700 yuan/ton, with the low - end price up 50 yuan/ton from the previous trading day's closing price. The quotation of Shandong Yinxing was 5,800 - 5,820 yuan/ton [7] - Arauco's August wood pulp offers: Softwood pulp Yinxing at 720 USD/ton, natural pulp Jinxing at 590 USD/ton, hardwood pulp Mingxing at 520 USD/ton, stable compared to June [8] - World's 20 major pulp - producing countries in June: Chemical commodity pulp shipments increased by 4.7% year - on - year, with softwood pulp down 2.4% and hardwood pulp up 10.1% [8] - European wood pulp in July 2025: Inventory was 683,200 tons, down 0.3% month - on - month and up 8.7% year - on - year; consumption was 814,200 tons, up 6.8% month - on - month and down 2.1% year - on - year [8] - China's pulp imports in July: 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year [8] - As of August 14, 2025: The weekly pulp inventory in major regions and ports increased by 4.96% month - on - month, with inventories at Qingdao and Changshu ports rising [8] 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 close to 50 billion yuan. The futures and options will help improve pricing efficiency and guide production planning [9] Group 4: Data Overview - Figures include import softwood pulp spot price in Shandong, pulp futures price, pulp futures - spot price difference, softwood - hardwood price difference, inter - period price differences, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate and offset paper prices and spreads, white cardboard and whiteboard paper prices and spreads, and USD/CNY exchange rate [15][17][19][23][25][29]