纸浆数据日报-20250826

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Pulp prices in the futures market showed mixed trends on August 25, 2025, with some contracts rising day - on - day but falling week - on - week. The demand for paper products is stable, but the prices of mainstream paper products have not stopped falling, which is negative for pulp prices. The inventory has been accumulating. It is recommended to do a reverse spread between the 11 - contract and the 1 - contract [1] Group 3: Summary by Related Catalogs Paper Pulp Price Data - Futures Prices: On August 25, 2025, SP2601 was 5402, up 0.71% day - on - day and down 1.35% week - on - week; SP2511 was 5136, up 0.55% day - on - day and down 2.21% week - on - week; SP2509 was 5088, up 0.59% day - on - day and down 2.15% week - on - week [1] - Spot Prices: On August 25, 2025, the price of coniferous pulp Silver Star was 5800, unchanged day - on - day and down 0.85% week - on - week; Russian Needle was 5180, up 0.58% day - on - day and down 2.26% week - on - week; Eucalyptus pulp Goldfish was 4150, unchanged day - on - day and down 1.19% week - on - week [1] - Outer - disk Quotes: In August 2025, the outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Brazilian Goldfish was 510 dollars, up 4.08% month - on - month; Chilean Venus was 620 dollars, unchanged month - on - month [1] - Import Costs: In August 2025, the import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Japanese - Western - American was 4182, up 4.03% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1] Paper Pulp Fundamental Data - Supply - side: In July 2025, the import volume of coniferous pulp was 64.6 tons, down 4.72% month - on - month; the import volume of eucalyptus pulp was 135.1 tons, down 5.85% month - on - month. The domestic production of eucalyptus pulp and chemimechanical pulp showed minor fluctuations from July to August 2025 [1] - Inventory: As of August 21, 2025, the paper pulp port inventory was 213.2 tons; the futures delivery warehouse inventory was 25.2 tons. As of August 14, 2025, the inventory of China's mainstream paper pulp ports increased by 2.5% month - on - month [1] - Demand - side: The production of finished paper products such as offset paper, coated paper, tissue paper, and white cardboard showed minor fluctuations from July to August 2025 [1] Paper Pulp Valuation Data - Basis: On August 25, 2025, the Russian Needle basis was 44, with a quantile level of 0.785; the Silver Star basis was 664, with a quantile level of 0.895 [1] - Import Profit: On August 25, 2025, the import profit of coniferous pulp Silver Star was - 84, with a quantile level of 0.477; that of eucalyptus pulp Goldfish was - 32, with a quantile level of 0.612 [1] Supply and Demand Analysis - Supply - side: Brazil's Suzano announced a 20 - dollar/ton price increase in the Asian market in August 2025, and its commodity pulp production in the next 12 - month operating cycle will decrease by about 3.5% compared to its annual nominal capacity. Chile's Arauco notified the August quotes, with reduced supply [1] - Demand - side: The current demand for paper products is basically stable, but the prices of mainstream paper products have not stopped falling, which is negative for pulp prices [1]