建信期货纸浆日报-20250827

Report Information - Report Name: Pulp Daily Report [1] - Date: August 27, 2025 [2] Market Review and Operation Suggestions - Pulp futures contract 01 had a previous settlement price of 5,398 yuan/ton and a closing price of 5,358 yuan/ton, a decline of 0.74%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,060 - 6,700 yuan/ton, with the low - end price down 40 yuan/ton from the previous trading day's closing price. The Shandong Yinxing was quoted at 5,780 - 5,800 yuan/ton [7] - Chile's Arauco announced its new August wood pulp export prices: softwood pulp Yinxing at $720/ton, natural pulp Jinxing at $590/ton, and hardwood pulp Mingxing at $520/ton, remaining stable compared to June. In June, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 4.7% year - on - year, with softwood pulp down 2.4% and hardwood pulp up 10.1%. In July 2025, the European wood pulp inventory was 683,200 tons, down 0.3% month - on - month and up 8.7% year - on - year; the consumption was 814,200 tons, up 6.8% month - on - month and down 2.1% year - on - year. China's pulp imports in July were 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year. As of August 21, 2025, the weekly pulp inventory in major regions and ports decreased by 1.59% month - on - month. With limited cost guidance and ample supply, the pulp market is in a low - level oscillatory adjustment, awaiting the peak - season demand [8] Industry News - On August 25, Zhejiang Rongsheng Environmental Protection Paper Co., Ltd. announced a cogeneration energy - saving and carbon - reduction intelligent transformation project with a total investment of 177.83 million yuan. After the project is put into operation, a new 90t/h high - temperature and high - pressure circulating fluidized - bed solid - waste boiler will be added to the Rongsheng Environmental Protection thermoelectric production line. The existing 1 - 3 coal - fired boilers will no longer co - fire solid waste, forming an operation mode of 4 boilers and 2 generators. The overall coal consumption of the enterprise will remain unchanged, and the general solid - waste treatment capacity will increase to 210,640 tons per year. The project can save 80,200 tons of standard coal and reduce carbon emissions by 4,971 tons [9] Data Overview - The report includes multiple data charts such as import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main - port pulp inventories, European main - port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][22][29][32]