纸浆数据日报-20250829

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Pulp futures are weakly oscillating due to significant declines under the influence of the commodity macro - environment [1] Group 3: Summary According to the Directory Pulp Price Data - Futures Prices: On August 28, 2025, SP2601 was 5308 with a 0.34% daily change and - 1.56% weekly change; SP2511 was 5002 with a - 0.16% daily change and - 2.50% weekly change; SP2509 was 4946 with a - 0.36% daily change and - 2.94% weekly change [1] - Spot Prices: Coniferous pulp Silver Star was 5700 with a - 0.87% daily change and - 1.72% weekly change; Russian Needle was 5100 with a - 0.97% daily change and - 0.97% weekly change; Broad - leaf pulp Goldfish was 4180 with a - 0.48% daily change and 0.72% weekly change [1] - External Quotes: Chilean Silver Star was 720 dollars with a - 2.70% monthly change; Brazilian Goldfish was 510 dollars with a 4.08% monthly change; Chilean Venus was 620 dollars with a 0.00% monthly change [1] - Import Costs: Chilean Silver Star was 5884 with a - 2.68% monthly change; Brazilian Goldfish was 4182 with a 4.03% monthly change; Chilean Venus was 5073 with a 0.00% monthly change [1] Pulp Fundamental Data - Imports: In July 2025, coniferous pulp imports were 64.6 tons, a - 4.72% monthly change from June; broad - leaf pulp imports were 135.1 tons, a - 5.85% monthly change from June [1] - Domestic Production: As of August 28, 2025, broad - leaf pulp production was 20.6 tons; chemical mechanical pulp production was 20.9 tons [1] - Pulp Port Inventory: As of August 28, 2025, it was 208.4 tons, a 2.3% decline from the previous period, showing a de - stocking trend [1] - Futures Delivery Warehouse Inventory: As of August 28, 2025, it was 24.9 tons [1] - Finished Paper Production: As of August 28, 2025, double - offset paper production was 20.50 tons; coated paper production was 7.90 tons; tissue paper production was 28.18 tons; white cardboard production was 32.10 tons [1] Pulp Valuation Data - Basis: On August 28, 2025, the Russian Needle basis was 98 with a quantile level of 0.843; the Silver Star basis was 698 with a quantile level of 0.913 [1] - Import Profits: On August 28, 2025, coniferous pulp Silver Star import profit was - 184 with a quantile level of 0.339; broad - leaf pulp Goldfish import profit was - 2 with a quantile level of 0.629 [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 decline by about 3.5% compared to its annual nominal capacity. Chile's Arauco notified August quotes with supply reductions [1] - Demand Side: Current paper product demand is basically stable, but mainstream paper product prices have not stopped falling, which is negative for pulp prices [1]