纸浆周报：延续弱势，关注需求企稳情况-20250831

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The pulp market continues to be weak, and it is recommended to pay attention to the stabilization of demand. The operation suggestion is to wait and see for the time being [35] Group 3: Summary According to the Directory 1. This Week's Market Review - The main pulp futures contract SP2511 searched for the bottom downward, rebounded slightly on Friday, and the overall trend was weak [7] 2. Fundamental Analysis - Pulp Market Price: As of August 28, the weekly average price of imported softwood pulp was 5,677 yuan/ton, down 1.13% from last week, and the decline rate increased by 0.49 percentage points compared with the previous period; the weekly average price of imported hardwood pulp was 4,190 yuan/ton, down 0.12% from last week, changing from rising to falling [11] - Accumulated Pulp Imports from January to July: In July 2025, China imported 2.877 million tons of pulp, with an import value of 1.7652 billion US dollars and an average unit price of 613.56 US dollars/ton. From January to July, the cumulative import volume and value increased by 6.5% and 3.4% respectively compared with the same period last year [16] - Port Inventory Situation: As of August 28, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.0468 million tons, down 0.14% from last week, and the decline rate narrowed by 1.45 percentage points [19][35] - European Commodity Chemical Pulp Consumption and Inventory in July: In July 2025, the consumption of European chemical pulp was 814,200 tons, a year-on-year decrease of 2.07%; the inventory of European chemical pulp was 683,200 tons, a year-on-year increase of 8.65%. The inventory days were 26 days, an increase of 3 days compared with the same period last year [23] - Warehouse Receipt Inventory of the Shanghai Futures Exchange: No specific analysis content provided - Different Performance of Operating Rates of Downstream Pulp Types: Wastepaper pulp consumption is the main consumption method of pulp in China, accounting for 63% of the total pulp consumption; wood pulp consumption accounts for 31% of the total pulp consumption, and imported wood pulp consumption accounts for 21% of the total pulp consumption; non-wood pulp consumption accounts for 6% of the total pulp consumption. As of August 28, the weekly operating load rate of double copper paper increased by 1.31 percentage points; the weekly operating load rate of double offset paper increased by 0.17 percentage points; the operating load rate of white cardboard decreased by 1.56 percentage points compared with last week; the operating load rate of household paper decreased by 0.32 percentage points compared with last week [28] 3. Outlook for the Future - The inventory of major Chinese regions and ports decreased slightly, and the decline rate narrowed. The external quotation of imported hardwood pulp has a rising expectation, and some spot traders in some regions have a certain sentiment of supporting prices due to cost pressure. However, the profit improvement of downstream paper mills is poor, the acceptance of high prices is limited, and they mainly purchase at low prices. The pulp market transaction is not prosperous, and the spot price is slightly weak. The recent market has been running weakly. It is recommended to pay attention to the stabilization of demand and wait and see for the time being [35]