纸浆数据日报-20250902

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp futures are expected to fluctuate in the short term, and the spread between the November and January contracts is expected to narrow [1] Group 3: Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On September 1, 2025, SP2601 was 5336, down 0.15% day-on-day and 1.22% week-on-week; SP2511 was 5040, up 0.44% day-on-day and down 1.87% week-on-week; SP2509 was 4986, up 0.40% day-on-day and down 2.00% week-on-week [1] - Spot Prices: On September 1, 2025, the price of coniferous pulp Silver Star was 5700, unchanged day-on-day and down 1.72% week-on-week; Russian Needle was 5100, unchanged day-on-day and down 1.54% week-on-week; broadleaf pulp Goldfish was 4180, unchanged day-on-day and up 0.72% week-on-week [1] - Outer - Disk Quotes: In September 2025, the quote for Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Brazilian Goldfish was 530 dollars, up 3.92% month - on - month; Chilean Venus was 590 dollars, unchanged month - on - month [1] - Import Costs: In September 2025, the import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged month - on - month [1] Pulp Fundamental Data Supply - Import Volume: In July 2025, the import volume of coniferous pulp was 64.6 tons, down 4.72% month - on - month; broadleaf pulp was 135.1 tons, down 5.85% month - on - month [1] - Domestic Production: In the week of August 28, 2025, the domestic production of broadleaf pulp was 20.6 tons; chemimechanical pulp was 20.9 tons [1] Inventory - Port Inventory: On August 28, 2025, the pulp port inventory was 208.4 tons, down 4.8 tons from the previous period, a 2.3% decrease [1] - Futures Delivery Warehouse Inventory: On August 28, 2025, it was 24.9 tons [1] Demand - Finished Paper Production: In the week of August 28, 2025, the production of offset paper was 20.50 tons; coated paper was 7.90 tons; tissue paper was 28.18 tons; white cardboard was 32.10 tons [1] Pulp Valuation Data - Basis: On September 1, 2025, the Russian Needle basis was 60, with a quantile level of 0.812; Silver Star basis was 660, with a quantile level of 0.889 [1] - Import Profit: On September 1, 2025, the import profit of coniferous pulp Silver Star was - 184, with a quantile level of 0.338; broadleaf pulp Goldfish was - 164, with a quantile level of 0.477 [1] Summary - Supply: Brazil's Suzano announced a 20 - dollar/ton price increase in the Asian market in August 2025. Chile's Arauco notified August quotes, with coniferous pulp Silver Star at 720 dollars/ton, broadleaf pulp Star at 520 dollars/ton (supply reduced by 50%), and natural pulp Venus at 590 dollars/ton [1] - Demand: Current paper product demand is basically stable. Some offset paper and white cardboard paper mills have issued price increase letters, and the implementation situation remains to be seen [1] - Inventory: As of August 28, 2025, the inventory of China's mainstream pulp ports was 208.4 tons, showing a de - stocking trend [1]