Report Summary Report Information - The report is titled "Pulp Morning Report" and is dated September 3, 2025, prepared by the Energy and Chemicals Team of the Research Center [2] SP Main Contract Information - On September 2, 2025, the closing price of the SP main contract was 5042.00. The closing prices on September 1, August 29, August 28, and August 27 were 5040.00, 5018.00, 5002.00, and 5010.00 respectively. The corresponding US dollar prices were 615.59, 616.59, 613.87, 611.42, and 610.38. The daily price changes were 0.03968%, 0.43842%, 0.31987%, -0.15968%, and -1.18343% respectively. The Shandong Yinxing basis was 708, 710, 732, 723, and 725, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 723, 725, 747, 748, and 765 [3] Pulp Pricing and Profitability - With a 13% VAT calculation, the US dollar prices and RMB prices in Shandong for different pulp brands from various origins are as follows: Canadian Golden Lion (CFR) at 780 with a RMB price of 6300 and an import profit of -72.01; Canadian Lion (CFR) at 730 with a RMB price of 5450 and an import profit of -518.04; Chilean Silver Star (CFR, 90 - day letter of credit) at 720 with a RMB price of 5750 and an import profit of -137.24. The exchange rate on the previous day was 7.15 [4] Pulp Price Averages - From August 27 to September 2, 2025, the national average prices for softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The average prices in Shandong for these pulp types also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Paper Product Indexes and Profit Margins - For paper products, from August 28 to September 2, 2025, the double - offset paper index, double - copper paper index, and white cardboard index remained at 5725, 5670, and 4350 respectively. The living paper index was 828 on August 28 and 29, 835 on September 1, and 828 on September 2. The profit margins for double - offset paper, double - copper paper, white cardboard, and living paper on August 28 were 3.6870%, 19.0975%, - 13.2222%, and 8.0818% respectively, and there were changes in the following days, but remained stable from September 1 to 2 [4] Pulp Price Spreads - From August 27 to September 2, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp showed some fluctuations. For example, the softwood - hardwood pulp spread was 1560.00 on September 2, 1560 on September 1, 1560 on August 29, 1565 on August 28, and 1560 on August 27 [4]
纸浆早报-20250903
Yong An Qi Huo·2025-09-03 07:25