建信期货纸浆日报-20250905

1. Report Information - Report Name: Pulp Daily Report [1] - Date: September 5, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - Pulp futures contract 01 had a previous settlement price of 5,340 yuan/ton and a closing price of 5,324 yuan/ton, a decline of 0.30%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,000 - 6,650 yuan/ton, with the low - end price unchanged from the previous trading day's closing price. The Shandong Yinxing was quoted at 5,750 yuan/ton [7]. - Chile's Arauco Company announced the new August wood pulp export quotes: softwood pulp Yinxing at $720/ton, natural pulp Jinxing at $590/ton, and hardwood pulp Mingxing at $520/ton, remaining stable compared to the June quotes. In July, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1%. In July 2025, the total wood pulp inventory in European ports decreased by 1.9% month - on - month and increased by 19.2% 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 September 4, 2025, the weekly pulp inventory in major regions and ports increased by 0.52% month - on - month. In July, the cumulative year - on - year profit of the papermaking and paper products industry decreased by 21.9%, with a slightly wider decline. With limited cost guidance and ample supply, waiting for peak - season demand, pulp prices are in a low - level oscillatory adjustment [8]. 3. Industry News - On September 3, the Shanghai Futures Exchange issued multiple announcements regarding offset printing paper futures, covering the first batch of delivery warehouses, delivery plants, deliverable commodities, and designated inspection institutions. - On September 4, with the arrival of the traditional peak season in the industry and many paper mills implementing a dual strategy of "price increase + shutdown", the upward trend of paper prices may continue. Since September, leading paper companies have adjusted prices. Recently, large paper mills such as Nine Dragons Paper, Shanying International, Lee & Man Paper, and Wuzhou Special Paper issued price - increase letters, announcing price hikes for some products in early September. In the first half of this year, among the 23 A - share listed companies in the papermaking industry, only 4 achieved positive net profit growth. Analysts believe that affected by the slowdown in the domestic FMCG consumption growth rate and cautious channel inventory replenishment willingness, the raw paper price has continued to bottom out, and the market is in a deep structural adjustment period [9] 4. Data Overview - The report includes multiple data charts, such as the spot price of imported bleached softwood pulp in Shandong, pulp futures price, pulp spot - futures price difference, needle - broadleaf price difference, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][28][29][32]